The US is strengthening support for climate action in developing countries by providing $1 billion (£810m) to the Green Climate Fund (GCF).
This brings the total US contributions to the GCF to $2 billion (£1.6bn) since 2015.
The GCF has approved over $12 billion (£9.6bn) for projects across more than 125 developing countries to accelerate clean energy transitions, build resilience in vulnerable countries, and catalyze private investment.
President Biden has encouraged leaders to support a strengthened effort this year to fully leverage the capacity of the multilateral development banks (MDBs) to address global challenges, including climate change.
To achieve the 1.5 °C goal, progress in key energy-related sectors such as electric power and transportation must be accelerated.
President Biden has set an ambitious US goal of achieving a carbon pollution-free power sector by 2035 and net-zero emissions by 2050.
To achieve these goals, the US is advancing a three-pronged approach that prioritises innovation, demonstration and deployment to scale the technologies needed.
Reducing emissions and fossil fuel use by accelerating zero-emission vehicle deployment is also a priority.
The Inflation Reduction Act contains new and expanded tax credits for drivers to purchase new clean vehicles, as well as the first-ever tax credits for purchasing used clean vehicles.