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Key takeaways from the Biden Earth Day summit

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Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/04/22/global-climate-summit-protest.jpg"/><figcaption>Members of the White Rebels gesture towards cow manure that has been dumped outside the White House on Earth Day by the Extinction Rebellion in protest against President Biden&#x27;s climate plan in Washington, U.S., April 22, 2021.<em> Evelyn Hockstein, Reuters</em></figcaption></figure></div><p>WASHINGTON—Dozens of world leaders joined CEOs, activists and Pope Francis for a two-day virtual summit on reducing climate change hosted by U.S. President Joe Biden, starting Thursday. Here&#x27;s the key news so far:</p><div><strong>THE US GALLOPS OUT OF THE GATE</strong></div><p>The United States met global expectations by pledging to halve its emissions by 2030 from 2005 levels – nearly doubling the last pledge made under former President Barack Obama.</p><p>Washington also intends to double its annual public climate finance to developing countries by 2024, compared with the average spend under Obama in 2013-2016.</p><p>&quot;This is the decade we must make decisions that will avoid the worst consequences of the climate crisis,&quot; Biden said at the White House. Treasury Secretary Janet Yellen pledged a day earlier to aggressively tackle climate change using all the tools at her disposal.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/04/20/21/tackle-climate-crisis-extreme-weather-united-nations">World running out of time to tackle climate crisis, says UN</a></li></ul><div><strong>CHINA TO QUIT COAL</strong></div><p>President Xi Jinping told the summit his country would begin phasing out coal use over the 2026-2030 period as part of its efforts to reduce greenhouse gas emissions. Last year, Xi had said China would aim to become carbon neutral by 2060.</p><p>&quot;We will strictly control coal-fired power generation projects,&quot; Xi said through the summit’s video link. He suggested that China&#x27;s coal consumption, by far the highest in the world, will reach a peak in 2025 and start to fall thereafter.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/04/13/21/xi-jinping-likely-to-take-part-in-joe-bidens-earth-day-climate-summit">Xi Jinping likely to take part in Joe Biden’s Earth Day climate summit</a></li></ul><div><strong>SOUTH KOREA TO STOP FUNDING COAL OVERSEAS</strong></div><p>President Moon Jae-in said South Korea would end all new financing for overseas coal projects and will soon set a more ambitious schedule for slashing carbon emissions, making official parts of a &quot;Green New Deal&quot; proposed by Moon’s ruling party last year.</p><div><strong>BRAZIL CHANGES ITS TONE</strong></div><p>Far-right President Jair Bolsonaro appeared to shift his position on environmental protection, pledging Brazil would reach climate neutrality by 2050 - 10 years earlier than previously pledged. He also repeated a promise made last week to end illegal deforestation by 2030.</p><p>&quot;With this spirit of collective responsibility and common destiny, I invite you once again to support us in this mission,&quot; Bolsonaro told the summit. Deforestation has soared under Bolsonaro, hitting a 12-year high in 2020 with an area 14 times the size of New York City destroyed.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/04/23/21/in-earth-day-message-pope-warns-that-planet-is-at-the-brink">In Earth Day message, Pope warns that planet is ‘at the brink’</a></li></ul><div><strong>A DIRE GLOBAL WARNING</strong></div><p>As world leaders sped through speeches at the summit, a new report warned that the global economy could lose nearly a fifth of its economic output by 2050 if climate change continues unchecked and average temperatures rise 3.2 degrees Celsius beyond pre-industrial temperatures.</p><p>&quot;Economies in Asia would be hardest hit, with China at risk of losing nearly 24% of its GDP in a severe scenario, while the world&#x27;s biggest economy, the US, stands to lose close to 10%, and Europe almost 11%,&quot; the Swiss Re Institute report found.</p><div><em>(Reporting by Valerie Vocovici, Jeff Mason, Josh Smith, Andrea Shalal, Michael Shields Editing by Katy Daigle, Heather Timmons and Frances Kerry)</em></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/04/23/21/doomsday-climate-tipping-points-have-wiggle-room-shows-study">‘Doomsday’ climate tipping points have wiggle room, shows study</a></li></ul><div><strong>FROM THE ARCHIVES</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1667594" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1667595" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Dozens of world leaders joined CEOs, activists and Pope Francis for a two-day virtual summit on reducing climate change hosted by US President Biden, starting Thursday. </p>

Dozens of world leaders joined CEOs, activists and Pope Francis for a two-day virtual summit on reducing climate change hosted by US President Biden, starting Thursday.