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Biden hopes to cut greenhouse gas emissions in half by 2030

Yahoo Finance's Jessica Smith joins Yahoo Finance Live to break down how Biden hopes to cut greenhouse gas emissions in half by 2030.

Video Transcript

ADAM SHAPIRO: It may be cold in New York City, but there's always hot air in Washington, DC. In fact, our correspondent Jessica Smith says dealing with hot air or greenhouse gases is something President Biden is promising to do. Jessica.

JESSICA SMITH: Yeah, Adam, today, the president is taking part in this virtual summit with 40 world leaders, all talking about how they plan to fight climate change. President Biden is using this as an opportunity to show that the US is engaged in making climate a priority after President Trump withdrew from the Paris Climate Accord and rolled back environmental regulations. Today, the White House announced that the US will aim to cut its greenhouse gas emissions by 50% to 52% from 2005 levels by 2030.

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The White House also says it's increasing aid to help poor countries cut emissions as well. China's President Xi said that China would phase down its coal consumption. And he repeated his pledge to achieve carbon neutrality by 2060. Several other world leaders made commitments as well. Countries like India, Japan, Brazil, and Canada all made pledges to try and increase their efforts to fight climate change. Now, getting Congress on board with some of President Biden's plans to cut emissions could be difficult. We heard from Minority Leader Mitch McConnell today, warning that President Biden's climate plan will kill jobs. But officials in the White House, climate officials say they are confident the US will be able to meet this target by 2030.

ADAM SHAPIRO: Jessica Smith, thank you for the update.