Senate Foreign Relations Committee Chairman John Kerry, D-Mass., unveiled legislation Thursday intended to addresses the global security risks of climate change.
Kerry said the International Climate Change Investment Act of 2009 would also promote U.S. economic leadership and competitiveness by enhancing demand for American clean energy products.
In addition, the legislation supports a global agreement at the United Nations Framework Convention on Climate Change negotiations in Copenhagen, Denmark.
"As we approach the Copenhagen negotiations, this legislation demonstrates that the US Senate is serious about supporting a global agreement to address climate change," Kerry said.
"While America must lead this effort, we know it can't be done alone - that's why we are taking a strategic approach to addressing this issue," he added. "This legislation makes important investments in adaptation, clean energy deployment, and reducing deforestation - all critical elements of a global deal."
The legislation would establish a 'Strategic Interagency Board on International Climate Investment' to oversee multi-agency contributions to international climate finance.
It would also establish a detailed reporting and review system to monitor and evaluate the effectiveness and efficiency of assistance provided under the act.
Further, the act would recognize that the U.S. must work with its international partners to address climate change, and it would require the State Department to prepare a report to Congress summarizing the progress of rapidly industrializing countries in achieving low-carbon development.
Finally, the legislation would authorize funds to support key elements of the Bali Action Plan under the United Nations Framework Convention on Climate Change. The Bali Action Plan was established in 2007 to promote global cooperation on fighting climate change through 2012.
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