President Joe Biden pledged that the United States will double the amount of money it offers to developing countries to help curb climate change within the next three years and move away from financing fossil-fuel-intensive projects overseas.

“Good ideas and good intentions aren’t enough,” Biden said in remarks during the virtual climate summit he held Thursday with dozens of world leaders. “We need to ensure the finance will be there, both public and private, to meet the moment of climate change and to help us seize the opportunity for good jobs, strong economies, and a more secure world.”