During the Major Economies Forum on Energy and Climate (MEF) held on Thursday, President Joe Biden announced a $1 billion commitment to the Green Climate Fund and plans to secure an additional $500 million for anti-deforestation efforts in Brazil, according to a report from The Hill.

“Today, we have to do more than recognize the climate challenge,” Biden said, adding that governments must “recommit ourselves to action” and “step up our ambitions.”

Biden urged participating nations to adopt the goal of making 50 percent of light-duty vehicle sales electric by 2030, a target that aligns with the Biden administration’s domestic objectives.

The president has previously set a goal of reaching 50 percent electric vehicle (EV) sales in the United States by 2030.

Most batteries used in EVs come from China.

“China currently dominates the global EV and EV supply-chain market,” according to EnergyX, an American technology company. “As it currently stands, the lithium sector as well as the market for electric vehicles is controlled” by the Eastern nation.

Meanwhile, a recent proposed climate regulation from the Environmental Protection Agency (EPA) could potentially result in an even more ambitious target, another report from The Hill explains.

The EPA projects that its regulation might lead to 60% of new light-duty vehicles being electric in the 2030 model year.

The Major Economies Forum on Energy and Climate consists of countries that collectively account for approximately 80% of both the global Gross Domestic Product (GDP) and greenhouse gas emissions, which are responsible for driving climate change.