CAIRO, 16 Jan 2023:
The US special envoy for climate change John Kerry yesterday said not enough money is being provided to solve the energy transition problem and advance the fight against climate change, despite it being the fastest growing market.
“What I have seen in my travels around the world is that there is no money being put on the table to solve these problems,” Kerry said at the Global Energy Forum, organized by the Atlantic Council in Abu Dhabi.
“And those who are doing it are doing it cheap. We need to respond more effectively and there are no governments that have enough money.
“We need the money so that we can make the transition faster,” he said, adding that one of the solutions is through credit.
Experts in sustainable development and climate neutrality have calculated that €9 trillion to €12 trillion of investment in market value will be necessary to support the energy transition and achieve the goal of net zero emissions by 2030.
Kerry said “the climate crisis cannot be solved” without amassing that amount of money.
“This is the biggest market the world has ever known. The clean energy market, the transition market (…) This is all about making money,” he said during his participation in the forum.
He spoke of the loss and damage mechanism, created at the Sharm el Sheikh COP27 Climate Summit in 2022 in Egypt, to compensate the most vulnerable countries for having suffered the consequences of historical emissions from the most developed countries.
“During this year we have to manage this mechanism more effectively.”
The discussion on loss and damage, which was the focus of COP27, will be one of the main topics during COP28, which is scheduled to be held at the end of November in Dubai, in the United Arab Emirates.
– EFE