US climate envoy John Kerry urged multilateral development banks (MDBs) to make a substantial contribution towards climate finance.
He highlighted that in 2022, MDBs raised $60 billion, and this year, with the World Bank’s involvement, there’s a potential to raise $150 billion.
Kerry, speaking at the sidelines of COP28 in Dubai, mentioned the goal of leveraging $1 trillion in climate finance. He pointed out that $1.7 trillion in venture capital is currently seeking solutions in areas like using captured carbon for advanced oil production, fusion, and battery storage.
The American envoy emphasized the need for realism in leveraging available technology to reduce emissions.
Regarding Russian President Vladimir Putin’s visit to the UAE, Kerry commented that Putin’s actions in Ukraine might inadvertently accelerate Europe’s transition away from gas. He noted that Putin’s presence at the event is unlikely to impact the ongoing discussions.
Kerry stressed that during Trump’s presidency, 75% of new electricity in the US was sourced from renewables, illustrating that the American people remained committed to the Paris Agreement objectives regardless of the federal stance.
The envoy criticized some US oil producers for not doing enough to combat global warming and singled out Chevron Corp. for particular scrutiny.
“We have no real evidence that they and a lot of others are doing what every company needs to do,” Kerry said at COP28 in Dubai. Oil and gas companies “ought to be leading the charge.”
He also held discussions with Tim Ryan, Zoetic Global’s Chief Global Business Development Officer, at COP28 in Dubai.
COP28 has become the largest UN climate summit to date, boasting an impressive registration of 80,000 participants, and notably, this year marks the first time their affiliations have been disclosed.
This disclosure requirement is a new development aimed at identifying potential conflicts of interest and uncovering lobbyists among the attendees.
