Sat. May 25th, 2024

American envoy John Kerry warns against climate finance.

By ki0nk Mar2,2024
news

The United States climate envoy, who is getting ready to leave office, issued a warning that the promises made at the 28th Conference of the Parties (COP28) must be respected; otherwise, the population will be disappointed.

On the first Friday in March 2024, John Kerry, who was leaving his position as the United States’ climate envoy, issued an appeal on the United States to discover significant new ways of financing the battle against global warming.

The individual who served as the previous chief of US diplomacy under Barack Obama issued a warning that “huge disappointment” would ensue in the event that historic vows to eliminate fossil fuels were neglected.

The agreement that was obtained in December in Dubai at COP28 for John Kerry’s appeal to transition away from fossil fuels, which are mostly responsible for global warming, was regarded as historic by Kerry, who will shortly be leaving his position as ambassador.

The former Democratic senator and contender for the presidency of the United States of America in 2004 stated unequivocally that he would focus his efforts, outside of the realm of government, on the mobilization of private money as a supplement to public funds for the battle against global warming.

The diplomat said that the United States of America should take into consideration the possibility of establishing a system of financial guarantees for investors. This system would cover risks in the event that environmental projects were unsuccessful.

In a statement released on Friday, veteran envoy John Kerry urged the United States to discover substantial new methods of climate funding. He also warned of “huge disappointment” in the event that historic promises to transition away from fossil fuels are not given due consideration.

As Kerry prepares to leave down from his position as the United States’ climate envoy, he referred to an agreement that was reached in December in Dubai at the most recent United Nations summit as historic. This agreement called for the world to shift away from fossil fuels, which are mostly responsible for the rising temperatures of the planet.

However, he cautioned that the agreement reached at COP28 must not be “reduced to mere words on a piece of paper.”

At a meeting of the Council on Foreign Relations, Kerry made the following statement: “If we don’t do what we’ve said we’re going to do in these next months, that’s exactly what could happen, encouraging cynicism and dropout-ism and huge disappointment around the world.”

The former secretary of state, senator, and presidential candidate John Kerry, who is now 80 years old, has stated that he will concentrate his efforts outside of government on securing private money to supplement the work of the government in the area of climate change.

A system of financial assurances for investors, which would cover risks in the event that projects fail, is something that Kerry suggested the United States of America should take into consideration.

Time to unleash your creative side. New financial instruments have been developed by our team in the past when we were in need of them, and in my opinion, we are in need of them right now,” he stated.

He referred to his work as an ambassador with Indonesia and Vietnam on what are known as Just Energy Transition Partnerships, or JETPs. These are finance partnerships between a small number of wealthy countries and a rising economy with the goal of reducing reliance on fossil fuels or doing other climate-related actions.

Kerry referred to these kinds of arrangements as “very bespoke,” and she stated, “We don’t have time to do that.”

“We need to help deploy larger sums with greater confidence that the deal is bankable and we de-risked it sufficiently,” added the president.

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