Not Enough Money Being Put on the Table for Energy Transition Efforts, John Kerry Says
16 Jan 2023 by thenationalnews.com
John Kerry, special US climate envoy, and Andrew Steer, president and chief executive of the Bezos Earth Fund, during a panel discussion at the Atlantic Council Global Energy Forum. Khushnum Bhandari / The National
US climate envoy John Kerry has criticised the lack of investment in global energy transition efforts, saying not enough money was being “put on the table” to achieve net-zero targets.
Mr Kerry, a former US senator, was speaking at the Atlantic Council Global Energy Forum in Abu Dhabi on Sunday.
“We're either not trying to do it or we're trying to do it on the cheap, and the result is that we're not doing it,” said Mr Kerry
“The system is broken in terms of how we're trying to fix this and we need to respond more effectively.”
Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050, the International Energy Agency said in its World Energy Outlook last year.
The IEA’s stated policies scenario (Steps), which is based on the latest policy settings worldwide, projects clean energy investment to rise to slightly more than $2 trillion by 2030.
In 2009, developed countries committed to jointly mobilise $100 billion annually in climate finance by 2020 to support developing countries in cutting emissions and adapting to climate change.
“We've never had the full measure of the $100 billion that was promised … and I am sorry that our political process is such that that hasn't been possible,” said Mr Kerry.
“But, we put a lot of money on the table.”
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Last year, several countries pledged to commit $94 billion for clean energy demonstration projects at the Global Clean Energy Action Forum, which was held in Pittsburgh, in the US.
“Energy is the single summary of how you cure this problem,” said Mr Kerry.
“The problem is emissions … and for some reason, we've kind of turned our backs on the responsibility that we fought for in the 1970s and 1960s to hold people accountable for pollution.”
In 1970, the US enacted the landmark Clean Air Act, which resulted in a major shift in the US federal government's role in air pollution control.