(Washington) – Outgoing US climate envoy John Kerry called on the United States on Friday to find important new ways to finance the war against global warming.
The former head of US diplomacy under Barack Obama warned that “great disappointment” would follow if historic promises to abandon fossil fuels were not fulfilled.
John Kerry, who will soon leave his post as envoy, described the agreement reached in December in Dubai during the United Nations Climate Change Conference (COP28) as historic, for calling for a move away from fossil fuels, which are largely responsible for global warming.
But he also warned that this agreement should not be “reduced to simple words on a piece of paper.”
He told the Council on Foreign Relations think tank that inaction would encourage “cynicism and self-denial” and cause “tremendous disillusionment around the world.”
The former Democratic senator and US presidential candidate in 2004 confirmed that he would focus, outside government areas, on mobilizing private financing, as a complement to public funds to combat global warming.
According to the diplomat, the United States should consider a system of financial guarantees for investors, which would cover risks in the event of failure of environmental projects.
It's time to make room for creativity. We invented new financial instruments in the past when we needed them, and I believe we need them today.
John Kerry, US climate envoy
The former Secretary of State discussed his work as an envoy with Indonesia and Vietnam on partnerships called JETPs, which act as financing intermediaries between a small group of rich countries and an emerging economy, and aim to reduce dependence on hydrocarbons or take other measures to combat such partnerships. Global Warming.
But John Kerry said the world “does not have time” for such “highly personal” agreements.
He added: “We need to help distribute larger amounts with more confidence that the deal is profitable and that we have sufficiently de-risked it.”
A recent study by the NGO Climate Policy Initiative highlighted that, according to some assessments, credit guarantees can mobilize 6 to 25 times more financing than traditional loans – with emerging countries in particular seeking to reduce uncertainty.
