John Kerry says the private sector can win the fight against climate change

US Climate Envoy John Kelly spoke in a joint statement by China and the United States on a Declaration to Strengthen Climate Action at the COP26 Climate Conference in Glasgow, UK, on ​​November 10, 2021.

Jeff J Mitchell | Pool | Reuters

US climate envoy John Kelly said Wednesday that the private sector has the ability to find solutions to climate change by funding the trillions of dollars needed for a global clean energy transition.

Kelly says that no government in the world has enough money to resolve the climate crisis or complete the energy transition, so private investment in clean energy technology is important to combat climate change. Said that.

“It’s literally under the control of trillions of dollars,” Kelly said in an interview at the Reuters Next conference. “There is a lot of money to chase good projects and good deals. I believe the private sector has the ability to win this battle for us.”

According to the Intergovernmental Panel on Climate Change, to ensure that global temperatures do not exceed 1.5 degrees Celsius, the world will cut greenhouse gas emissions by almost half within the next decade, net by 2050. Zero emissions need to be reached. The Earth has already risen about 1.1 degrees above pre-industrial levels and is set to experience a temperature rise of 2.4 degrees by the end of this century.

Breakthroughs in the private sector in areas such as battery storage, green hydrogen and direct air carbon capture could become a “game changer” to reach net zero emissions, Kelly said. He said, for example, current solar and wind technology is cheaper than global warming coal-fired power and can provide countries around the world with an extraordinary amount of energy.

The International Energy Agency has set renewable energy installations in record years on Wednesday, but the increase in renewable energy capacity over the next few years will meet the IEA’s scenario for net zero emissions by the middle of the century. Said not enough. Renewable energy is projected to account for almost 95% of the world’s electricity capacity growth by 2026.

Kelly also said that the private sector is not only increasingly disclosing climate-related risks and opportunities, but is also reassessing investments that previously did not consider climate risks.

“This is feasible. It doesn’t have to be scary,” Kelly said of the fight against climate change. “We can have a better quality of life by doing these things that we have to do.”

John Kerry says the private sector can win the fight against climate change

Source link John Kerry says the private sector can win the fight against climate change

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