US envoy says energy transition money is short

Cairo, Jan 15 (EFE).- The United States special envoy for climate change John Kerry said Sunday that not enough money is being provided to solve the energy transition problem and advance the fight against climate change, despite being the fastest growing market.

“What I have seen in my travels around the world is that there is no money being put on the table to solve these problems. And those who are doing it are doing it cheap. We need to respond more effectively and there are no governments that have enough money,” Kerry said at the Global Energy Forum, organized by the Atlantic Council in Abu Dhabi.

“We need the money so that we can make the transition faster,” he said, adding that one of the solutions is through credit.

Experts in sustainable development and climate neutrality have calculated that EUR 9 trillion to EUR 12 trillion ($ 9.7 trillion to $13 trillion) of investment in market value will be necessary to support the energy transition and achieve the goal of net zero emissions by 2030.

Kerry said “the climate crisis cannot be solved” without amassing that amount of money.

“This is the biggest market the world has ever known. The clean energy market, the transition market (…) This is all about making money,” he said during his participation in the forum.

He spoke of the loss and damage mechanism, created at the Sharm el Sheikh COP27 Climate Summit in 2022 in Egypt, to compensate the most vulnerable countries for having suffered the consequences of historical emissions from the most developed countries.

“During this year we have to manage this mechanism more effectively,” Kerry said.

The discussion on loss and damage, which was the focus of COP27, will be one of the main topics during COP28, which is scheduled to be held at the end of November in Dubai, in the United Arab Emirates.EFE

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