visimoney
TLDR:
- John Kerry calls for major new climate finance methods to meet historic promises
- Kerry warns of the consequences of not following through on commitments
Veteran envoy John Kerry is urging the United States to find significant new ways to address climate finance, emphasizing the importance of fulfilling historic promises to transition away from fossil fuels. Kerry, who is stepping down as the US climate envoy, highlighted the need for action following the historic agreement at the last UN summit in Dubai, stressing that the COP28 agreement should not be reduced to mere words on paper.
Kerry proposed the consideration of a system of financial guarantees for investors to cover risks if projects fail, emphasizing the importance of creativity in developing new financial instruments in the climate finance sector. He pointed to his work with Indonesia and Vietnam on Just Energy Transition Partnerships, emphasizing the need for larger funding deployments with reduced uncertainties.
A recent study by the Climate Policy Initiative highlighted the potential for credit guarantees to mobilize significantly more financing than traditional loans, particularly in developing countries looking to reduce uncertainties in climate finance. Kerry’s call for new ways in climate finance underscores the urgency of global efforts to combat climate change and move towards sustainable, renewable energy sources.
