**Title: John Kerry on Securing Funding for Climate Action and the Green Transition | France 24 Interview**
In this France 24 interview, John Kerry, the United States’ special climate envoy, discusses the efforts to secure funding for climate action and the green transition. Kerry shares insights from the Summit for a New Global Financing Pact in Paris, where world leaders gathered to address the pressing issue of climate change. Subscribe to France 24 for the latest updates on international news and top stories.
Emmanuel Macron, John Kerry, Paris, THE INTERVIEW, USA, climate change, diplomacy, France24, news
He was a major player at the two-day Paris climate Finance Summit that’s just concluded, former U.S Secretary of State John Kerry is Joe Biden’s special presidential Envoy for climate. Thank you for joining us here on France 24.
My great pleasure, thank you for having me. Uh, lots to talk about coming out of these two days, but first I gotta say, Americans don’t do half measures. Donald Trump pulled out of the Paris climate deal, and then, uh, Joe Biden not only goes back in but goes in with this huge green investment plan, huge subsidies, hundreds of billions of dollars which, by the way, have attracted investors from around the globe.
I don’t think it’s a definition of what Americans do. I think that it’s a definition of what happens when you have somebody who is out of touch completely and doesn’t inform themselves and who makes a decision based on God knows what. Pulling out of the Paris agreement was really hurtful for America, but in the end, Americans stayed in the agreement. All across our country, the American people wanted to continue to make progress, and we did. Even during Donald Trump’s tenure, about 75 percent of all the new electricity that came online in the United States was from renewables. That’s a remarkable story.
Donald Trump may have pulled out of it, but the American people stayed in, and now President Biden is making up for that with a remarkable set of initiatives that are helping to make a difference. In terms of the meetings we’ve had in the last two years, Glasgow, Sharm El Sheikh, and now we’re working to try to make a difference, the energy transition bill, the one known as the Inflation Reduction Act. Yes, sir, it turbo-charges. Evidence suggests that it’s really having a good impact now.
The jury’s still out because there’s been a bit of a subsidy war now, that’s born of that with Europe, most notably. And that’s everybody’s goal, to get their energy transition into high gear. But is that taking money away from those countries present at this summit? Well, it’s not an either-or binary choice. President Biden has energized efforts in America in order to do our part because it’s a global effort.
Every country needs to be at the table, and President Biden is making sure that the United States meets its goals. Moreover, there are trillions of dollars waiting to be invested, and President Macron was addressing that in this conference – how do we take those trillions of dollars and get them into the marketplace, particularly in developing and emerging economies?
These are private companies or sovereign wealth funds, and they want a return on their buck. That’s the whole point. But we need to address their concerns and help them feel more comfortable with investing in these trickier places. The goal is to accelerate the transition. President Macron assembled about 37 trillion dollars of assets owned and managed in one room, discussing how to deploy some of that money.
There were a lot of different suggestions put on the table in the last 48 hours. It was really interesting to hear from leaders from Africa, Latin America, and elsewhere who came here to have this discussion. In terms of investing and borrowing, China is a major player represented by its prime minister at this conference. We had a very brief discussion; climate is one issue where both the U.S. and China should cooperate.
China was also involved in debt restructuring efforts for countries on the verge of default. The debt trap is a serious concern, and policies of institutions like the World Bank and IMF need to be fine-tuned to liberate these countries. In times of natural disasters, greater debt burdens hinder their ability to respond and mitigate future crises. The institutions must adapt and provide support.
These institutions, including the World Bank, do answer to their shareholders. However, the goal is to ensure that the largest economies, like the United States, recognize the need for collective action in addressing the climate challenge.
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The United States’ special climate envoy John Kerry assesses efforts to secure funding for climate action and the green transition in an interview with FRANCE 24 on the sidelines of the Summit for a New Global Financing Pact in Paris.
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