John Kerry, a former US secretary of state and the president’s special envoy for climate issues, said today, Wednesday, that for every dollar invested in fossil fuels, $1.10 is spent on low-carbon energy sources.
He explained in press statements: “Mathematics and science explains unambiguously, that we cannot achieve our goals unless we change this percentage significantly,” according to the American news website “Axios”.
In light of the Ukraine War and the ensuing European Energy Crisis, Kerry criticised the “slow” progress among banks and financiers last year and emphasised the necessity for private capital to finance the transition to renewable energy.
For the World Bank and international development institutions, the American climate envoy demanded additional funding for low-carbon alternatives abroad.
Kerry cited the severe drought in the southwest as well as the heat and droughts in China as reasons why it is important to act rapidly on climate change.
Kerry said, “Last year may have been riskier than all those years that are yet ahead of us.”
The official envoy of the US President for Climate Affairs and the former US Secretary of State emphasized the extreme importance of the Climate Summit “Cup 27” hosted by Sharm El Sheikh in the month of November, calling on the countries of the world to adhere to their pledges to combat climate change.
The climate conference is set to take place in Sharm El Sheikh, Egypt, from November 6 to 18.
According to the United Nations Economic Committee of Africa, “COP 27” intends to “convey the voice of African leaders to mobilise more international support for the environmental recovery of Africa.”
Kerry: For every dollar spent on renewable energy sources, $1.10 is spent on fossil fuels.
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