PUMA cut greenhouse gas emissions by 24% in 2023
PUMA has already made strong progress in reducing its greenhouse gas emission over the past ...
Kerry: Egypt’s identification of key climate investment areas to attract billions of investments
US Special Presidential Envoy for Climate John Kerry said Egypt is identifying priority climate investment areas and working with partners to develop bankable programs. In total, this has the potential to attract billions in investments from donor governments, philanthropy, development finance institutions, and the private sector – it’s exactly the kind of innovative thinking which is needed in the current stage.
Addressing the Egypt- International Cooperation Forum (Egypt-ICF) on Wednesday, he said “I know Egypt is often referred to as “Mother of the World,” the place that established much of our early civilization. Now, as we approach COP27 in Sharm el-Sheikh, you have a chance to be the nation that helps rescue civilization and to protect it for many generations to come.”
“We must do everything in our power to give life to the Glasgow Climate Pact,” he underlined.
“As you put it in Egypt, this will be an “Implementation COP” — and, as I have described it, we need to pursue an “Implementation…Plus” approach,” Kerry said.
“I am honored to be hosted here by President al-Sisi, who has demonstrated critical leadership in mobilizing international climate action and accelerating the clean energy transition,” Kerry said.
“Thank you also to the entire Government of Egypt, not just for inviting me back a second time this year, but for sharing our urgent climate message in countries and meetings around the world – at COP26, at the One Ocean conference in France, at the UN Ocean Conference in Lisbon, just to name a few,” Kerry added.
“In addition to financing solar and wind farms and retiring coal plants, we also need capital to invest in innovation to scale and bring the next generation of technologies to market,” he said.
“That’s why we were pleased to see Mark Carney and so many other leaders in finance step up through the Glasgow Financial Alliance for Net Zero. GFANZ represents some $130 trillion in assets and are prepared to align their capital with this transition – at the speed and scale we need,” added.
“And to deploy that money, governments are going to need to continue to work hand in hand to put together blended finance and de-risk those investments,” he said.
“That is the kind of leadership and ambition we need — in the United States, Egypt, and around the world,” Kerry highlighted.
“It is a big agenda, my friends, with success measured not just this year, at COP27, but beyond – and ultimately, in whether we do achieve for future generations a safe, stable, clean planet,” he said.
“Egypt understands both the devastating costs of inaction — especially to critical parts of this nation like the Nile River Delta — as well as the enormous opportunities — in better health, less pollution, and economic development — of acting,” he explained.
“It will be a tall task. But I know we can win this fight,” he added.
“It is rare in public life to be able to make decisions that impact not just our own nations, but the fate of the planet for generations to come. Fortunately, that is nothing new for Egypt since you began our history as a civilization thousands of years ago. Today, we have a chance to build on that legacy, and make a new one of our own,” he said.
“Now, let me turn to the incredibly important issue of finance,” he said, noting “First, we remain strongly committed to the goal of mobilizing $100 billion annually for developing country mitigation and adaptation. President Biden has requested $11 billion for climate finance in his budget request to Congress for the next fiscal year. The United States will do our part to meet the $100 billion goal.”
“Second, we need to work with governments and the private sector to mobilize trillions of dollars to accelerate the net-zero transition as well as to advance climate resilience. It is going to take all of us, and that is why I am happy to be here in Egypt today, as you exercise your global leadership to bring together investors, multilateral development banks, philanthropists, and government to take bold action,” he added.
“Here’s the bottom line: the IEA tells us we need to invest $4 trillion, every year, in this transition. No government on earth can fully fund that level of investment – we can only get there with the full participation of the private sector,” he said.
“In 2021, only about $755 billion was invested globally in the energy transition; that was a record, but only one-third of what we need to meet our 2030 goals,” he asserted.
“We need public dollars and development finance to catalyze private investment in clean and climate resilient technologies,”Kerry accentuated.
اترك تعليقا