The US climate envoy John Kerry called on multilateral development banks (MDBs) to significantly contribute to climate finance.
"In 2022 $60 billion was raised by the different MDBs and this year with the World Bank alone we are looking at the possibility to raise $150 billion. We are looking at the ability to leverage $1 trillion in climate finance, he said on the sidelines of COP28 that is being held in Dubai.
Kerry said $1.7 trillion of venture capital is now chasing solutions such as using captured carbon to do advanced oil production, and fusion as well as battery storage. "You've got to be realistic, to get to where we want to go reducing the emissions, we have to use the technology that’s available."
On Russian President Vladimir Putin's visit to the UAE on Wednesday afternoon, Kerry said: "I think by virtue of what he’s done in Ukraine his presence may encourage people to move to a different kind of fuel as soon as possible. He’s singlehandedly done more to speed up the transition of Europe away from gas. I had forgotten that he was coming, but I don’t think it’s going to affect anything we are doing here."
According to a Reuters report Putin arrived in Abu Dhabi for talks with President Sheikh Mohammed Bin Zayed Al Nahyan who called Putin his "dear friend".
Asked what would happen to America's net zero commitments if Donald Trump were to get elected as President, the US climate envoy it would make no difference.
"There was a time when that might have made all the difference. But, not now."
He said although Donald Trump pulled out of the Paris Agreement, zero funding it for four years, all across America--50 states, over 1,000 mayors and 37 governors all kept moving forward on the things that they pledged to do.
"Even while Trump was president 75% of the new electricity came from renewables. Donald Trump may have pulled out of that agreement, but the American people stayed in it," said Kerry
To a question whether, under a potential Trump Presidency, all those who started making electric vehicles are going to turn around and produce internal combustion engines again, Kerry said: “I say to you with complete confidence, we will get to a global low carbon economy. The only question is will we get there in time as we were warned in the IPCC report?”