Mr Kerry, a former US senator, was talking on the Atlantic Council International Power Discussion board in Abu Dhabi on Sunday.
“We’re both not attempting to do it or we’re attempting to do it on a budget, and the result’s that we’re not doing it,” mentioned Mr Kerry
“The system is damaged by way of how we’re attempting to repair this and we have to reply extra successfully.”
Funding in renewable power must double to greater than $4 trillion by the tip of the last decade to fulfill net-zero emissions targets by 2050, the Worldwide Power Company mentioned in its World Power Outlook final 12 months.
The IEA’s said insurance policies situation (Steps), which relies on the most recent coverage settings worldwide, initiatives clear power funding to rise to barely greater than $2 trillion by 2030.
In 2009, developed international locations dedicated to collectively mobilise $100 billion yearly in local weather finance by 2020 to help creating international locations in chopping emissions and adapting to local weather change.
“We have by no means had the total measure of the $100 billion that was promised … and I’m sorry that our political course of is such that that hasn’t been attainable,” mentioned Mr Kerry.
“However, we put some huge cash on the desk.”
Watch: John Kerry says he has ‘excessive expectations’ for the UAE forward of Cop28
Final 12 months, a number of international locations pledged to commit $94 billion for clear power demonstration initiatives on the International Clear Power Motion Discussion board, which was held in Pittsburgh, within the US.
“Power is the only abstract of the way you treatment this drawback,” mentioned Mr Kerry.
“The issue is emissions … and for some purpose, we have sort of turned our backs on the duty that we fought for within the Nineteen Seventies and Nineteen Sixties to carry folks accountable for air pollution.”
In 1970, the US enacted the landmark Clear Air Act, which resulted in a serious shift within the US Federal authorities’s position in air air pollution management.
Final 12 months, the US handed the Inflation Discount Act, which presents a collection of tax incentives on wind, photo voltaic, hydropower and different renewables in addition to a push in the direction of electrical car possession.
The laws, which incorporates tons of of billions in federal subsidies for inexperienced applied sciences, has met with some opposition within the EU amid considerations that it will put European corporations at an unfair drawback.
“Everyone ought to be part of and do the identical factor. That is how we speed up to the $4 trillion [target],” mentioned Mr Kerry.
“We should not be sitting there saying, oh my God, let’s go backwards.”
Monetary establishments are prepared to put money into new renewable power initiatives, however they face “political hurdles, foreign money hurdles and varied pure catastrophe hurdles and dangers”, Mr Kerry mentioned.
“How are we going to get the money to have the ability to grease the skids to make the bankable deal come collectively, so we will get a PPA [power purchase agreement] … and you may truly go to the market and finance what you are attempting to do?”
The US is working with a number of international locations on power transition.
In 2022, the US, Indonesia and different allies signed a $20 billion deal on the Group of 20 summit to assist South-East Asia’s largest economic system scale back its reliance on coal manufacturing.
In November, the UAE and US signed a strategic partnership to take a position $100 billion to provide 100 gigawatts of fresh power globally by 2035.
As a part of the partnership, the 2 international locations will arrange an skilled group to determine precedence initiatives.
They can even search to “bridge the hole between developed and creating international locations within the funding in and deployment of fresh power to make sure world efforts to scale back emissions don’t falter”, the White Home mentioned on the time.
The 2 international locations can even work collectively to prioritise business initiatives in creating and poor international locations, in addition to to help them with technical and monetary help.
Up to date: January 15, 2023, 10:43 AM