tv John Kerry Others Discuss Climate Change Sustainability CSPAN April 9, 2021 4:54pm-5:45pm EDT
senate, she's interviewed by congressional editor alana sure. watch tv this weekend. ♪♪ tune in to in-depth sunday may 2 noon eastern on the tv on c-span2. ♪♪ ♪♪ >> c-span2, unfiltered view of government grade by america's cable television company. today brought to you by these television companies, c-span2 to viewers as public service. ♪♪ >> u.s. special climate, john kerry and world financial peter talking about climate change during an event by the world bank. climate change critical fight for all of us, mr. carey focus
on importance of every country doing their part to reduce greenhouse gas emissions. just under 50 minutes. >> welcome, everybody to our discussion, it is a pleasure to be here today secretary john. [inaudible] talk about one of the most defining issues of our time, climate change. climate change is key priority and critical for the world bank group to deliver on our goals to reduce poverty and boost shared prosperity. last year, my first year as president, we delivered the biggest, investment in our history at $21.4 billion. on top of this you bigger still in consultation finalizing new climate change action plan, through this plan, we aim to increase the impact on greenhouse gas emissions and adaptation outcomes by
increasing limit finance, improving and expanding diagnostics to prioritize climate related action and focus on climate results to deliver impact. prioritize transitions and keep systems, use can be empowered to support a just transition of call and world bank report becomes allied with the principles and goals of the paris agreement so i am delighted to be here today is this distinguished panel. let's dive in and i'm looking forward to hearing your thoughts on specific actions can do together has the biggest impact on greenhouse gas reduction and adaptation. with that, let me turn to secretary john kerry. thank you for being here today to lead off our climate event. this is a critical year of climate in the run up to the
summit and one we have to have an impact so i'm wondering, could you go through the u.s. climate and what are the specifics, the next steps in key areas to move forward? thank you. >> thank you, it is a privilege to be here with everybody and i am delighted to be here with my fellow panelists. this is the critical fight for all of us. i know that sounds a little high polluting to some but the evidence, the signs is coming back at a stronger, harder, bigger and faster, it's telling us we are running out of time which is what scientists say, not political people, not ideological but science. the science told us we left paris in 2015 with an agreement that we would all work together hold the earth's rise of temperature well below 2 degrees
and reset the target trying to get to 1.5 degrees celsius. as of today, almost no country on the planet is meeting the target. in fact, if we did everything we said we do in paris, the earth's temperature is still going to rise to about 3.7 degrees or higher, some scientists say 4.1, 4.5. absolutely catastrophic and not worth the fight between the differential because it's all catastrophic. what do we do? we go to the last opportunity we have to get real and serious. if we say this is an ex- potential threat, we have to treat it like that which means all nations, but the developed world nations, 20 nations that are equivalent of 81% of all emissions on the planet, those nations must step up 2020 --
2030 targets reduction that keep us within the range of achieving 1.5 degrees. then laying out a roadmap taking us to 2050, net zero by 2050. all of us have the responsibly to adopt nbc's, reduce emissions at a level that will allow us to hold on to hope for the vast majority of nations in the world not contribute to the massive emissions and who will be many of them, the greatest victims of it so it's essential, we raise ambition, we make velasco the next step in what we really need to do in order to be able to get the job done. >> thank you. tell us about indonesia, one of the highest priorities on indonesia and how can they be
be -- first we are now -- it's consumption investment. we cannot do it immediately because it requires resources in this country. they are now facing -- so there is really a priority. as the finance minister i believe this is very difficult. not only as a source but also the level of -- so i believe it
the demand for energy is strong because business and industry everybody works from home but this is really the demand for energy. for a company like indonesia as they build of it from coal if you're going to build a renewable you really have to invest and while the demand is so weak it is going to benefit so these are all really choices but also the policy consequence
really needs to be looked at harry and i party mentioned many of the agreement are long-term agreement and that means you cannot just shove it down immediately. there will be immediate consequences and that's why this is something that when we want to commit to this global action what i'm saying is [inaudible] and even sometimes it has legal limitations for many countries. thank you it sank her interesting and you have a diversified financial services company could tell you how you see climate and how does this go together what does it mean for your business click. >> i want to say what a
privilege it is to join this panel on this topic. i'd start with our statement which is basically empowering people to imitate -- innovate for the future and address climate change is the big part of that for the future. the way we go about empowering not just our people but our counterparts are communities governments and regulators in terms of innovating and dozens in the large capitol to address these challenges there are three main areas that we are tying to help and all that's been raised so are particularly for emerging countries. one is in mitigation solutions and that's the energy buildings
etc. and i'd like to go into more detail on that rate the second is infrastructure because we are talking about australia currently but climate change is upon us and we are going to have to make infrastructure and transportation changes which will require investment and the third is in terms of helping our clients in the communities in terms of that transition where there are high in mission industries so that we thread the needle in terms of the economic issues that were being discussed and blackouts while we do this transition to addressing the climate challenges and that's going to require balancing and gradual transition. as far as we are concerned part of our business is the world's
largest destruction meant -- infrastructure management that is catalyzing a lot of our industry as well between connecting the capital of the world with solutions behind the these areas. >> thank you. that's very informative so as we think about getting to netzero what are the critical areas or countries is the nbc soap for secretary kerry as the world goes into a new round of nationally determined contributions how do you see those working and what is the role and what is the u.s. interaction with those? >> they are absolute critical because that is the target announced by the country for one it's going to reduce and as i said a moment ago the targets of everybody put out even if we did
everything we said we'd do in paris and were not, we would still rise way above the level that is acceptable so so we have to do it look a lot furthermore we are doing right now is working with countries. the united states has returned to the paris agreement could i recently was in europe working with our european friends and so forth but we are working far beyond that. we have had conversations with my friends in indonesia and we are working with japan with korea and australia argentina, colombia, mexico and many other countries middle east india china. we have to be able to get everybody to raise their ambition. now i'm very familiar with the comment that differentiated responsibility standard but the fact is that is not a block. the country is stepping up to do what they agreed to do in paris let alone what we now know from
the science we need to do so the stated ambition of every country particularly the 20 major economies of the world, those countries must step up with adequate levels of reduction that we keep alive the prospect of holding the temperature increase to 1.53 centigrade and nbc is our promise to do that. we have an ambitious u.s. ndc and it will be announced the president biden summit on april april 22 and all those nations that i just mentioned are invited to that summit. we have worked with a number of countries that are party promised they are going to raise their indices in the key will be for the financial, for the finance world to step up and help facilitate the implementation of those goals. there are many things that the world bank the imf the asia
development the european development bank, other financial institutions, our finance development corporation and so forth need to come together to help shape how we will get those nbc's implemented through the world bank and play critical role in that through the expertise that you have and your teams that they could bring to the table by helping countries to be able to figure out their finance but frankly with all respect to my friend from indonesia if you are locked into a contract that has onerous outcomes legally you have redress with respect to the number two nations will step up to help undo what we shouldn't be doing. the world bank and other entities must move away from the finance of colin if we know financing coal is dangerous and damaging to where we are and in fact counterproductive to our efforts to reach our goals we need to help those countries rapidly transition with payment,
with additional finance capacity, with concessionary money cup with investment money in order to move rapidly towards the implementation of alternative energy whether it's hydrogen or fuels are whether simply more renewables in many cases with more efficient use of existing plants. many of the coal plants of the world are operating at a 2% efficiency or even out of loss. that doesn't make sense economically so we think there's a much better future to define that will create jobs. a virtuous energy cycle and at the same time help us recover from covid-19 we are all going to be spending money to recover from covid-19. we need to make sure we are making that expenditure for this new energy future that is exciting because it will be cleaner. it will be less polluting. it will be more security for many many countries with energy
independence and it will of course. a huge number of jobs and new technologies necessary to make it happen. >> the world tank is doing two things related to that and thank you for raising the financing issues. we are working with 65 countries on their end vcs so to try to help them where they need help in terms of formulating the nbc's and with regard to the transition out of cold that i mentioned to you and you raised it very well the cost of that we are able to work with the country on how do the workers transition in terms of their skills so those are important key questions. the finance minister of indonesia thank you for being very early this morning to join our conversation i wanted to ask you, the challenge has been mentioned for you of the cost of
this and i wonder how you have an direction with wealthier countries? how is this all going to come together for in tunisia and what are the ways countries around the world can help as you think about moving away from coal for example? >> you mentioned the world bank support the countries, 65 and when we have commitment that requires planned action a program and action and that requires a lot of -- this is one element needed for us to have this movement and the world bank is really wonderful in this. as far as indonesia we have a
national plan so [inaudible] for us to be accountable. 34% is required to deliver the nbc. coming from our tank and this is regardless of the --. 65% and 45% credit patient. we have also tried to build financing so at this moment we have tried to mobilize with financial institutions and we also try her us to diversify the financing on delivering the nbc.
we really think investing in the youngest generation by issuing issuing -- so they have all the ownership and the commitment and that movement is very powerful. it has to be strengthened. at this very moment we are trying to look at energy. [inaudible] >> for us in the nfc we have to sit down and see what is going
to be the absolute -- and how we are going to then combine this with their own plan of delivering 23%. for in tunisia at plan b so it's not the problem of -- the transition cost that is looking into the details and composition of its energy mix and who is providing that and what kind of contract and we are asking for -- [inaudible] we provide incentives in terms
i have to decide how we are going to manage in a more sustainable incredible way. [inaudible] >> thank you and maybe we can come back to that $100 billion that we have a bigger investment one of the world's biggest infrastructure industry so i wonder if you can comment and for you see the opportunities for the private sector within that area and sri muluani indrawati just give us some of the difficulties in how you
handle diversity of geography with small islands of the violence with hydro and how do the investments come in from the her? what do you think? >> thank you david terry at u.n. secretary kerry were talking about the finance available to help countries transition and how important it is to have finance. what we are doing is the private sector in creating -- are enabled to make the choice because they are driving financial returns as well as community outcomes and social outcomes. if i can give some examples i talked about this in the adaptation but particularly important for the emerging economy rate i was fortunate to be on the commission that a patient when it was set up in bangladesh was part of that.
it was pleasing to see investments happening there and the warning systems and also in terms of cyclones etc.. all these things ultimately drive the economic value of the community and what we need to think about is how we make sure we are delivering returns to bring private capitol. if i can go through a handful of places in the philippines we have a business called energy development corporation and the subject is typhoons. we have gone found it allvid to invest in early warning systems and the impact of soiled degradation and investing in rerouting pipes etc.. this makes the acid more -- and
we have 26,000 pipes that power lines and different climate situations with a lot of those underground so in harsh winter conditions and still get out to customers and that is helpful financially. in the netherlands we have 950 kilometers of transportation and lastly i would say we have 4.8 million acres of land in australia. that is helping us not just improve yields but land degradation and soil quality so we can get food supply while driving financial trends. i am keen to have people
understand there's a need to drop this finance from the private market. i think the big challenge we have from here is to move on in our infrastructure effort so that things like -- become financial rewards and reward for it in a way that the private sector can ring capitol and we are committed to working with the public side site on that. >> thank you preview brought in examples. those really help people understand the challenge. and so to secretary kerry the pandemic has gathered many of the economy so one of the challenges is how do you put together climate action and development went there is an environment of high unemployment and a fiscal deficits in many countries? what is the step to put that together. >> the first step to put that together is to get ahead of covid-19 pandemic obviously.
we are finally, finally making a huge leap in doing that are just today president biden has announced that we are going to have a doubling of our current target to 200 million vaccinations by the first 100 days of his administration and as you know india, australia and the united states and japan met recently and they dealt with the covax program and talked about getting the vaccine out. so control of the pandemic is an important part of it obviously. beyond that there is an opportunity here because we officially shut down our economy is. it's not as if there is a downturn or economic cycle that take take place the governments decided to stop the economies and they are desperately waiting
to get going again. i think there's going to be very fast recovery in many different places providing that we are smart in what we are doing and talking about with respect to the allocation of capitol for that. that's the key to building back better and obviously i'm using the phrase that resonant biden is used but it makes sense for everybody to think about that. as we come out of this and be put money into recharging our economies we have got to put it in the right laces and the right things but infrastructure is critical component of that. certainly in america it is anyway. we have neglected to refurbish or the structure for a number of years now but if we build back the grid for instance with the legitimate smart grid with investment into transmission echoes from one part of the country to another we avoid the kind of problem we had in texas
recently but we also gain massive efficiency in the distribution of power. this can lower costs and also reduce emissions in a very significant way. after country will have a different mix of what it has available to it and the way in which they can address this question but the important thing is the finance is there. the u.n. puts out a report every year on the finance gap. if you read the most recent gap by think its $2.6 trillion to about four-point some trillion dollars per year for the next 30 years. it's a gap we face in terms of making this transition both just and even just making the transition investing in the new energy possibilities. i'm also told about 50% of the reductions of emissions we need to gain are going to come from technologies that have not yet
reached commercial distribution in the marketplace. so we have this incredible capacity whether it's sort of making real the hydrogen possibilities or gaining storage, sufficient to change the baseload challenges which changes the solar picture or certain new technologies emerging in solar which could be 40% more efficient but once again with the dramatic drop in the already dramatic drop of the price of solar. aviation fuel, the possibility of the fourth-generation nuclear which makes some people shiver but it is allegedly capable of dealing with the waste issue dealing with the melt issue dealing with the proliferation issue and maybe far more efficient and affordable and standardized and safe. if that is true and bill gates and others are looking at that
technology building a prototype to check it out as bill gates says that we have the miracle in storage a lot of these problems get solved very quickly. we have to make sure their work we are guarding against the potential that we don't yet there with the technology. we have to build on what we know how to do now. we can't take the risk that we are not moving rapidly therefore the next 10 years. much effort has to go into that david in order to guarantee that we are being responsible but i'm very confident about our ability to do this both technically and scientifically. the issue is where we have the political will. here again i've been working with some of the major financial institutions in the united states. they are now ready because est and svgs but also because of
climate to allocate a certain amount of their investment and lending into climate years that will reduce emissions. most of the sectors that we need to do this then our revenue producing. whether it's transportation is revenue producing. if it's power its revenue producing and for the users. they have to pay the fee whatever it's going to be. as long as there is revenue and a revenue stream with the combination of the possibility of some concessionary money we could take first risk away and begin to build something that is marketable in an instrument that goes out 30 or 40 years and provide the capacity to raise the trillions of dollars necessary to do this. i think that is the way they have to think it's a whole new model and it requires us to be creative but also the bold
because the challenge is enormous. >> that's many of the problems and challenges in one of them we will see innovation in the financial markets. sri muluani indrawati you mentioned the -- is spreading to narrow and shemara mention very clearly the goal of having infrastructure and as in asset class agreement as an asset class and that rings us together with the ndc's in the paperwork that's going along with credit within the marketplace. how do you see this? do you have the a concept of how this can come together in terms of marketable credit for the green side that helps. an asset class? e first on the innovation of
think each of them have their own risks. the first is absorption and did dealing with the sustainability. and a lot of again on the financing implication. and how the market can support. the market is very powerful but i have two say i'm not signaling a differentiation. >> do you want to comment also on what we just heard from the
finance minister about the narrowness of the spread and i'm wondering your thoughts on carbon credit as a market. how can this come together from a financial system and do you see signs of light on these issues? >> i will repeat what i've been saying i think it's creating an environment in a rational sense as well as being on the commission of adaptation i worked on the commission for leadership and finance for countries in the last two years. the thing we found to attract that private finance in emerging countries is setting clear targets and the other one is policies in the private sector in the third when creating
stability in terms of currency etc.. renewable energy transmission and distribution etc. and it's an example of taiwan. in 2015 they had 80% of their power coming from coal and gas and they made a commitment in 2017 to take renewables from 5% to 25% what was the 5.7 gigawatt increase and they added another 10 gigawatts after that raid offshore wind and renewable energy in taiwan for the private sector is very competitive and capitol as well. early stage the returns were hired we had to take the development of construction out of the project to reach completion.
i think it's an example of where the public and the private sector can be working together to try to bring much-needed capitol to this area and there are other examples as well. i know in the philippines they are considering it and latin america and we have an obligation to create these projects but also to be an active sponsor which we are doing dry investment group from the uk government and also the uk climate finance creating a fund for renewables to the south african black empowerment initiative. i think the asset market is an important aspect.
commodities and trading working actively in developing this market but i know we are tight on time so i might say this for later discussion. i'll hand it back to you. >> your point was very interesting a very practical aspect of developing these markets and i think that's going to be a critical part but i wonder if we can and the secretary kerry baby on the same topic. how do we make drug arrests and how big is the problem that we are facing and how do we make her aggressive markets and public-private partnerships as of the mentioned? any final thoughts for the group and for the panel? >> thank you david and i look forward to following up with sri and also in with sub draped i'm interested in what she said in and there are ways to build out on it. i think this is as big a
challenge as any of us have ever faced but we are looking at the opportunity to take part in the largest market the world has ever known. 4.5 to 5 billion users today already multitrillion-dollar market in double-digit's and it's going to grote to 9 billion users in the next 30 years with huge sums of money that will be invested in an ultimately made in the marketplace by those who are investing in the future. that is happening. you are seeing already i think it was about 500 billion plus invested last year. rejections from the -- projections for labor statistics. job categories will row more than 50% this next year in america paid the first at 62% as wind turbine technician and the second is a nurse practitioner. we know why that is growing in
the third is solar panel installment. happening to it already the market is moving and that's why i think it shouldn't be that difficult to create this new financial instruments. i'm not a financial engineer but i know, you know we had 13 to $17 trillion sitting in negative interest status in the last years. are you kidding me? paying for the privilege of being part of somewhere when there are basic things to invest in around the world that could have earned a decent return on investment. we have to get real and serious about this opportunity. the challenge of our generation with the next generations and they are the ones who have been calling us to account asking why the adult can get this done. i think the challenge is clear. think the opportunities are
equally as clear but what we have to do is summon the creativity of the energy, personal energy of our countries to commit to doing this. i think it will be something that is amazingly exciting because the quality of life will improve. cleaner air, cleaner water, more people employed a greater energy independence, greater security between nations and they think a huge kickstart to the post covid world. >> that's fabulous. thank you all. the world bank is a mini--- the middle of many of these issues so we have to work together on the next steps and the highest priority things that we can get done so again thank you so much for joining today. >> thank you david. >> thank you.