COP28: John Kerry calls MDBs to step up climate finance to $1trln

COP28: John Kerry calls MDBs to step up climate finance to $1trln

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