Everyone loves a TED Talk. Here’s one of our favorites:
The U.S. has rejoined the Paris Agreement. Will it make a difference in slowing down global greenhouse emissions? In this TED Talk, Nobel Laureate Al Gore interviews John Kerry, the U.S. Special Envoy for Climate, on building international momentum for more ambitious climate goals, increasing private sector engagement, and ensuring a fair and equitable green economy for all.
According to Special Envoy Kerry, the current Paris Agreement global GHG emissions pledges are not strong enough to keep global temperatures below two degrees. In fact, emissions are still rising. It’s time for the largest emitters to set even more ambitious targets.
The U.S. makes up 15 percent of all global emissions, China is 30 percent, the EU is between 11-14 percent, and India is about seven percent. These four regions account for 60 percent of global emissions but even if one country achieves zero emissions, it’s not going to be enough to curb global emissions overall. Kerry says we not only need to dramatically reduce GHG emissions but do so much more rapidly.
At the April 22 UN Climate Change Conference in Glasgow, 17 nations that produce the vast majority of emissions need to commit to net zero emissions and create a road map on how to get there by 2050 says Kerry.
Corporations and small businesses are critical players in this. There are 17 trillion dollars sitting in parked banking situations around the world in net negative interest accounts which could be repurposed to green investing opportunities such as a Green Climate Fund. It’s a massive private sector opportunity which will be given a push by the European Commission and others moving to standardize financial disclosures.
The IMF, World Bank, and Finance Development Bank can also help leverage investment in the sectors that can make the greatest difference to the rapid reduction of greenhouse gases.
Kerry welcomes President Biden’s approach to putting environmental justice at the heart of his climate agenda. He says, “it’s the right thing to do to redress wrongs that have held people back, killed people by virtue of disease or other things, and resulted in a basic inequality and unfairness in society.”
Globalization has disproportionately benefited those at the top income brackets while COVID deaths and climate change has disproportionately affected those in the lower income brackets, especially people of color. If governments ask people to make further sacrifices to reduce GHG, it will create backlash.
One of the sources of opposition to reducing greenhouse gases is the fear that jobs will be lost in the transition to a green economy. Unfortunately, according to Kerry, there will be dislocation and governments need to make sure nobody is abandoned and that there are mechanisms to help people make the transition to a clean economy. Kerry says he’s committed to doing everything possible to make sure the implementation of climate change policies does not leave anyone behind.