“The magic we need is to release the millions of dollars that are looking for good investments, but they are looking for safe investments,” said Kerry.
But in the same panel, Helena Gualinga, an Ecuadorian climate activist, said that profits are being placed above the health of the planet.
“When I hear a lot of these conversations, I think it’s really business first, and then we’re going to deal with climate and then we’re going to deal with biodiversity loss,” he said. “It needs to be reversed.”
– US-EU conflict –
Another disagreement returned to Davos.
While many have hailed US President Joe Biden’s IRA program as a game-changer in the climate crisis, Europeans have continued to condemn what they say is discriminatory funding that benefits US companies.
The two sides held talks in Davos to find common ground.
“We are friends,” Kerry told AFP. “We need to work together and I think there’s a lot of listening and discussion to address the concerns.”
European industry says the EU needs to step up its game and respond to its own IRA if it wants to stay competitive.
“Yes, we’re going to the United States. We’re getting paid by the IRA, and it’s fair,” said Ilham Kadri, CEO of Belgian chemical giant Solvay, at an event hosted by Belgian Prime Minister Alexander De Croo.
European Union chief Ursula von der Leyen announced plans in Davos for special financing and a “Net Zero Industry Act” to protect Europe’s industrial base from US and Chinese industrial subsidies.
– Western Hypocrisy –
IMF chief Kristalina Georgieva has expressed concern that Western efforts to use public funds to boost private investment could harm developing countries, which are particularly vulnerable to climate change. .
“If we try to clean up the industrial world and don’t think about emerging markets, we are all doomed,” he said on Friday.
Rich countries have already reneged on a pledge to provide $100 billion a year to help developing countries lighten their economies and strengthen coping with the effects of climate change.
Climate finance is one of the key issues to be discussed at the COP28 conference to be hosted by the United Arab Emirates this year.
The president of the Democratic Republic of Congo, Felix Tshisekedi, has criticized the “hypocrisy” of criticizing his country for its desire to exploit fossil fuels for its development while rich polluters have failed to provide the money. promised to help the energy transition.
“I think this money will allow us to get the technology faster if everyone keeps their word,” Tshisekedi said.
By Laurent Thomet