John Kerry, the US Special Envoy for Climate, said that the business community carries a great responsibility to combat climate change over the next 10 years.
In his speech from Washington during the Virtual Forum on ‘Enhancing the Role of the Private Sector in Confronting Climate Change’, which was held by the American Chamber of Commerce today, Kerry affirmed that major American financial institutions are ready to provide financing for $1 trillion for the green transition.
He said that financing and new technology must be the mainstay of the efforts to reduce global warming and combat the pollution of the environment, water, and oceans.
Kerry also mentioned that Egypt has taken on a great responsibility by hosting the United Nations’ Conference of Parties on Climate Change (COP 27) in November 2022, adding that there is room for cooperation between the two countries to pave the way for a successful conference and continue the achievements of the COP 26 that was hosted in Glasgow, UK.
He added that countries have the ability to switch to new and renewable energy, instead of coal and other energy sources which pollute the environment to protect the planet from carbon emissions and methane.
Coal is the main cause of global warming and is the most polluting to the environment. He explained that every plane, ship, and other transportation means must be operated in a different way in order to achieve the “zero carbon goal” on time.
Furthermore, Kerry described the relations between the US and Egypt as dynamic, adding that both countries are involved in discussions of cooperation, covering various fields, and are conducting joint work to resolve regional issues such as Libya and Sudan.
He also stressed the role of the private sector and the business community in combating climate change, given that they have more diverse tools than governments, especially with regard to financing. He explained that global investment funds have a great opportunity to direct huge funds towards green and sustainable investment, pointing out that despite America’s differences with Russia and China, the US administration is keen on responding to any serious initiatives to reduce carbon dioxide emissions.
For his part, Tarek Tawfik, the President of the American Chamber of Commerce, said that climate change is a source of threat if not dealt with effectively, and it can negatively affect future generations.
In his speech during the forum, Tawfik stressed that the private sector must participate in the upcoming climate summit in Sharm El-Sheikh with the government.
He explained that it is essential to make use of technology to confront climate changes and work hard with the private sector. Tawfik also noted that Egypt has made great strides on the path to a green economy. He considers the “Decent Life” initiative that was launched by President Abdel Fattah Al-Sisi in 2019 a very important step on the path to sustainability and bridging the gap between urban and rural areas.