U.S. Climate Envoy John Kerry speaks at a White House press briefing in Washington, January 27, 2021.
Kevin Lamarque | Reuters
John Kerry, U.S. Special Climate Envoy, speaks with financial sector leaders on how to raise capital for green tech and clean energy, as chairman Joe biden aims to put the country’s economy on the path to net zero emissions by 2050.
“I am currently in talks with a number of our larger asset managers and major banking institutions in the hope that we can begin to understand where the capital could come from and how it can go to these sectors,” he said. said the former secretary of state at anchor. Brian Sullivan at a CNBC Evolve event Thursday.
Kerry said there is no doubt that a partnership will emerge between the private sector and the federal government on clean energy. The Biden administration has proposed $ 2 trillion in investment to help build a green economy.
Kerry noted the growing popularity of ESG investment – or environmental, social and governance investment – as an example of the private sector in action. He also noted the use of front companies called SPAC, or special purpose acquisition companies, to finance green energy.
“What you are seeing with the plethora of PSPC being deployed as well as other investments is that there is going to be a race in that direction and that is exactly what we need,” he said. -he declares.
Kerry’s comments come two days after Axios reported he named Wall Street veteran Mark Gallogly to his international climate team.
Data suggests that climate-related industries and jobs are growing in the United States and around the world.
The world invested $ 501.3 billion in renewable energy, electronic vehicles and other low-carbon technologies in 2020, Bloomberg reported.
Generate capital projected U.S. investments in solar and wind power will total $ 55 billion in 2020. Earlier this week, the Department of Energy announced it had brought in the co-founder of Generate Capital and former solar industry leader , Jigar Shah, for being the director of his office of loan programs, which oversees more than $ 40 billion in loan authorization.
The US Bureau of Labor Statistics projected Wind turbine maintenance technicians will be the fastest growing profession from 2019 to 2029, with solar PV or solar panel installers being the third fastest.
“When America runs in this kind of direction with capital movements, this allocation of capital makes a decision for all of us and ultimately it will lead to the creation of significant wealth, a significant number of jobs.” , Kerry said.