Kerry: ‘The Math and Science Unequivocally Make Clear’ that We Can’t Hit Net Zero Unless We ‘Dramatically’ Lower Investments in Fossil Fuels

EXCERPT:

KERRY: “Now, in Glasgow, we were encouraged that over 450 private sector financial firms responsible for $130 trillion in assets committed to net zero. A year later, we’re seeing a few signs of a little ripple of discontent therein, but we cannot slow this down. For every one dollar invested in low-carbon energy supply, $1.10 is invested in fossil fuels. Go figure. The math and the science unequivocally make clear we just can’t hit our targets unless we dramatically change that ratio. So, we need private sector financial institutions to recognize the financial risks associated with a disorderly, chaotic, but inevitable transition to net zero if we don’t manage it more effectively. We need those institutions to systematically recognize the financial risks that the impacts of climate change pose to their own assets. You want a disruptor in the marketplace? Continue down the road of not adequately responding."