U.S. mood envoy John Kerry speaks at a press briefing at the White House in Washington, January 27, 2021.
Kevin Lamarque | Reuters
John Kerry, the U.S. particular envoy for climate, is holding discussions with leaders in the financial sector about how to mobilize capital for green technology and trim energy, as President Joe Biden aims to the put the nation’s economy on course for net-zero emissions by 2050.
“I am in discussions right now with a mass of our largest asset managers and major banking institutions with hopes that we can begin to understand where the superior could come from and how it can go to these sectors,” the former secretary of State told anchor Brian Sullivan at a CNBC Evolve incident Thursday.
Kerry said he has no doubt a partnership will emerge between the private sector and the federal government on thoroughly energy. The Biden administration has proposed $2 trillion of investments to help build out a green economy.
Kerry needle-shaped to the growing popularity of ESG investing – or environmental, social and governance investing – as an example of the private sector in action. He also famed the use of shell companies known as SPACs, or special purpose acquisition companies, to finance green energy.
“What you’re glimpse with the plethora of SPACs that are being deployed as well as other investing is there’s going to be a race in this avenue and that’s exactly what we need,” he said.
Kerry’s comments come two days after Axios reported he allotted Wall Street veteran Mark Gallogly to his international climate team.
Data suggests climate-related industries and projects are growing in the U.S. and globally.
The world invested $501.3 billion in renewable power, electronic vehicles and other low-carbon technologies in 2020, Bloomberg check in.
Generate Capital projected U.S. investment in solar and wind energy to total $55 billion in 2020. Earlier this week, the Conditional on of Energy announced it had tapped Generate Capital co-founder and former solar industry executive Jigar Shah to be the boss of its loan programs office, which oversees more than $40 billion in loan authority.
The U.S. Bureau of Labor Statistics ventured wind turbine service technicians will be the fastest-growing occupation from 2019-2029, with solar photovoltaic, or solar panel, installers being the third fastest.
“When America channels in that kind of direction with capital moving, that capital allocation is making a decision for all of us and in the end is going to dnouement develop with significant wealth being created, significant numbers of jobs,” Kerry said.