Davos: Calls to Increase Investment in Climate Protection

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US special presidential envoy for climate John Kerry has praised Germany’s climate policy, expressing his confidence that Berlin would be able to limit global warming to 1.5 degrees.

“We can hit 1.5 [degrees warming],” said Kerry, adding that: “We are not on track to do it now, and it is not absolutely clear that we will get on track. Globally, we are heading to 2.5, somewhere in the high twos right now. And we really must turn that around.”

During the “Keep the Pace on Climate” panel at the World Economic Forum (WEF) in Davos, the former Secretary of State expressed optimism about Germany achieving its climate goals to limit the rise in global temperature to no more than 1.5 degrees.

“Germany can achieve this,” he said.

However, Kerry warned that the world is heading towards global warming of 2.5 degrees or more, noting that investments in climate protection must be doubled.

He expressed his belief that combating climate change can only succeed if governments create incentives for the private sector to invest in environmentally friendly technologies.

“The private sector is absolutely key to our ability to be able to win this battle.”

The US IRA, signed into law in August 2022, unlocks significant climate financing and establishes major incentives for the private sector and investors to decarbonize hard-to-abate sectors.

He noted that the law provides billions of dollars in investments in climate protection and the social sphere.

However, the European Commission believes that the law harmed European Union companies and raised fears of moving production centers to the United States and losing jobs.

Meanwhile, environmental activist Greta Thunberg said it was “absurd” that people take seriously the ideas related to climate change that was put forward in Davos.

Thunberg said that people should listen to those on the frontline in the climate crisis.

In 2020, Thunberg attended the World Economic Forum and had verbal confrontations with former US President Donald Trump.

“We must panic” because “the house is on fire,” she has said.

A few days ago, Thunberg attended a protest in Germany on the coal mine expansion in Luetzerath, west of the country.

She was arrested for a few hours on the sidelines of that protest, according to a police source.