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U.S. local weather envoy John Kerry speaks throughout a joint China and US assertion on a declaration enhancing local weather motion, on the COP26 local weather convention in Glasgow, Britain November 10, 2021.
Jeff J Mitchell | Pool | Reuters
Unstable vitality costs are right here to stick with Russia’s conflict on Ukraine set to be a “defining second” for this century, John Kerry, particular presidential envoy for local weather, mentioned Monday at CERAWeek by S&P World.
His feedback come as Russia’s invasion has upended international vitality markets and provide chains. Oil shot above $130 Sunday night for the primary time since 2008. Pure gasoline in Europe is buying and selling at never-before-seen ranges.
Kerry, who served as Secretary of State throughout the Obama administration, mentioned volatility is “one thing we’ll dwell with for a short time,” with nations having to come back collectively to counter President Vladimir Putin’s “unlawful, unprovoked, profound harmful” conflict.
“Individuals notice it is a critical second for all of us on the planet. And it is also critical, evidently, on what’s occurring to our planet,” Kerry mentioned.
When it comes to the vitality transition, corporations and nations are usually not doing sufficient within the right here and now, he mentioned.
Many emissions discount targets deal with 2050, however maintaining the emphasis on objectives which might be three many years away is misguided, Kerry mentioned. Moderately, the true measurement needs to be what’s finished between 2020 and 2030 — solely motion now will obtain 2050’s said objectives.
“You’ll be able to’t get there … if you happen to do not do what it’s essential do between 2020 and 2030,” he mentioned.
Kerry added that the Biden administration is dedicated to an “the entire above” method in the case of vitality coverage trying ahead.
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