Just out of COP 27, going into top COP 28 in Abu Dhabi and Dubai at the end of
the year, we've made some progress, not enough progress.
Are you sure that we can actually make meaningful progress on that one point
five degrees and not just toe the line? I'm convinced we can, but we have to
have a lot of countries step up and decide that they're going to reduce
their emissions at an accelerated rate and begin to get more engaged in the
transition that we can do it. The key is bringing certain technologies
to scale and mostly accelerating individual nation efforts.
The United States, obviously, President Biden's past the Inflation Reduction
Act. It's already having a profound impact
and it encourages everybody to say, whoa, you know, if we really go out this
week and get something done. Who do you think could do better quite
quickly? Well, I think there are 20 countries
which are the 20 largest economies of the world.
We're one of them. We're number two, our number one
economy, but we're number two in emissions.
China's number one in emissions and number two in size of the
economy. Both of us have to be doing everything
we can to reduce emissions. We're hoping we can work with China to
encourage China in certain things that we think would make a difference.
We're not trying to, you know, pick one country particularly.
We're doing the same thing with India or working with India.
We're working with Indonesia, Vietnam, Mexico, Brazil.
A lot of countries could obviously do more, but they need help.
Some of them need new finance. Some of them need technology.
And that's what we're working at providing.
Are you hearing positive signs from China that they're willing to work more
together and more together on climate change?
Yes. China
has engaged in conversation with us again.
I have a very positive relationship with my counterpart.
She is. And why we've known each other a long
time. I believe that we can make progress
together. And I think we could be
sharing thoughts and perhaps even joining in some efforts that would
accelerate it for other people, too. But China is transitioning.
China is already deploying a massive amount of renewables.
They're the largest producer of renewables in the world.
What we need to do is get less coal and begin to move away from coal.
That's unabated. Coal that is not reducing the emissions
is the greatest challenge right now on the planet.
If they signed up on the methane pledge, would that be a very strong signal?
Well, they they have methane and methane plant plan.
I've been shown that plan. I know what it is.
They're seeking the final approval of it through their government process.
And they say that they're going to be releasing it publicly somewhere in the
near term. What are you most frustrated by in your
job? I know you're an optimist and I know you
always focus on the positives. But it's been a tough 12 months.
The biggest frustration right now with respect to moving rapidly in dealing
with the climate crisis is the lack of available concessionary funding, funding
that can be made as a grant or that can leverage other money to be invested in
order to to accelerate the transition there.
We really need to find
new ways of attracting capital to the table.
One of them is with a blended finance approach where we get public money that
can deal risk a deal so that the private sector can come in and not feel it is at
risk to such a degree that they're not willing to make the investment.
President Biden is, I know, committed to trying to effect some reforms with
respect to the multilateral development bank structure.
We think there is a lot more lending that could take place at lower rates
that would be helpful to countries. So there are definitely things we can
do. But in the end, the private sector is
the one entity that has the levels of funding that need to be invested in this
effort. The private sector and certain chief
executives are wondering whether it's worth marketing some of their products
you see in certain states in the U.S. because of the backlash from some of the
governors. Well, that is a very unfortunate thing
that is taking place. There are some governors have decided
they just want to attack the concept of dealing with the climate crisis.
But that is completely contrary to all of the science.
And and the CEOs of the most responsible countries, companies and the largest
companies in the world are all moving to reduce their emissions.
So someone in those states ought to be asking, what does the governor know that
the people who run these largest companies in the world.
Employ millions of Americans are listening to and responding to Larry
Fink, BlackRock says a lot of these tax are very personal and difficult.
What do you tell a chief executive in that position?
I think that to be a good chief executive today and to lead your company
properly, you need to take into account the risks that exist of not acting, the
supply chain disruptions that will occur.
The loss of market share America and not being a goods being deemed not to be
acting responsibly and therefore maybe even paying an extra price to sell its
goods in certain countries. There is a growing movement now to have
adjustments, you know, in the border tax adjustments for places that choose not
to clean up their act so that they're selling goods that are that are made
from a dirty process while other people are having more expensive goods because
they're actually investing money in the effort to be good citizens stronger.
Some have concerns that COP 28 will be an oil producing country.
And actually the president of COP 28 is an oil major.
Do you share those concerns? I know the leadership of the UAE very
well. And I know that Sheikh Mohammed bin
Zayed is the president. The Emirates is deeply committed to move
in a real way, measurable, accountable, transparent, that is going to do their
share to try to respond to the needs to to adjust all of our practices on a
global basis. And I and I know that they're not
thinking of themselves as an oil company now.
They're thinking of themselves as an energy company.
And they are on the vanguard. They're on the cutting edge of helping
to fund major renewable deployment and and research and development on a global
basis. They were one of the first countries to
come up with a reduction target. So, you know, it's a fair question for
people to ask. And everybody going to have to watch
carefully what's happening. But I have considerable confidence in
the person who's been chosen to be the leader and in the country.
Will you stay on as special envoy until you don't have any plans right now to do
otherwise? I am committed to trying to get some of
these things done and put them in a place where I think things can go
forward. And we're doing that.