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Speaker 1: Now to another story we're watching from US Climate Envoy

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Speaker 1: John Carrey. He says the world can still win the

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Speaker 1: fight against climate change. He says the upcoming United Nations

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Speaker 1: summit will be, in his words, absolutely critical to that.

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Speaker 1: Urgency was Carrie's central theme at the Bloomberg New Economy

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Speaker 1: Forum in Singapore weeks ahead of the COP twenty eighth

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Speaker 1: summit in Dubai. John Carrey spoke with Bloomberg cisilind to

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Speaker 1: amine let's go two part of that discussion.

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Speaker 2: We're helpful that.

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Speaker 3: The upcoming COP twenty eight will produce progress, will produce

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Speaker 3: concrete achievements. Why when we had disappointing results at the

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Speaker 3: lost COP meeting.

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Speaker 4: Well, maybe that's one of the reasons why. I think

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Speaker 4: that people are well aware of how critical the situation is.

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Speaker 4: Mother Nature has been sending us massive messages in the

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Speaker 4: last years. We know we have to reduce the emissions.

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Speaker 4: We know that the costs of not doing so will

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Speaker 4: be much greater than the cost of doing so, and

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Speaker 4: we'll reverberate business.

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Speaker 2: We'll see this up and down the food chain.

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Speaker 4: You'll see increased cost and greater disturbance in the marketplace.

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Speaker 4: So it's really smart and by the way, good business

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Speaker 4: to move into this new energy economy because there are

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Speaker 4: a lot of jobs to be created. An enormous long transition.

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Speaker 4: It really it's going to happen. The question is how

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Speaker 4: fast and will we avoid the worst damages.

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Speaker 3: I think it is great to be hopeful, but you

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Speaker 3: need concrete results. What realistically can happen can be achieved?

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Speaker 4: Well, yes, you do need realistic results, and we will

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Speaker 4: have the global stock take, which is the first ever

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Speaker 4: under the Paris Agreement analysis of where we are. It

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Speaker 4: has to be honest, it has to be candid. Everybody

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Speaker 4: identify the gaps in performance and then lay out the

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Speaker 4: road ahead. I think there's a broad agreement that we

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Speaker 4: can and we'll do that. You have an adaptation report

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Speaker 4: that will come in about the need.

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Speaker 2: For more adaptation effort. I think we will do that.

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Speaker 4: We in addition have the standing up of a loss

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Speaker 4: and damage fund that will happen, I believe.

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Speaker 2: And then there are other things. There's an effort.

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Speaker 4: Among many of us to bring finance to the table

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Speaker 4: to figure out how we can deploy many more trillions

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Speaker 4: of dollars in order to accelerate the pace of transformation.

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Speaker 4: So I'm hopeful that we will actually have landing spots

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Speaker 4: for each of these.

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Speaker 3: Can you talk about finance, you talk about funding. That's

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Speaker 3: a big gap in an understanding of that funding because

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Speaker 3: the rich nations are not meeting the one hundred billion

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Speaker 3: dollar obligation we are. The Majort report suggesting that the

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Speaker 3: US walked away from negotiations.

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Speaker 4: I mean, let me stop you right there on those

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Speaker 4: two things. Number One, we will meet the one hundred

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Speaker 4: billion this year. It wasn't due until next year, but

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Speaker 4: we will meet it. Number Two, the fact is Donald Trump,

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Speaker 4: as president, pulled out of the Paris Agreement zero funded

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Speaker 4: all the efforts of the US.

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Speaker 2: In a major voluntary way.

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Speaker 4: The result was that the US earned a bad reputation

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Speaker 4: for that period of time. President Biden brought us back.

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Speaker 4: He joined on day one. He has hosted three summits

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Speaker 4: of the top twenty economies in the world, and he's

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Speaker 4: urged action on methane, action on shipping, action on business.

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Speaker 2: So I think we're in a different world right now.

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Speaker 4: We're seeing people be much more serious about this issue,

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Speaker 4: much more prepared to make the investments we need to make,

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Speaker 4: recognizing that if we don't, it's going to cost our

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Speaker 4: citizens much more, not just in money, but in lives, loss, regions,

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Speaker 4: dislocated people, in migration. The downsides of this are so serious.

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Speaker 4: We've got to move faster.

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Speaker 3: I want to talk about JEDP just energy Transition Partnership,

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Speaker 3: can Anesia inputs, let yes, headwind, structural issues, funding issues.

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Speaker 3: Are you concerned?

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Speaker 4: Yes, I think I am concerned, but I think hopefully

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Speaker 4: we're identifying the challenges of standing up a new initiative

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Speaker 4: like that. We helped negotiate that, and we work very

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Speaker 4: closely with President of Indonesia, with the Minister Mahout, who

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Speaker 4: was sort of the central figure organizing that. I think

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Speaker 4: Indonesia could go faster. I think they could do more,

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Speaker 4: and we're working with them to try to figure out

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Speaker 4: how to make that happen. We're also working with Vietnam,

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Speaker 4: We're working with some other countries to accelerate this transition.

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Speaker 3: These are big climate deals. How do you take that

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Speaker 3: from paper to practice? What does it take? Why is

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Speaker 3: this so much?

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Speaker 4: So many challenges Because it's new, it's a little uncertain

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Speaker 4: and scary to some people as to where it's going.

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Speaker 4: You have vested interests. Coal industry doesn't want to.

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Speaker 2: Move, and so there's resistance. What will it take.

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Speaker 4: I think it takes incentives, It takes structure, regulatory structure,

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Speaker 4: it takes finance, and it takes leadership. And I believe

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Speaker 4: the world is moving much faster to a place where

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Speaker 4: it's embracing these transitions. We all have to do it.

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Speaker 4: It's not just Indonesia, Vietnam, the United States. We've been

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Speaker 4: closing coal fired plans. President Biden passed the most powerful

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Speaker 4: piece of environmental legislation in our history, and it is

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Speaker 4: having a major impact on the creation of jobs and

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Speaker 4: on accelerating the transition.

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Speaker 2: So he has a vision.

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Speaker 4: President Biden's a vision shared I might add by EU leaders,

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Speaker 4: by Australia, by Japan, by Canada, by Korea and others.

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Speaker 2: We're not alone, and I.

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Speaker 4: Think people are really coming together now with a much

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Speaker 4: greater sense of conviction and the purpose and of knowledge

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Speaker 4: about what we need to do.

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Speaker 3: You talked about me saying it is key to the

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Speaker 3: fight against climate change. China came up with a plan

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Speaker 3: symbolical significant.

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Speaker 4: No China's plan by the way, which they just announced

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Speaker 4: with us when we were negotiating with them in Sunny Lands.

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Speaker 4: Their plan is real. Do we think there are some

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Speaker 4: places that might be stronger. We hope so, but we're

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Speaker 4: going to work with them on that, we hope, and

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Speaker 4: they're committed to try to move on this now. So

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Speaker 4: I think it's important to bring people together, not to

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Speaker 4: always point the finger and be.

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Speaker 2: Complaining, but to say, how do we cooperate? How a

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Speaker 2: nice stunning point. You're saying, your pardon, it's a good

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Speaker 2: starting point.

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Speaker 4: I think it's a good starting point, and we have

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Speaker 4: to start somewhere, but we have to build on it

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Speaker 4: much more rapidly than we have historically.

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Speaker 2: Fossil fuels.

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Speaker 3: I know the US and the Western Wall keen to

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Speaker 3: set targets for fossil fuels and the end of it,

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Speaker 3: but the likes of China, India do rather go the

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Speaker 3: renewables way. Therein lies the conflict in and so of

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Speaker 3: how you look at the fundamentally philosophy is are different.

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Speaker 2: Well.

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Speaker 4: President Biden supports the phasing down of unabated fossil fuel.

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Speaker 4: We've got to do that because it's the emissions that

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Speaker 4: are creating this crisis for the world, and so you

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Speaker 4: have to capture the emissions. And I think the key

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Speaker 4: now is to harness everybody's.

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Speaker 2: Effort to put everything to test.

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Speaker 4: Let's deploy rapidly, let's build new technologies, Let's find out

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Speaker 4: where the secret is going to be, defining the sweet

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Speaker 4: spot where we really get done what we need to

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Speaker 4: get done. I think President Biden believes everything's got to

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Speaker 4: be tried. Carbon captures, storage utilization, new technologies, fusion, hydrogen ammonia,

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Speaker 4: new fuels, sustainable aviation, fuel, batteries that last longer, you know, bigger,

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Speaker 4: more powerful turbines. For when so many things need to

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Speaker 4: happen and can happen, and frankly a lot of them

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Speaker 4: are happening right now.

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Speaker 2: So that's what excites me.

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Speaker 4: I think there really is the potential here of breaking through.

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Speaker 4: But the key will be organizing ourselves in Dubai and

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Speaker 4: really embracing the policies that are going to make a difference.

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Speaker 3: Present Biden interesting being with meeting later this month, what

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Speaker 3: do you hope to see?

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Speaker 4: Well, I'll leave it to the White House to describe

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Speaker 4: the expectations for that, But I think I mean, just

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Speaker 4: in larger terms, China and the United States need to

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Speaker 4: find common ground to solve problems between us. There are

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Speaker 4: some serious differences at the same time, we're presented with

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Speaker 4: this global existential threat. It's not a bilateral issue, it's

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Speaker 4: all around the world, and so we have to find

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Speaker 4: a way even as we have some differences in other areas.

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Speaker 4: We've got to find a way to break the ice

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Speaker 4: and move forward, and as we do that, hopefully we

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Speaker 4: can build confidence that we can also do the same

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Speaker 4: thing in some of these other areas.

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Speaker 2: It takes hard work, hard diplomacy.

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Speaker 4: Secretary Blincoln and the President are deeply committed to trying

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Speaker 4: to find that breakthrough, and hopefully the conversations in California

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Speaker 4: can help us do that.