RIYADH: Saudi Arabia’s nationally determined contributions and net zero carbon goals are important developments since the Paris agreement John Kerry, U.S. Special Presidential Envoy for Climate, told delegates at the Middle East Green Initiative.
The Paris Agreement is a legally binding international treaty on climate change signed at COP 21 in Paris, on 12 December 2015.
He said as a result of US diplomatic efforts, many countries are now taking bolder climate actions.
Science is playing a bigger role today in shaping climate actions, he said.
“This is the biggest market opportunity the world has known with 4 to 5 billion users. I see trillion dollars to be invested” in the energy transition market opportunities, he added.
He said no government in the world has the money to fight climate actions alone, and countries need the private sector to support these efforts.
He highlighted that the global financial industry is helping tens of trillion of dollars to be moved into the energy transition market.
He warned that countries must work to reduce emissions in the next 10 years.
“Action to combat climate change must be accelerated,” he said.