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Sounding warning, Kerry urges new ways on climate finance

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Sounding warning, Kerry urges new ways on climate finance

Washington (AFP) – Veteran envoy John Kerry called Friday for the United States to find major new climate finance methods, warning of “huge disappointment” if historic promises to transition from fossil fuels go unheeded.

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Kerry, who is stepping down as the US climate envoy, described an agreement in December in Dubai at the last UN summit as historic for its call on the planet to move away from fossil fuels in large part responsible for the planet’s rising temperatures.

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But he warned that the COP28 agreement must not be “reduced to mere words on a piece of paper.”

“If we don’t do what we’ve said we’re going to do in these next months, that’s exactly what could happen, encouraging cynicism and dropout-ism and huge disappointment around the world,” Kerry said at the Council on Foreign Relations.

Kerry, an 80-year-old former secretary of state, senator and presidential contender, has said he will focus outside of government on mobilizing private funding to complement government efforts on climate.

Kerry said that the United States should consider a system of financial guarantees for investors, which would cover risks if projects fail.

“It’s time for creativity. We’ve come up with new financial instruments when we needed them before, and my judgment is we need them now,” he said.

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He pointed to his work as envoy with Indonesia and Vietnam on so-called Just Energy Transition Partnerships, or JETPs — financing deals between a small group of wealthy countries and an emerging economy to reduce reliance on fossil fuels or take other climate action.

Calling such deals “very bespoke,” Kerry said, “We don’t have time to do that.”

“We need to help deploy larger sums with greater confidence that the deal is bankable and we de-risked it sufficiently,” he said.

A recent study by the Climate Policy Initiative pointed to assessments that credit guarantees could mobilize between six and 25 times as much financing as traditional loans, with developing countries in particular looking to reduce uncertainties.

Seeking common ground with China

Kerry also repeated his call for the world to phase out subsidies for fossil fuels — often politically sensitive in countries reliant on oil and gas.

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“Why in God’s name we (are) subsidizing the creators of the problem is beyond me,” he said.

He voiced admiration for the European Union’s new “CBAM” carbon tariff, although he acknowledged it was not politically feasible in the United States.

President Joe Biden has overseen the investment of billions of dollars in green technology as part of his signature legislative achievement, the Inflation Reduction Act, in a sharp difference from his predecessor Donald Trump, his likely challenger in November elections.

Trump has cast doubt on the science behind climate change and walked out of the Paris climate accord, which Kerry helped negotiate as top diplomat under president Barack Obama.

Kerry credited the Dubai agreement in part to cooperation between the United States and China, the world’s two largest greenhouse gas emitters and frequent adversaries on the global stage.

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Kerry developed an unusually warm relationship with his Chinese counterpart Xie Zhenhua, who even brought his grandson to Dubai to meet the US negotiator.

Kerry hinted that he had internal resistance even within the Biden team, saying, “I had to convince some people in the administration that we really needed to work with China at a time where, as you all know, the rhetoric of Washington and most of the currents are kind of moving against that idea.”

But he said that Biden agreed that on climate, “This is not and should not be an ideological fight.”

“We don’t have time to argue about the climate thing,” Kerry said.

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Finance

Departing inspector general targets Council Office of Financial Analysis

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Departing inspector general targets Council Office of Financial Analysis

The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.

Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.

In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.

But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”

“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.

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Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.

Jim Vondruska/Jim Vondruska/For the Sun-Times

But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”

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The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .

Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”

The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.

“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.

The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.

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The office was created in 2014 to provide Council members with expert advice on fiscal issues.

For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.

Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.

Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.

The office was further required to produce activity reports quarterly, not just annually.

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Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.

Two years ago, a bizarre standoff developed in the office.

Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.

The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.

“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.

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Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.

Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments. 

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.” 

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.  

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.  

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.” 

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Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.  

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Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

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Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

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