Finance
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.
Issued on: Modified:
2 min
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.
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.
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.
“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.
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.
© 2024 AFP
Finance
Las Cruces finance director gets national honor for ‘exceptional contributions’
EL PASO, Texas (KTSM) — The City of Las Cruces’ finance director has received a national honor recognizing “exceptional contributions to public finance and local government service,” the City said.
Finance Director Lesley Doyle was selected by the Government Finance Officers Association (GFOA) to receive the organization’s “Recognition for Outstanding Public Service.”
The award recognizes Doyle’s leadership during a critical financial period for the City.
She stepped into the role of finance director as the City’s FY25 audit identified a projected beginning balance shortfall of more than $10 million in a community of nearly 120,000 residents, the City said.
Doyle led a coordinated effort to communicate the financial situation clearly to City departments, executive leadership, and the City Council, while working with the budget team to close the gap without reducing essential services.
Josie Trevino, assistant finance director, credited Doyle with building a culture of trust and collaboration between the Finance Department and other City departments from the beginning of her tenure.
Doyle came to municipal government after a career in public education, transitioning from a school district into City finance leadership.
“In her first year, she met the challenge with confidence, emphasizing open communication, transparency, and proactive problem-solving. Her leadership has helped strengthen relationships across the organization while fostering a positive and supportive workplace culture within the Finance Department,” the City of Las Cruces said.
“The balance of technical skill and genuine care for people is what makes Lesley’s leadership unique,” Trevino said.
The GFOA has published Doyle’s recognition on its website, and her story will also be highlighted during the upcoming GFOA newsletter and highlighted at the annual GFOA conference.
Finance
Former top Treasury adviser warns that HMRC plans to track personal finances with AI
A former senior Treasury adviser to Gordon Brown has warned that HMRC is on the cusp of using artificial intelligence to track people’s and businesses income and expenditure without them knowing.
Dr Chris Wales, who was a member of Mr Brown’s Council of Economic Advisers for more than six years, has sounded the alarm while launching a chilling book on the conduct of the Spanish tax authority, Agencia Tributaria.
He is set to join former Labour Treasury minister Baroness Dawn Primarolo at an event next week flagging up how the Spanish model of dealing with tax evasion is about to arrive in the UK suggesting that the door is opening for a “surveillance state.”
In a preview of the future, Dr Wales has claimed that confidentiality in personal life – not just finances – “will simply go out of the window” and asks whether there are adequate safeguards in the UK to prevent HMRC from emulating its Spanish counterpart.
He said: “From 1 January, every single invoice will go through the tax agency in Spain. The Inspector can already obtain all your utility bills and will soon find out which clinic and pharmacy you use and what you buy there, which restaurants you eat at, where you purchase wine and groceries, what kind of car you have, how far you drive and where you park, what flights you take and which hotels you use. Information security? A thing of the past.”
He went on: “I am far from being a libertarian, but I see great danger in the direction in which tax authority powers are going, particularly because the process doesn’t seem to involve our active consent. There is little parliamentary debate about it. In Spain it is simply out of control. In the UK, let’s see.”
Highlighting the CONNECT AI program already used by HMRC in the UK, Dr Wales claimed that the UK is now close to following Spain’s lead.
He said: “HMRC has been using sophisticated information technology for years including an AI system called CONNECT which, as early as 2023, was said to contain more than 55 billion taxpayer-related data items.
“It will be much bigger today with these billions of pieces of information about taxpayers capable of being sorted quickly by AI.”
Dr Wales, who is now senior research adviser at International Centre for Tax and Development, added that HMRC also declines to say what algorithms it uses, under the pretext that if you publish them people will “game the system”, a claim that he suggests does not stand up to scrutiny.
“The system is understood to be used to target evasion. For tax authorities, everyone is a potential tax evader. This means that they believe they have a legitimate reason to collect data about all of us,” he said.
Finance
Boyle Heights warehouse fire: Where neighbors, victims can seek financial assistance
More than two weeks after a fire broke out inside the Lineage warehouse in Boyle Heights, many neighbors have received N95 masks and air purified while mobile health clinics are set up in their area.
But some neighbors said the massive fire that sent toxic fume into the air and created a horrendous stench of rotting food has cost them out of pocket.
Neighbors said they missed days of work while spending extra money on property cleanup. One woman said she spent hundreds of dollars on air purified before they became more widely distributed.
Lineage, the company that operates the burned warehouse, donated $2 million to the California Community Foundation (CCF) so the money can be distributed to the community. The organization said it’s split the money between different organizations.
At least 10 of them are listed as providing financial assistance.
The Boyle Heights Chamber of Commerce said it’s offering small business grants funded, in part, by the group, Inclusive Action for the City.
“We’re hoping that for brick and mortars: it would be up to $3,000. And then for our vendors, it would be up to $1,000,” Miriam Rodriguez with the Boyle Heights Chamber of Commerce said, adding the application is “very straightforward.” “It’s intentionally made that way so that there’s not a lot of requirements. We’re not asking for legal status. We’re not asking for pages of documentation.”
-
Milwaukee, WI1 minute agoBrandon Woodruff exits Milwaukee Brewers' loss in 4th inning
-
Atlanta, GA8 minutes agoAtlanta United 2 Earns 1-0 Win Against Toronto FC II | Atlanta United 2
-
Minneapolis, MN11 minutes agoTeen in critical condition after being pulled from Minnehaha Falls
-
Indianapolis, IN16 minutes agoPeace on the Plaza: Community building through basketball
-
Pittsburg, PA23 minutes agoPittsburgh's Paul Skenes Named To National League All-Star Team
-
Augusta, GA26 minutes agoBREAKING: Parents of missing 4-year-old arrested, child believed to be deceased
-
Washington, D.C31 minutes agoUS at 250: How celebrations unfolded in Washington DC
-
Cleveland, OH38 minutes agoCleveland marks America’s 250th birthday with lakefront fireworks show