“A hundred billion dollars doesn’t do it folks,” Kerry said to a gaggle of press following the meeting at the conference, also known as COP26. Kerry was referring to the promise of $100 billion per year in financing for adapting to and mitigating climate change for developing countries, from developed countries at the last major round of climate negotiations in Paris in 2015. “It’s trillions of dollars that are needed.
“Let me give you an example,” Kerry said, when asked by Yahoo News who would be providing the funds. “My office worked with the six largest banks in America –– Goldman Sachs, Morgan Stanley, Wells Fargo, State Street, Bank of America and JPMorgan –– they publicly stood up a number of months ago, it wasn’t much noticed, and they announced that they will over the next 10 years, they will invest $4.1 trillion.