The Biden Administration is "probably going to join with Europe on mandating disclosure" of climate risk, U.S. Special Presidential Envoy for Climate John Kerry said Tuesday.
Speaking at a virtual event hosted by Ceres in the days before President Joe Biden convenes world leaders for a climate summit, Mr. Kerry agreed with asset owners and managers that momentum is building for global commitments to net-zero emissions goals.
"I think we are close to a tipping point now," with 40% of global assets committed to working toward net zero goals, he said, noting that China's recent acknowledgement of the climate crisis "is really critical."
Though investments to achieve net zero goals will be daunting, "we are looking at massive expenses if we don't do this right," he said.
A lot of the investments will fall to the private sector, he said. "No government is going to be able to save us from this crisis. There just isn't enough money. ... The only way we get there is by having the private sector moving in the right direction," said Mr. Kerry, who is "deeply concerned that there is not enough political courage to do what is necessary."
New York State Comptroller Thomas P. DiNapoli, sole trustee of the $247.7 New York State Common Retirement Fund, Albany, said during the Ceres event that "as the world moves to net zero emissions, so is our fund. ... Now is the time for an all-out effort to protect our economy."
During the event, Ceres said that with 14 new members — including State Street Global Advisors — the Net Zero Asset Managers initiative now has 87 asset managers with a collective $37 trillion under management committed to the net zero goal.