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00:00What happened to America. Well we walked away from the niceties of debate. The United States Senate used to be the greatest deliberative body in the world. And obviously a lot of people are anxious about where the deliberation is today. It's a shame because it's really changed. I think what happened is in the 1990s our politics changed. It became far angrier far more intense far more personal. You remember the discussions of politics of personal destruction. And now we have a lot of angry people who are who are appropriately angry on either side of the aisle right left. And they just don't feel that government's delivering to them. And we have to change that. How does the US lead with such disunity at home. Oh I think President Biden is showing you how he lead. Right now he's in Asia and meeting with the quad. He's been leading on global climate change around the world. He put America back into the into the United States back in the Paris agreement helped raise ambition and Glasgow make Glasgow a success. You know I think people understand that he had four difficult years. The country decided that was an aberration an elected president. By now we're in the busy building back process. But I think we made a lot of progress in last year. The helicopter flying over says GOP on the side of it. I think that's right. Senator Kerry I want to talk to you about climate. I was blown away a number of years ago with the Bank of America people. You you are not another face talking climate. You're not another celeb Tom Keene client. You've actually leaned over the desk in Boston and said I got to learn the math. I got to learn the statistics. It's been knocked asunder by the price of coal by this war in Ukraine. What is your strategy to sustain our focus on climate change given the tumult is measured by the price of coal. Well President Biden is determined that over the course of the next months we're going to get ready for the next meeting by trying to raise ambition around the world. We are very busy right now working with specific countries Indonesia Vietnam South Africa India to bring capital to the table to bring the finance and the technology to help them be able to deploy to meet the goals of Glasgow Paris agreement. But in addition to that we have to work to get the trillions of dollars deployed. This is going to cost literally trillions of dollars in order to effect the transition. And the way that we can do that is by bringing various players to the table philanthropy to help blend the fight. So you have people taking first risk people who are risking the investment. And hopefully there are a lot of folks doing that. We have companies that are now signing up. On Wednesday we'll be making a major announcement with Bill Gates with Marc Benioff of Salesforce. Others of CEOs who are directing their companies to become first movers. They're there. They're creating demand in the marketplace mortaring 10 percent of the steel Volvo or Ford Motor Company. Everybody is going to be green steel cement the largest cement dealer in the world. Folsom Lafarge is producing green cement. I mean there's just a whole range of things in aluminum in in carbon removal center in shipping. We only in aviation we only in a couple of minutes left. And I do want to get your sense on gas. You've talked about natural gas being central to the transition to a greener future but not talked about investing for the next 30 to 40 years because you're hoping to transition away from that. How do you dovetail that now into the future. I think it's critical that lending institutions that have a vast amount of capital involved in the fossil fuel industry begin to demand more from that industry. It is appropriate I think to have a gas transition for a short period for some period of time while you bring technology to scale. That is going to change altogether what we're doing. You know the enormous amount of research right now and frankly is about a trillion dollars of venture capital already moving towards these new technologies green hydrogen longer battery storage direct air carbon capture green hydro. I mean there are things that are going to just change the way businesses do business. And that's going to be. Part of this revolution I think we are looking at and I don't think this is exaggeration. We are looking at the largest economic opportunity and transformation since the industrial revolution. And this will be bigger because every nation in the world is going to have to move to a clean new energy economy and future a center back here. And the final question to the future of the Democratic Party. What we have seen is a centrist Joe Biden and you as a centrist John Kerry overrun by a rigid progressive or liberal wing of the Democratic Party. What is your counsel is they maybe lose the House maybe lose the Senate who knows. Or the White House. But what does the council have to liberals who will not bend is you have spent a career bending. Well I like to think I haven't been. I find the compromise where you can and you need to but you have to be reasonable obviously. You have to recognize I mean the old saying in Washington don't let the good you know don't let the perfect become the enemy of the good. You have to find a compromise. That's the nature of legislating. If you decide you want to be a legislator do that. And we need to move in that direction. But I'm not in the politics of the back and forth. Now I'm trying to bring people together Republican Democrat liberal conservative to understand that this crisis is existential doesn't have a political label. It's universal. It's not a bilateral issue between China and the United States. It is existential for everybody on the planet. And we need to barter about coming to solutions. The best way you get there is through hell. Winning an election but then also compromising to find a path forward.

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John Kerry on Economic Opportunity of Climate Change

US Special Presidential Envoy for Climate John Kerry discusses the changing tone of political debate in America, US leadership around the world, and calls climate change “the largest economic opportunity and transformation since the industrial revolution.” He speaks at the World Economic Forum’s annual meeting on “Bloomberg Surveillance.” (Source: Bloomberg)

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