John Kerry teases climate finance deal: 'Tens of trillions will be announced'

Special presidential envoy for climate John Kerry spoke to reporters at COP26 about a climate finance deal involving the top six banks in the U.S., stating they would invest 4.16 trillion dollars in global projects to combat climate change.

Video transcript

JOHN KERRY: $100 billion doesn't do it, folks. It's trillions of dollars that are needed. And the only way we will get this done is if trillions of dollars are forthcoming. And they are. Tomorrow, there'll be an announcement. I'm not going to jump the announcement, but there will be tens of trillions of dollars announced that are available to be invested, invested in this transition.

And the World Bank was at this meeting and others. We've been working together to leverage this money to be able to get it out into the marketplace, which means we have to de-risk in certain countries. We have to have blended finance in some cases because this money is invested money. And some of the other money is charitable.

- Who's making those? Who's making those?

JOHN KERRY: Well the trillions come from-- Well, let me give you an example. Let me give you an example. Our office worked with the six largest banks in America, Goldman Sachs, Morgan Stanley, Wells Fargo, State Street, Bank of America, and JP Morgan. They publicly stood up a number of months ago, wasn't much noticed. But they announced that they will over the next 10 years as a bottom, as a floor, they will invest $4.61 trillion in this transition.