Former Secretary of State under President Obama John Kerry speaks on his nomination for Special Presidential Envoy for Climate.
John Kerry will resign from his position as chairman of a climate advisory board in order to avoid the appearance of a conflict of interest with his role in a Biden administration, FOX Business has learned.
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Kerry, who was named special envoy on climate for projected President-Elect Joe Biden, plans to step aside as chairman of the advisory board at Climate Finance Partners, according to a transition spokesperson.
When asked whether Kerry would divest his stake in the firm, the spokesperson did not respond. The size of Kerry’s stake has not been declared and Climate Finance Partners did not reply to FOX Business' request for comment.
Kerry will comply with all applicable ethics standards and conflicts of interest rules and disclose pertinent information as he did in 2013 after becoming Secretary of State under former President Barack Obama, officials said.
Climate Finance Partners in July backed the launch of the KFA Global Carbon exchange-traded fund. The ETF tracks the three most-active markets for carbon credits, which are one of the main vehicles used to regulate greenhouse gases under the 2015 Paris Agreement. KFA has net assets of almost $12.5 million.
SOME DEMOCRATS OPEN DOOR TO SMALLER CORONAVIRUS RELIEF DEAL
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KRBN | KRANESHARES TR KFA GLOBALCARBON ETF | 21.66 | +0.30 | +1.38% |
Kerry spearheaded U.S. entry into the climate deal, which was abandoned by President Trump in 2017 amid sharp criticism from environmentalists. Biden said he plans to rejoin the Paris Agreement on day one of his presidency.
Trading carbon credits is not a new idea in the U.S.
The Chicago Climate Exchange was founded in 2003, becoming North America’s first voluntary, legally binding greenhouse gas reduction and trading system. The exchange was backed by the Joyce Foundation, where Obama was a board member and attracted investors including Goldman Sachs and Al Gore’s Generation Investment Management.
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The exchange went bust in 2010 after Kerry’s cap-and-trade proposal cleared the House of Representatives but was not taken up in the Senate. The bill died when Republicans won the lower chamber in the 2010 midterm election.
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November 25, 2020 at 01:17AM
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John Kerry exits climate advisory board to join Biden administration - Fox Business
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