John Kerry reveals that he made millions of dollars by selling shares in energy companies and financial institutions
John Kerry sold hundreds of thousands of dollars worth of shares in oil and gas companies after being named Joe Biden’s special presidential envoy for climate – and weeks after warning that humanity has only nine years left to save the planet.
Kerry revealed in official revelations that he has received millions of dollars from salary, advisory fees and from the liquidation of stocks held since President Biden took office.
Documents covering most of 2020, running through January 2021, reveal how Kerry, 77, also held hundreds of thousands of dollars in investments in energy-related businesses that may be impacted by policies he will help develop as Joe Biden’s new climate envoy.
But he was warned by the State Department’s Ethics Bureau that the investments posed a “significant risk of conflict of interest” – and agreed to sell them.
Kerry owned between $ 204,000 and $ 960,000 shares in about three dozen companies associated with the energy sector, including electricity, oil and gas, and nuclear.
Previously, he also held senior positions within companies and entities that could now be affected by his climate policy. The details were all contained in documents obtained by Axios.
Kerry said in February that humanity has only a matter of years to avoid a climate disaster.
He told CBS in February: ‘Well, the scientists told us three years ago that we had 12 years to avert the worst consequences of the climate crisis. We’ve been gone three years now, so we’ve got nine more years. ‘
Financial revelations from special presidential envoy for climate and former secretary of state John Kerry reveal he is one of the richest members of Biden’s government
The details were listed in a series of documents describing his financial transactions
And he suggested that the Paris accords on climate change – to which America recently rejoined after Donald Trump pulled out – may not go far enough to help.
He said, “Even if we did everything we said we were going to do when we signed up in Paris, we would see the Earth’s temperature rise to somewhere around 3.7 degrees or more, which is catastrophic. ‘
The disclosure documents also reveal how when Biden entered the White House, Kerry received most of his income from a $ 5 million salary from Bank of America for his role as chair of the Global Advisory Council.
It means that Kerry is one of the richest members of the Biden government.
He also received fees from other banks, universities, and health care companies totaling nearly $ 400,000, along with several other salaries, including $ 39,000 from Yale University.
Kerry managed to bring in more tens of thousands from Deutsche Bank and investment capital firm CSLA Limited.
He also earned $ 125,000 in advisory fees from The Rise Fund, a $ 2 billion “social impact” investment project founded by musician and activist Bono and philanthropist Jeffrey Skoll. The fund claims to be an investment firm with a significant renewable energy portfolio.
Kerry’s extensive stock portfolio is also bolstered by a trust fund he owns with his wife Teresa Heinz Kerry, 82, heiress to the Heinz Food Company photo center. Daughter, Alexandra Kerry, 47, is pictured on the right in 2016
Kerry received most of his income from a $ 5 million salary from Bank of America for his role as Chairman of the Global Advisory Council
The documents also reveal that he divested between $ 4 million and $ 15 million in assets of more than 400 companies.
A disclosure report from Kerry shows that he was chairman of the advisory board of Climate Finance Partners and president of the Vietnam Sustainable Energy Corporation.
“ The State Department’s Ethics Office reviewed the assets and investments of Special Presidential Envoy Kerry at his appointment to identify holdings that could pose significant risk of a conflict of interest, ” a State Department spokesman said in a statement. Special Presidential Envoy Kerry agreed to divest the assets identified by the Ethics Office and has done so.
Some of the energy-related companies in which Kerry had invested include the hydrocarbon exploration company ConocoPhillips, the international petroleum refinery company Valero Energy, and gas and electricity supplier Southern Company.
The number of shares held was relatively small with values between $ 1001 and $ 50,000 each.
The revelation also reveals that Kerry has been downsizing its financial stakes in companies in the energy sector in recent years.
Kerry, who served as a Senator for Massachusetts for 28 years from 1985 to 2013, became Secretary of State under the Obama administration from 2013 to 2017. Both are pictured here in 2008.
The documents show that Kerry made between $ 15 million and $ 65 million from his other investments, mainly from dividends and capital gains from the divestment of his financial assets.
They include shares in major companies including Google, Amazon, Facebook, Microsoft and Goldman Sachs.
Kerry’s extensive stock portfolio is also bolstered by a trust fund he owns with his wife Teresa Heinz Kerry, heiress to the Heinz Food Company.
“The State Department’s Ethics Office reviewed the assets and investments of Special Presidential Envoy Kerry at his appointment to identify holdings that could pose significant risk of conflicts of interest,” a State Department spokesman told Axios.