WASHINGTON (AP) — The Latest on President Joe Biden's global climate summit (all times local):

8:55 a.m.

Former New York City Mayor Mike Bloomberg and Microsoft co-founder Bill Gates have helped pitch President Joe Biden’s climate-friendly transformation of the U.S. economy on Day 2 of the world leaders’ virtual summit.

Bloomberg says combatting climate change will depend on improving financial transparency about the risks of global warming.

Bloomberg said Friday that companies need to provide financial disclosures on climate risks, so that investors can direct funding to businesses that are mitigating the threats of climate change. He says it will take historic investments to beat the challenge of global warning.

Bloomberg says mayors and CEOs tell him they want to do more to tackle climate change but need more help. The multibillionaire founder of a financial data and news company is a special U.N. envoy on climate change issues.

Gates thanked Biden and U.S. climate envoy John Kerry for reestablishing the U.S. leading role on tackling climate change. Gates says, “This is a promising moment.”

Gates says activists and young people are rightly demanding action. He says, "Governments around the globe are meeting those demands with ambitious commitments.”

Gates says climate change is “an incredibly complex issue and using just today’s technologies won’t allow us to meet out ambitious goals.”



The White House brings out the billionaires, the CEOs and the union executives to help sell President Joe Biden’s climate-friendly transformation of the U.S. economy at his virtual summit of world leaders.

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8:45 a.m.

U.S. climate envoy John Kerry has kicked off the second day of the global climate summit with a commitment to meet the challenge with historic amount of new investment.

The former secretary of state said Friday he heard from representatives of 63 countries on the first day of the summit, from all regions of the world. Many nations have bold plans but lack the resources to implement those plans.

Kerry says, “There is polite but obvious frustration that was manifested by many who have contributed so little to the crisis but who have to deal with so much of the consequences.″

At the same time, Kerry said participants enthusiastically reported one after the other about “significant and exciting measures that they’re taking.″

The agenda for the second day will focus on the economic opportunities of combating climate change and the need for technological innovations.