US Launches Carbon Offset Program To Help Developing Countries Speed Clean Energy Transition
U.S. Climate Envoy John Kerry on Wednesday unveiled a carbon offset plan that would allow corporations to fund renewable energy projects in developing countries that are struggling to transition away from fossil fuels. CNBC reports: The program, called the Energy Transition Accelerator, is in partnership with philanthropic groups like the Rockefeller Foundation and the Bezos Earth Fund and will be finalized over the coming year. Officials argue it could funnel billions of dollars from the private sector into the economies of developing countries working to shift to renewable power sources like wind or solar. The plan will create a new class of carbon offsets that represent investments in projects that help accelerate renewable energy projects or build climate change resilience in a developing country. Businesses can buy these offsets to balance out some portion of their CO2 emissions, and the money will go to these projects. Chile and Nigeria are among the developing countries interested in the program, the State Department said, and Bank of America, Microsoft, PepsiCo and Standard Chartered Bank have "expressed interest in informing the ETA's development." [...] In order to buy these credits under the new program, companies must commit to achieve net-zero emissions by 2050 and report annually on emissions as well as progress toward the target, according to a draft of the plan. Fossil fuel companies are also not allowed to participate in the program. But several major environmental groups said they are not supporting the plan, arguing the proposal lacked details and could ultimately undermine efforts to reduce global emissions. "Carbon offsets are not an answer in a world already on fire, under water and facing mounting climate losses and damage," said Rachel Cleetus, policy director with the climate and energy program at the Union of Concerned Scientists. "A voluntary carbon credit program won't guarantee deep, real cuts in emissions -- it's tantamount to rearranging the deck chairs as the climate ship is going down."
Read more of this story at Slashdot.