U. S. has outlined its climate proposals
2023.01.15 09:08
U. S. has outlined its climate proposals
By Tiffany Smith
Budrigannews.com – On Sunday, U.S. climate envoy John Kerry discussed the next steps, including the establishment of a consultative group, for a “high-integrity” carbon offset plan designed to assist developing nations in accelerating their energy transition.
The United States is working with the Bezos Earth Fund and the Rockefeller Foundation to develop the Energy Transition Accelerator (ETA), which was first announced at the COP27 climate conference last year. Its goal is to attract private capital.
Kerry stated at the Atlantic Council Global Energy Forum in Abu Dhabi that the goal was to create bankable deals to accelerate the reduction of emissions. He also emphasized that the ETA was limited in time and was not a replacement for other funding sources.
He acknowledged the widespread criticism of voluntary carbon offset schemes and stated, “We believe you can have high-integrity, accountable, and transparent credit, which will help us to be able to be able to put some money on the table.”
There have frequently been instances of fraud and double-counting in these schemes, in which businesses receive emissions credits in exchange for donating money to developing nations that reduce their carbon output.
Kerry stated, “There are only two purposes for which we will allow someone to be able to buy a credit: one, for the actual deployment of renewables that will replace current dirty sourcing, and two, for closing down or transitioning existing fossil fuel facility that is providing power.”
He said that the ETA principles also called for a short-term, all-encompassing, and comprehensive strategy to support the energy transition across the power sector and achieve the broader goals of sustainable development.
On Sunday, Kerry said that the Rockefeller Foundation would release a joint statement along with a preliminary list of ETA High-Level Consultative Group members. Kerry said that the Rockefeller Foundation would also add more participants.
More Iran has increased oil exports despite sanctions
