John Kerry Accused of Proposing US Companies Buy Their Way Out of Climate Action
15 hours ago Eric Worrall 19 Comments
Essay by Eric Worrall
A scheme for permanent impoverishment of poor countries? US companies pay poor countries to stay poor?
Kerry announces — and is immediately criticised for — a new plan to raise money for climate action
By CNN 4:49am Nov 10, 2022
US climate envoy John Kerry has announced a new, controversial plan to raise cash for climate action in the developing world — by selling carbon credits to companies wishing to offset their polluting emissions.
Speaking at the COP27 climate summit in Egypt on Wednesday, Kerry said the initiative should be “up and running” within a year and would help finance energy transition in vulnerable countries. He said Chile and Nigeria were two countries that had already expressed interest in the scheme.
But the plan has already attracted criticism because of the way it will be financed — with money raised in sales of carbon credits, which allow companies to pay for someone else to cut their planet-warming emissions, instead of cutting their own.
https://wattsupwiththat.com/2022/11/09/john-kerry-accused-of-proposing-us-companies-buy-their-way-out-of-climate-action/
