U.S. climate envoy John Kerry on Sunday outlined core principles for a 'high-integrity' carbon offset plan meant to help developing nations speed their energy transition, and next steps including establishing a consultative group.
John Kerry, U.S. Special Envoy for Climate speaks as he attends the opening of the American Pavilion in the COP27 climate summit in Egypt's Red Sea resort of Sharm el-Sheikh, Egypt November 8, 2022. REUTERS/Mohammed Salem
Kerry told the Atlantic Council Global Energy Forum in Abu Dhabi the aim was to create bankable deals to accelerate reduction of emissions, stressing that the ETA was not a substitute for other funding sources and would be time-limited. Such schemes, in which companies get emissions credits in return for channelling cash to poor countries that cut their carbon output, have often been riddled with fraud and double-counting.
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