A U.S. plan to increase private investment for clean energy in low-income countries is being met with skepticism from financial experts and environmentalists.
United States Special Presidential Envoy for Climate John Kerry said in Egypt that he knows carbon markets have gotten a bad reputation but that strong safeguards would make the U.S. program different.AHMAD GHARABLI/AFP via Getty Images
United States Special Presidential Envoy for Climate John Kerry said in Egypt that he knows carbon markets have gotten a bad reputation but that strong safeguards would make the U.S. program different.A plan the United States floated Wednesday to increase private investment for clean energy in low-income countries is being met with skepticism from financial experts and environmentalists.
Details of the State Department plan are still being fleshed out, but it appears countries would generate credits by cutting emissions in their power sectors through the retirement of fossil fuel infrastructure like coal plants and the addition of renewable energy. Countries would then be able to sell the credits to corporations.
Under the State Department initiative, emissions reductions would serve two purposes: Creating carbon credits to sell to private investors, and helping low-income countries meet their international climate pledges, known as nationally determined contributions.
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