SHARM EL-SHEIKH, Egypt (AP) — When it comes to helping poor nations cope with climate change, the United States government left its wallet at home. So it hopes its friend, big business, can help pick up the tab.
Underscoring the opposition, an activist heckled Kerry as he launched the plan, accusing him of “promoting false solutions,” before security guards pushed him away. At this year’s COP summit, poorer nations have lambasted wealthier ones for not putting up enough money to finance their so-called green transition.
Kerry’s proposal is dubbed the Energy Transition Accelerator and is backed by two major philanthropies, The Rockefeller Foundation and the Bezos Earth Fund. They hope it could unlock $100 billion or more in financing for green projects by 2030. Kerry said he wants to have it up and running by next year’s COP meeting.Details about how it will work are still sparse, but under the plan, verified greenhouse gas emission reductions would be generated that could then be sold as carbon credits.
The basic idea is that emissions from polluting human activities can be offset elsewhere, either through farming practices that store carbon, planting trees, or by capturing climate-changing gases from smokestacks and other equipment. Big cuts in greenhouse gas emissions in both wealthy Northern nations and developing countries in the global South are what’s needed, Adow said, “not rich polluting companies in the north paying for the privilege of continuing to destroy the planet.”
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