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ABU DHABI (Reuters) – U.S. local weather envoy John Kerry on Sunday outlined core rules for a “high-integrity” carbon offset plan meant to assist growing nations pace their power transition, and subsequent steps together with establishing a consultative group.
The Vitality Transition Accelerator (ETA), first introduced eventually yr’s COP27 local weather convention, is being developed by the US with the Bezos Earth Fund and the Rockefeller Basis to mobilise personal capital.
Kerry instructed the Atlantic Council World Vitality Discussion board in Abu Dhabi the purpose was to create bankable offers to speed up discount of emissions, stressing that the ETA was not an alternative to different funding sources and could be time-limited.
“We imagine you’ll be able to have high-integrity, accountable, clear credit score which can assist us to have the ability to put some cash on the desk,” he stated, acknowledging widespread criticism of voluntary carbon offset schemes.
Such schemes, by which firms get emissions credit in return for channelling money to poor international locations that lower their carbon output, have typically been riddled with fraud and double-counting.
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“There are solely two functions for which we are going to permit somebody to have the ability to purchase a credit score – one, to be closing down or transitioning current fossil gas facility that’s offering energy, and two, for the precise deployment of renewables that may substitute present soiled sourcing,” Kerry stated.
He stated ETA rules additionally referred to as for a near-term, inclusive and complete strategy to ship on broader sustainable growth objectives and help energy sector-wide power transition.
The Rockefeller Basis on Sunday revealed a joint assertion with a preliminary listing of members of the ETA Excessive-Degree Consultative Group which Kerry stated would supply a broad cross part of enter and would add extra individuals.
(Reporting by Rachna Uppal and Ghaida Ghantous; Enhancing by Susan Fenton)
Copyright 2023 Thomson Reuters.
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