The United States wants major businesses to help fund developing nations’ efforts to decarbonize. President Joe Biden’s climate envoy John Kerry hopes to unveil the carbon-credit program at COP27 this week, the @FinancialTimes reports.
Poorer countries could earn carbon credits by moving from fossil fuels to renewables, and then sell those credits to companies that want to offset their own carbon emissions. Critics are wary of the lack of detail, although a comparable proposal encouraging reforestation was launched at COP26 last year. The urgency of the situation was underlined by the World Meteorological Organization announcing that the last eight years had been the warmest on record.
