US Reveals Carbon Offset Program to Help Developing Countries with Clean Energy

On Wednesday at the COP27 climate conference in Egypt, U.S. Climate Envoy John Kerry announced a plan that would allow corporations to fund renewable energy projects in developing countries. This program would help developing countries that are struggling and don’t have the resources to move away from fossil fuels.

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The program called the Energy Transition Accelerator is a partnership between John Kerry, The Rockefeller Foundation, and the Bezos Earth Fund. The project will reportedly be finalized over the coming years and will help developing countries implement renewable power sources like wind and solar.

According to the International Energy Agency, annual clean energy investment must triple to $4.2 trillion by 2030, and over half of that investment must be in emerging and developing economies.

Chile and Nigeria are some of the countries that have expressed interest in the program. Companies like Bank of America, Microsoft, PepsiCo, and Standard Chartered Bank have also expressed interest in participating pending completion of the project.

The plan will also create a new class of carbon offsets that businesses can buy to balance out their CO2 emissions. The money will go to these projects. Although this may be good, carbon offset programs are extremely controversial as many companies purchase them but do not change their practices to become more sustainable and environmentally friendly.

These companies are purchasing ‘carbon offsets’ just so that they can pollute more while driving this false claim that they are green and doing what’s best for the planet while not emitting any carbon.

Source: LastWeekTonight/YouTube

Fossil fuel companies are not allowed to participate in the program, and to buy the credits, companies must commit to achieving net zero by 2050 and report annually on emissions and their progress.

Remember, the single most impactful action an individual can take is choosing to eat more plant-based foods. A 2021 study found that global greenhouse gas emissions from animal-based foods are twice those of plant-based foods, while the IPCC’s sixth assessment report, entitled Mitigation of Climate change, supports a shift to vegan diets (rich in pulses, nuts, fruits, and vegetables, and devoid of any animal-derived product) as it could reduce food-related GHG emissions by 29 percent (estimated at 6.5 GtCO2e).

Related Content:

• John Oliver On Carbon Offsets, Why They Don’t Work, and How Companies Use Them to Pollute More
• New Study Shows Changing Our Diets to Plant-based Foods Offsets Years of Carbon Emissions
• Bella Hadid Vows to Plant Trees to Offset Carbon Footprint from her Travels
• Companies Working to Produce Steel Without Carbon Emissions To Curb Climate Change
• Marty Irby: Reducing Your Carbon Footprint Starts With Your Diet

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