Monitoring Desk
ABU DHABI: The United States (US) climate envoy John Kerry on Sunday outlined core principles for a “high-integrity” carbon offset plan meant to help developing countries speed their energy transition and next steps, including establishing a consultative group.
The Energy Transition Accelerator, first announced at last year’s COP27 climate conference, is being developed by the US with the Bezos Earth Fund and the Rockefeller Foundation to mobilize private capital.
Kerry apprised the Atlantic Council Global Energy Forum in Abu Dhabi that the aim was to create bankable deals to accelerate emissions reduction, emphasizing that the ETA was not an alternative for other funding sources and would be time-bound.
“We believe you can have high-integrity, transparent, and accountable credit, which will help us to put some money on the table,” Kerry said. He acknowledged widespread criticism of voluntary carbon offset schemes.
US climate schemes
Kerry said such schemes, in which companies get emissions credits in return for channelling cash to developing countries that cut their carbon output, have often been riddled with double-counting and fraud.
“There are only two objectives for which we will allow someone to be able to buy credit. The one to be closing down or transitioning existing fossil fuel facility that is providing power. The second for the actual deployment of renewables that will replace current dirty sourcing,” John Kerry said.
Kerry said ETA principles also called for a near-term, comprehensive, and inclusive approach to deliver on broader sustainable development goals and support the energy transition of the power sector.
On Sunday, the Rockefeller Foundation published a joint statement with an initial list of ETA High-Level Consultative Group members, which John Kerry said would provide a broad cross-section of input and add more members.
