John Kerry Accused of Proposing US Companies Buy Their Way Out of Climate Action

Essay by Eric Worrall

A scheme for permanent impoverishment of poor countries? US companies pay poor countries to stay poor?

Kerry announces — and is immediately criticised for — a new plan to raise money for climate action

By CNN 4:49am Nov 10, 2022

US climate envoy John Kerry has announced a new, controversial plan to raise cash for climate action in the developing world — by selling carbon credits to companies wishing to offset their polluting emissions.

Speaking at the COP27 climate summit in Egypt on Wednesday, Kerry said the initiative should be “up and running” within a year and would help finance energy transition in vulnerable countries. He said Chile and Nigeria were two countries that had already expressed interest in the scheme.

But the plan has already attracted criticism because of the way it will be financed — with money raised in sales of carbon credits, which allow companies to pay for someone else to cut their planet-warming emissions, instead of cutting their own.

Read more:

What can I say – wrong on so many fronts. For once I agree with Kerry’s green critics.

Not only would this scheme allow US companies to buy their way out of the climate action greens like Kerry say is vital to save the planet, Kerry’s proposed scheme would pay poor countries not to copy the US path to industrialisation – which would likely condemn them to staying poor.

If renewable energy is so much cheaper than fossil fuel, as green advocates claim, poor countries will jump at the opportunity to invest in green energy of their own free will, without any need for climate finance schemes like the one Kerry proposed. Any day now /sarc.

via Watts Up With That?

November 9, 2022 at 04:22PM

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