US Launches Carbon Offset Program To Help Developing Countries Speed Clean Energ...
source link: https://news.slashdot.org/story/22/11/10/0347251/us-launches-carbon-offset-program-to-help-developing-countries-speed-clean-energy-transition
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US Launches Carbon Offset Program To Help Developing Countries Speed Clean Energy Transition
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Chile and Nigeria are among the developing countries interested in the program, the State Department said, and Bank of America, Microsoft, PepsiCo and Standard Chartered Bank have "expressed interest in informing the ETA's development." [...] In order to buy these credits under the new program, companies must commit to achieve net-zero emissions by 2050 and report annually on emissions as well as progress toward the target, according to a draft of the plan. Fossil fuel companies are also not allowed to participate in the program. But several major environmental groups said they are not supporting the plan, arguing the proposal lacked details and could ultimately undermine efforts to reduce global emissions. "Carbon offsets are not an answer in a world already on fire, under water and facing mounting climate losses and damage," said Rachel Cleetus, policy director with the climate and energy program at the Union of Concerned Scientists. "A voluntary carbon credit program won't guarantee deep, real cuts in emissions -- it's tantamount to rearranging the deck chairs as the climate ship is going down."
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