U.S. Announces Carbon Offset Program to Assist Developing Countries in Getting Clean Energy

U.S. Climate Envoy John Kerry on Wednesday unveiled a carbon offset plan that would allow corporations to fund renewable energy projects in developing countries that are struggling to transition away from fossil fuels.

The program, called the Energy Transition Accelerator, is in partnership with philanthropic groups like the Rockefeller Foundation and the Bezos Earth Fund and will be finalized over the coming year. Officials argue it could funnel billions of dollars from the private sector into the economies of developing countries working to shift to renewable power sources like wind or solar.

The plan will create a new class of carbon offsets that represent investments in projects that help accelerate renewable energy projects or build climate change resilience in a developing country. Businesses can buy these offsets to balance out some portion of their CO2 emissions, and the money will go to these projects.

Read the source article at cnbc.com