The COP-28 conference has not resolved the controversial carbon credit so far
Environmental groups are worried about “greenwashing” as representatives at the COP-28 climate summit push controversial carbon credits before regulations are established. The idea behind credits has taken a big hit recently. Scientific studies have repeatedly shown that carbon emission reduction claims in the schemes are often vastly overestimated.
Carbon credits allow corporations or, under certain conditions, countries to reduce their greenhouse gas emissions. One credit removes one ton of carbon dioxide from the atmosphere by supporting projects like combating deforestation in developing countries.
Scientists stress that no offsetting should be used as a passport to continuing pollution. Carbon emissions must be cut in half this decade to meet global warming targets.
US climate change envoy John Kerry announced a new idea for the US Energy Transition Accelerator, which aims to help developing countries.
However, environmental groups quickly expressed skepticism, pointing to past failures of similar plans.
The initiative is a partnership between the US government’s Rockefeller Foundation and billionaire Jeff Bezos’ Earth Fund. The goal is to transition developing countries from dirty to clean fuels.
Under this scheme, companies and even countries can purchase credits for carbon emissions. These credits can be obtained through projects that promote renewable energy, construct electric transmission lines, or retire coal plants.
US corporate giants like Amazon, Bank of America, MasterCard, McDonald’s, Morgan Stanley, PepsiCo, and Walmart will take part in pilot projects in Chile, the Dominican Republic, and Nigeria.
