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COP27

Kerry’s Climate Credit Plan Risks Payouts for Carbon-Cutting Mirage

Experts in carbon markets pushed back against a new initiative brought to COP27 by the US envoy

John Kerry, US special presidential envoy for climate, center, arrives for a meeting at the United Arab Emirates pavilion at the COP27 on Tuesday.

John Kerry, US special presidential envoy for climate, center, arrives for a meeting at the United Arab Emirates pavilion at the COP27 on Tuesday.

Photographer: Islam Safwat/Bloomberg
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US climate envoy John Kerry arrived at the United Nations summit in Egypt with a new plan to expand the sale of carbon credits in order to boost renewable projects in developing countries. But carbon-market experts and environmentalists warned in interviews that it mirrors a failed offset system created decades ago, and his framework has already been panned for potentially allowing corporate money to flow to green projects that would have happened anyway.

That means the funding marshaled by Kerry would be unlikely to reduce greenhouse gas, these people said, unless it is backed up by major restrictions and much deeper analytical work.