The COP28 climate talks have been flooded with announcements hyping controversial carbon credits before rules for them have been hammered out, with environmental groups fearing “greenwashing” on a massive scale.
The concept behind the credits has taken a major hit recently, as scientific research has repeatedly shown claims of reduced emissions under the schemes are often hugely overestimated or simply nonexistent.
Carbon credits allow corporations or countries, under certain conditions, to offset their greenhouse gas emissions.
One credit equals the reduction or removal of one tonne of CO2 from the atmosphere, often in developing countries by projects focusing on things like fighting deforestation.
Scientists stress that any offsetting should not be used as a passport to continue polluting, with emissions needing to fall by almost half this decade to meet global warming goals.
US climate envoy John Kerry declared on Sunday that his country’s Energy Transition Accelerator for developing nations one of a number being touted as a “bold new idea” .
However environmental groups quickly expressed scepticism, pointing to the past failures of similar schemes.
The initiative a partnership between the US government, the Rockefeller Foundation and billionaire Jeff Bezos’s Earth Fund aims to shift developing countries from dirty to clean fuel.
Under the scheme, companies and potentially countries will be able to buy credits for carbon emissions from projects that do things like boost renewable energy, build electrical transmission lines or “retire” coal plants.
