COP-27: US proposes compensation plan for developing countries

The offset plan will have public and private contributions, Kerry said, and some countries, such as Chile, have already shown interest. “Our intention is to put the carbon market to work to deploy capital and accelerate the transition from dirty to clean energy specifically, to retire coal power and accelerate the construction of renewables,” he said.

However, carbon credits raise mistrust from environmentalists and climate policy experts because it basically means investing in the decarbonisation of developing nations in return for more timid reductions in their own greenhouse gas emissions.

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