U.S. climate envoy John Kerry launches carbon offset plan

Tags: Environment International News

U.S. climate envoy John Kerry on November 9 has unveiled a new carbon offset scheme called Energy Transition Accelerator (ETA) for climate finance.

About Energy Transition Accelerator (ETA)

• Energy Transition Accelerator (ETA) will be developed by the US along with the Bezos Earth Fund and the Rockefeller Foundation and receive inputs from public and private sectors.

• It would allow companies to finance clean energy projects in developing countries and earn carbon credits that they can use to meet their own climate goals.

• This will allow companies to have a financial edge over their competitors in the race to meet climate goals.

• Its objective is to put out of use coal plants and accelerate the use of renewable energy.

• This can certainly be good for renewable energy projects and for coal plants that are too old and unviable and which India wants to shut down.

• The ETA is projected to operate until 2030, potentially expanding to 2035.