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