COP27: Kerry unveils carbon credit scheme, but will it work?

By Anne-Marie Bissada
Posted on Friday, 11 November 2022 12:32

John Kerry, U.S. Special Envoy for Climate speaks as he attends the opening of the American Pavilion in the COP27 climate summit in Egypt's Red Sea resort of Sharm el-Sheikh, Egypt November 8, 2022. REUTERS/Mohammed Salem

US climate envoy John Kerry announced a much-anticipated — and controversial — expanded carbon credit market system at COP27. Although the concept is not new, the proposal on the table could be a game-changer — but only if certain parts are in place, experts say.

The programme, the Energy Transition Accelerator (ETA) officially announced by Kerry at COP27 on 9 November, involves the US government, Bezos Earth Fund and the Rockefeller Foundation, along with possible support from others, including Bank of America, Microsoft, Standard Chartered Bank and PepsiCo. Kerry hopes to get it “up and running” within a year.