"John Kerry, the country’s climate envoy, was expected to announce the carbon offset plan on Wednesday. Payments from companies would go to countries struggling to adopt renewable energy."
"The Biden administration wants corporations to fund renewable energy projects in developing countries in a way that allows the companies to count resulting cuts in greenhouse gases against their own climate goals.
John Kerry, President Biden’s climate envoy, intends to announce on Wednesday a program that his advisers say could inject tens of billions of private dollars into the economies of developing countries struggling to replace coal, oil and gas with wind, solar and other renewable power.
The program, known in climate circles as a carbon offset plan, is the product of months of discussions between Mr. Kerry and major corporations as well as philanthropic groups like the Rockefeller Foundation and the Bezos Earth Fund, according to several people involved in the talks who were not authorized to discuss them publicly.
“We need to increase finance by orders of magnitude from what it is now,” said Nathaniel Keohane, the president of the Center for Climate and Energy Solutions, an environmental group that is supporting the plan."
Lisa Friedman reports for the New York Times November 8, 2022.
Advertisement 
