Pressure mounts on corporate climate watchdog group to reconsider stance on carbon credits usage
Date
4/24/2024 5:04:48 AM
(MENAFN) In a significant development, the premier corporate climate targets monitoring group globally has found itself under immense pressure from advisors linked to former US climate envoy John Kerry to relent on its opposition to the utilization of carbon credits, as per knowledgeable sources.
Reports suggest that officials intricately involved in shaping the US Clean energy Plan, aimed at channeling funds to developing nations, have persistently lobbied leaders of the Science Based Targets (SBT) initiative for over two years. This pressure campaign intensified in the lead-up to a recent policy decision announced by the SBT Initiative, permitting companies to offset their emissions by utilizing carbon credits. With no alternative regulatory body in place, the SBT Initiative has emerged as a pivotal organization in vetting corporate climate strategies, enjoying backing from various non-profit entities.
Although John Kerry stepped down from his role as the US climate envoy earlier this year, he remained actively engaged in initiatives facilitating poorer nations to issue carbon credits to corporations. These credits are exchanged for financial support aiding these countries' transition from fossil fuels to renewable energy sources. Notably, the Energy Transition Accelerator, a scheme championed by Andrew Steer, President of the Bezos Earth Fund, and the Rockefeller Foundation, has garnered substantial support for this cause.
During a recent State Department event, Kerry expressed optimism upon learning about the SBT Initiative's willingness to consider allowing companies to utilize carbon credits to address their indirect emissions. This development underscores the intricate interplay between influential figures, corporate entities, and climate-focused organizations in shaping policies aimed at mitigating environmental degradation and promoting sustainable practices on a global scale.
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