Kerry announces proposal for public-private carbon market for developing countries
10 Nov 2022
U.S. climate envoy John Kerry on Wednesday formally announced the Energy Transition Accelerator, a public-private partnership aimed at developing carbon markets to transition developing nations off fossil fuels with private funds.
In remarks at the COP27 United Nations climate summit in Egypt, Kerry said the proposed initiative will involve private capital partnering with governments and NGOs to aid the transition to renewable energy sources. The former secretary of State described conversations with world leaders in which they identified money as the number one obstacle to the transition.
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