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In response to the Vitality Transition Accelerator announcement made by the U.S. State Division, The Rockefeller Basis, and the Bezos Earth Fund right now at COP28, Abby Maxman, President and CEO of Oxfam America, stated:
“Whereas motivated by the suitable intentions, this initiative dangers not solely enabling firms to buy carbon offsets as a substitute of taking enough steps to cut back their emissions —it additionally places a U.S. authorities seal of approval on it.
“We’re additionally notably involved that the Vitality Transition Accelerator would enable the usage of a watered-down commonplace that permits firms to purchase offsets for half of the emissions for which they’re not directly accountable. As a substitute, firms needs to be taking speedy steps to part out all of those emissions.”
“Given the urgency of the local weather disaster, it’s important to focus consideration on the necessity for ample worldwide public local weather finance for the power transition. The carbon offsets market is value solely $2 billion globally, and is dealing with elevated skepticism about whether or not it truly results in emissions reductions. There are additionally considerations in regards to the social harms that offsets trigger and whether or not firms can credibly depend on them.
“Even the boldest projections in regards to the carbon offsets market nonetheless fall far in need of the $1.64 trillion wanted annually for a simply power transition in low- and middle-income international locations. At the least half of the quantity might want to come from public finance, with the massive majority supplied by means of grants and concessional funding by International North international locations.”
“Latest investigations in offset schemes all over the world reveal actual dangers of land grabs, lack of strong group session, and failure to make sure that challenge advantages are shared with frontline communities. The Vitality Transition Accelerator should be certain that it applies the best social and environmental safeguards, reflecting worldwide human rights and environmental legislation, within the scoping, improvement, and implementation of carbon tasks.”
/ENDS
Notes to editors:
- The U.S. State Division, The Rockefeller Basis, and the Bezos Earth Fund unveiled the core framework for the Vitality Transition Accelerator, which goals to assist collaborating low- and middle-income international locations pace their electrical energy sector transition from fossil fuels to scrub energy by attracting investments from firms that may in return obtain carbon credit for the emissions prevented.
- The ETA permits use of the watered-down Voluntary Carbon Markets Initiative Scope 3 Flexibility Declare, which permits firms to purchase offsets for 50% of Scope 3 emissions – emissions an organization is not directly chargeable for, similar to from the merchandise they purchase from suppliers and from its merchandise when their prospects use them. This probably undermines progress on the upper bar being superior by the Internet Zero Customary of the Science-Primarily based Targets Initiative.
- Bold projections in regards to the offsets market estimate that it might develop to $10-50 billion by 2030. That is nonetheless far in need of the U.S. $1.64 trillion annually wanted by 2030 for a simply power transition in low- and middle-income international locations.
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