U.S. Plan to Ramp Up Carbon Credits Faces Doubts at COP27

The U.S. outlined a new carbon-credit plan that aims to pump billions of dollars into developing countries’ energy transition, while some businesses expressed caution over investing in the program.

On Wednesday, U.S. climate envoy John Kerry presented the program, called the Energy Transition Accelerator, at United Nations climate talks in Egypt. The program, he said, aims to enlist investors in efforts to reduce emissions across entire regions or countries by paying developing nations to shut down fossil-fuel energy sources and accelerate the construction of renewable energy.