Global Effort Underway to Mobilize Trillions for Climate Change Mitigation

Carbon credits and private sector funding central to plan, despite criticism and challenges.

A large-scale effort is being developed to mobilize money to save Planet Earth, with trillions of dollars needed for forestry projects and renewable energies in the developing world.
The plan involves combining the cash-generating power of the private sector with carbon credits, with countries generating carbon credits based on projects aimed at meeting their own climate goals.
The U.S. government, the Bezos Earth Fund, and the Rockefeller Foundation have announced a project called the “Energy Transition Accelerator” to guide the plan, with Chile, Dominican Republic, and Nigeria as pilot countries.
Critics argue that carbon credit programs allow polluters to continue polluting and distract from the main goal of ending the use of fossil fuels.
The World Bank has developed its own carbon credit program, the Forest Carbon Partnership Facility, with several countries planning to issue the first 24 million credits in the next year.