Overview

• 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.