ABU DHABI: US climate envoy John Kerry on Sunday presented fundamental ideas for a "high integrity" carbon offset plan. The plan aims to help developing countries accelerate their energy transition.

The US is working with the Bezos Earth Fund and the Rockefeller Foundation to create an Energy Transition Accelerator, first announced at the COP27 climate conference last year, to raise private capital.

Kerry stressed that the ETA was not a replacement for other funding sources and would have a time limit when he told the Atlantic Council Global Energy Forum in Abu Dhabi that the goal was to develop credible deals to reduce emissions.

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Acknowledging widespread criticism of voluntary carbon offset programs, he said, "We believe you can have high integrity, accountable and transparent credit that will help us put some money on the table.

Programs in which businesses receive emissions credits in exchange for giving money to developing countries that reduce their carbon emissions are often rife with fraud and double counting.

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According to Carey, "There are only two reasons we would allow someone to be able to buy credits – one, to close or convert an existing fossil fuel facility that supplies electricity, and two, for the actual deployment of renewables that Will replace current dirty sourcing."

According to him, the ETA principles also called for a short-term, inclusive and all-inclusive strategy to achieve the more general Sustainable Development Goals and support the energy transition across the electricity sector.

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The preliminary membership list of the ETA High-Level Advisory Group was released by the Rockefeller Foundation on Sunday. Carey predicted that it would involve a broader perspective and more participants.