Finance Day New carbon trading scheme

	Question	Answer	Validation timestamp
1	Type here your question	Type here your answer
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2	What is the energy transition accelerator scheme?	It is a new carbon trading scheme recently introduced by the US at COP27.
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3	What is carbon trading?	It’s the buying and selling of credits (carbon credits) that allow a company to emit a certain amount of carbon dioxide or other greenhouse gases. These are regulated by governments to gradually reduce overall carbon emissions and have soon become a multi-million business.
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4	What’s the aim of the US new carbon trading scheme?	To help poorer countries transition to renewables by boosting private clean energy investments.
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5	Who’s the US climate envoy at COP27?	John Kerry.
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6	Who’s contributing to this initiative?	The scheme was created in partnership with the Rockefeller Foundation and the Bezos Earth Fund.
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7	What’s the investment in clean energy that is needed to avoid dangerous global heating?	The International Energy Agency estimates that the annual investments need to triple to more than $4tn by 2030.
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8	Why has the new US scheme been criticised?	Because according to some critics, carbon markets only lead to minimal emissions reductions while the large companies that use them falsely gain in green reputation
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9	What is another reason why environmentalists are so against carbon market schemes?	Because they often have a negative impact on Indigenous and pastoral communities that live sustainably in forests and agricultural land where the schemes are funded. There have been reports of land grabs and food prices soaring due to carbon markets in countries such as Brazil, India and Kenya.
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10	What did the director of Climate Research & Policy at Corporate Accountability, Rachel Rose Jackson say about Kerry’s declaration?	She said that the scheme will exacerbate the problem and it won’t solve it and that it’s an excuse for the US do keep delaying repaying its climate debt.
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11	What is the opinion of the thinktank Powershift Africa, Mohamed Adow, on this issue?	He agrees that the US are due to repay its climate debt and that this cannot happen through private sector finance, but it should be separate.
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12	What African countries adhered to the consortium?	It was created by Kenya, Malawi, Gabon, Nigeria and Togo in partnership with carbon credit buyers and financers.
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13	How many credits will the scheme raise over time?	The aim is to produce 300m carbon credits annually by 2030, rising to 1.5bn credits by 2050. These credits should eventually unlock $120bn (£105bn) and 110m jobs by 2050.
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14	What is Adow’s view of the African carbon credits?	Adow believes that corporations are only using Africa to continue polluting and won’t help African countries to reach climate fairness. The carbon credits system will not reduce emissions and, Adow adds, represent just another type of neocolonialism.
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