US climate envoy John Kerry has announced a new, controversial plan to raise cash for climate action in the developing world — by selling carbon credits to companies wishing to offset their polluting emissions.Speaking at the COP27 climate summit in Egypt on Wednesday, Kerry said the initiative should be "up and running" within a year and would help finance energy transition in vulnerable countries. He said Chile and Nigeria were two countries that had already expressed interest in the scheme.But the plan has already attracted criticism because of the way it will be financed — with money raised in sales of carbon credits, which allow companies to pay for someone else to cut their planet-warming emissions, instead of cutting their own.
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