Â鶹´«Ã½

Climate and Environment

    • U.S. plan to tap businesses for green finance meets resistance

    Share
    SHARM EL-SHEIKH, Egypt -

    When it comes to helping poor nations cope with climate change, the United States government left its wallet at home. So it hopes its friend, big business, can help pick up the tab.

    Unable to persuade Congress or the American public to spend billions of dollars more a year in climate financial aid, the U.S. government is trying to make it easier for private corporations to send cash to the developing world in exchange for looking green at home.

    The plan, announced Wednesday by U.S. climate envoy John Kerry at the COP27 climate summit in Egypt, essentially amounts to tapping private funds to finance developing nations' transition to clean energy by selling "high quality" carbon credits to companies trying to make their carbon emissions "net zero."

    "Our intention is to put the carbon market to work, to deploy capital otherwise unemployable, to speed the transition from dirty to clean power," and replace dirty coal-fired power plants with renewable energy sources, Kerry said at a launch event.

    But the idea faced stiff resistance from environmental groups and climate experts, who said it would give polluters a license to keep polluting. It came a day after the United Nations warned about shady carbon credits that businesses count on to meet their net-zero targets.

    Underscoring the opposition, an activist heckled Kerry as he launched the plan, accusing him of "promoting false solutions," before security guards pushed him away. At this year's COP summit, poorer nations have lambasted wealthier ones for not putting up enough money to finance their so-called green transition.

    The developed world needs hundreds of billions of dollars to help them ditch coal, oil and natural gas, but the United States Congress has been reluctant to spend much in financial aid.

    "If we don't find more money ... we ain't going to get this done," Kerry said of the fight against climate change.

    Kerry's proposal is dubbed the Energy Transition Accelerator and is backed by two major philanthropies, The Rockefeller Foundation and the Bezos Earth Fund. They hope it could unlock $100 billion or more in financing for green projects by 2030. Kerry said he wants to have it up and running by next year's COP meeting.

    Details about how it will work are still sparse, but under the plan, verified greenhouse gas emission reductions would be generated that could then be sold as carbon credits. Kerry said there's been "strong interest" to buy them from corporations including PepsiCo and Microsoft.

    There would be "strong safeguards" on who could buy the credits, Kerry said. Buyers, "not including fossil fuel companies," will need a goal for getting to net-zero carbon dioxide emissions and a science-based interim target on the way to meeting that goal, he said. The credits can't be used as substitutes for making deep cuts to their own emissions but as an extra boost to those efforts.

    Unlike other carbon credits criticized as prone to abuse, these credits would only be allowed to be used to phase out coal power plants in developing nations and creating more renewable power and would be time limited, Kerry said. That, he said, would be "guardrails against abuse."

    Carbon credits have evolved into a multibillion-dollar market for companies, governments and individuals who want to reduce their carbon footprint. But they've also become a source of controversy among environmental and climate activists, who say they're problematic because there's no guarantee they'll deliver on reducing emissions.

    The basic idea is that emissions from polluting human activities can be offset elsewhere, either through farming practices that store carbon, planting trees, or by capturing climate-changing gases from smokestacks and other equipment.

    These activities are monetized and sold as offsets and are popular with companies making them a part of their net-zero plans.

    On Tuesday, a UN expert panel warned that tougher standards were needed to fight back against greenwash by companies and investors making net-zero pledges, including a ban on businesses and local governments buying cheap carbon credits that lack integrity instead of deeply cutting their own emissions.

    The idea proposed Wednesday faced plenty of skepticism.

    Mohamed Adow, director of Power Shift Africa, a climate and energy think tank, called carbon offsets an "accounting trick" that paves the way for big polluters to carry on polluting.

    Big cuts in greenhouse gas emissions in both wealthy Northern nations and developing countries in the global South are what's needed, Adow said, "not rich polluting companies in the north paying for the privilege of continuing to destroy the planet."

    "John Kerry knows the science on climate, he knows what is at stake for people, and yet what he's proposing with his offsets threatens to badly undermine global efforts to cut emissions," Adow said.

    Climate scientist Bill Hare of Climate Analytics, who was on the United Nations expert panel, said the proposal shocked people at the climate summit and upset many governments.

    "The reason why is because we're at that stage of history now where everyone has to reduce emissions. And the implications of John Kerry's proposal is that companies would not actually have to reduce emissions if they buy offsets."

    A senior European official voiced skepticism at the U.S. proposal ahead of the launch.

    "I think there's, in some circles, massive concerns," the official said, speaking on condition of anonymity due to the sensitivity of the issue.

    Micah Carpenter-Lott, the activist who heckled Kerry, said he wanted to call attention to inaction by big polluters and wealthy nations and the "false solutions" presented by Kerry's plan.

    "We do not need to be partnering with polluters," Carpenter-Lott, an indigenous justice activist from the Northern Arapaho tribe in the U.S., told The Associated Press moments after he was booted out of the U.S. pavilion. "Polluters shouldn't even be in this space, and they shouldn't be allowed to create partnerships with governments because that is not going to solve the climate crisis."

    ------

    AP writer Frank Jordans contributed to this report.

    Associated Press climate and environmental coverage receives support from several private foundations. See more about AP's climate initiative here. The AP is solely responsible for all content.

    CTVNews.ca Top Stories

    A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.

    Why brain aging can vary dramatically between people

    Researchers are uncovering deeper insights into how the human brain ages and what factors may be tied to healthier cognitive aging, including exercising, avoiding tobacco, speaking a second language or even playing a musical instrument.

    The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    Canada

    • A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.

    • Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.

    • The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    • A man who was critically injured in a police-involved shooting in Hamilton late Sunday afternoon has died in hospital, says the province’s police watchdog.

    World

    Politics

    • Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.

    • Prime Minister Justin Trudeau announced voters in Cloverdale—Langley City will pick their next member of Parliament on Dec. 16.

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    For the second year in a row, the ‘Gift-a-Family’ campaign is hoping to make the holidays happier for children and families in need throughout Barrie.

    Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.

    A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.

    As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.

    A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.

    A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.

    Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.

    A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.

    • Thousands of people are expected to gather in downtown Vancouver on Monday to observe the city’s 100th Remembrance Day ceremony.

    • Weather watchers were treated to an exceptionally rare display on Friday evening as rare cloud formations filled Vancouver skies.

    • Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift’s upcoming Eras Tour, which will be making a stop in Canada’s largest city for a six-show run later this month.

    • One man was transported to hospital early Monday morning after a stabbing in the northwest end of the city, Toronto police say.

    • Calgarians will be observing Remembrance Day at a number of different ceremonies across the city, including at the Hangar Flight Museum.

    • A home in the northeast Calgary community of Saddle Ridge was damaged in a fire on Sunday.

    • WEATHER

      WEATHER

      Conditions were warm early Monday and expected to remain that way for most of the day.

    • CTVNewsOttawa.ca looks at Remembrance Day ceremonies in Ottawa.

    • After months of controversy surrounding a dog park in Ottawa's west end, a solution has been reached to divide the park in half.

    • With fewer interments and rising maintenance fees, the money for Canada's largest military cemetery will run out in three to four years.

    • Montreal Metro passengers can now flag a safety concern by texting a new phone number launched by the STM.

    • The employers association at the Port of Montreal locked out nearly 1,200 longshore workers, bringing a halt to traffic at the port.

    • LIVE @ 10:45 A.M. MT

      LIVE @ 10:45 A.M. MT

      Monday is Remembrance Day, a time to honour armed forces members who have died in the line of duty.

    • WEATHER

      WEATHER

      This is shaping up to be one of the warmest Remembrance Days in the past decade, at least, for temperatures.

    • Maritimers will stop Monday to remember those who have served, and continue to serve, in Canada's armed forces for Remembrance Day.

    • A Cape Breton senior recalls her life in German-occupied France, and her mother’s death, during the Second World War.

    • Thousand of people gathered at the Menin Gate in the Ypres, Belgium for Monday’s Remembrance Day Ceremony.

    • Remembrance Day is today, and a number of ceremonies are taking place around the province to honour those who gave their lives to serve our country.

    • A pillar in Canada’s history was honoured in Winnipeg Sunday afternoon, with thousands showing up to pay tribute to the life and legacy of the late Murray Sinclair.

    • Winnipeg police have identified two men involved in a stabbing incident earlier this week.

    • There will be two ceremonies taking place in Regina for Remembrance Day, hosted by the Royal Canadian Legion.

    • Regina author Valerie Crowther is celebrating the release of her book ‘War Letters: Linking Lives in the Second World War.’

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.

    • Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.

    • A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.

    • Three people were taken to hospital after a plane crashed in the Municipality of Southwest Middlesex.

    • A Barrie man is at the centre of an alleged $2.2 million stolen used car scheme.

    • Environment Canada issued a weather alert for Barrie, Collingwood and surrounding areas, alerting residents about the wicked winds that are expected to pick up to 80 kilometres per hour in the afternoon hours.

    • Barrie residents gathered on Monday to honour Canada’s veterans and pay tribute to those who served and sacrificed for the country.

    • Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.

    • One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.

    • The LaSalle Police Service is reminding to beware of scammers as one is currently circulating.

    • Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.

    • Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.

    • The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.

    • The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.

    • Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.

    • More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.

    • The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year’s host for the Southern Alberta Summer Games.

    • The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.

    • There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.

    • It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.

    • Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.

    • Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at Â鶹´«Ã½. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow Â鶹´«Ã½