U.S. Unveils Program To Encourage Renewable Investment In Developing Countries | OilPrice.com

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Kerry stated at the COP27 summit, “Our administration is working as hard as we can to deliver on President Biden’s pledge to quadruple U.S. climate support by 2024.”

- Nov 20, 2022, 2:00 PM CSTThe so-called Energy Transition Accelerator will allow American companies to invest in renewable projects in developing countries and receive carbon credits in return.

Interest in the scheme has already been shown from Bank of America, Microsoft, PepsiCo, and Standard Chartered Bank. Many heavy industries that are powered heavily by fossil fuels are also likely to favor the scheme until there is enough renewable energy in the U.S. to power these industries.

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