Carbon Market Under Pressure to Deliver Billions

Carbon Market Under Pressure to Deliver Billions

Some carbon credits are tied to preserving forests in countries such as Nigeria, but verifying the climate benefits is often a challenge.Photo: kola sulaimon/Agence France-Presse/Getty ImagesThe U.S. government and United Nations are touting plans for businesses to funnel billions of dollars to developing nations to fight climate change. The efforts rely on a tiny carbon-credit market that has struggled for years with uneven standards and conflicts of interest. 

A global effort unveiled by U.S. climate envoy John Kerry and a U.N. Africa-focused credit initiative are two of the hallmark pledges of the climate summit continuing in Sharm El Sheikh, Egypt. The goal is to fill the financing gap to fund the transition to clean energy in developing countries.