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illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:
🗞️ Driving the news: Jeff Bezos’s $10bn Earth Fund has quickly become a significant player in climate and biodiversity efforts, awarding $2bn in grants
• However, experts are increasingly uneasy about the fund’s influence and its promotion of carbon offsets, which may conflict with genuine climate action
🔭 The context: Launched in 2020, the Bezos Earth Fund aims to distribute $10bn by the decade's end, supporting various environmental initiatives
• Despite its rapid financial contributions, there are concerns about its potential to dominate the environmental sector and the efficacy of the projects it funds
🌍 Why it matters for the planet: The reliance on carbon offsets, promoted by the Bezos Earth Fund, is controversial
• While supporters argue they help fund important environmental projects, critics contend they often fail to effectively reduce emissions and may facilitate greenwashing
⏭️ What's next: The internal debate within the Science Based Targets initiative (SBTi) over allowing carbon offsets has intensified scrutiny
• The outcome could significantly influence corporate climate policies and the future credibility of environmental standards
💬 One quote: “The projects of the Bezos fund do not address the key issues of the climate crisis – they are nice but unfortunately cosmetic,” said Dr. Stephan Singer, a global energy policy adviser
📈 One stat: The Bezos Earth Fund has given at least $45m to carbon markets initiatives so far, raising questions about the balance and focus of its funding
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