COP27 - U.S. climate envoy Kerry announces new carbon market initiative

U.S. climate envoy John Kerry announced plans for companies to buy carbon credits to support countries switching out of coal power on Wednesday.

Speaking at the U.N. Climate summit COP27, Kerry said that companies including Microsoft and PepsiCo were involved in the plans, while countries and environmental groups were also supportive. Fossil fuel companies were excluded, however, he said.