As wealthy nations take heat for warming planet, coalition unveils lofty plan

With international climate aid yet to win support in Congress, the Biden administration has orchestrated a new proposal from major philanthropies and companies for a carbon-trading system to funnel private money to developing countries for clean energy development.

Seeking to tap such financing for a transition that wealthy governments have refused to finance, the group hopes to lure more than $100 billion by the end of the decade, cutting as much as 1.3 billion to 2.3 billion tons of climate pollution, according to the consulting firm Climate Advisers.