Published by Todd Bush on February 27, 2023
WASHINGTON, Feb. 24, 2023 /PRNewswire/ -- The U.S. Department of State, The Rockefeller Foundation, and the Bezos Earth Fund today held the first meeting of the High-Level Consultative Group (HLCG) providing input on the design of the Energy Transition Accelerator (ETA), a joint initiative to catalyze private capital to accelerate the transition from fossil fuel to clean power in developing countries.
>> Additional Reading: The Rockefeller Foundation Invests $5 Million in Mombak's "The Amazon Reforestation Fund"
The three partners introduced the broad outlines of the ETA in November during the United Nations Climate Change Conference (COP 27) in Sharm el-Sheikh. Together, they are undertaking an inclusive process to design this innovative initiative in the lead up to COP 28 this December in Dubai.
U.S. Special Presidential Envoy for Climate John Kerry, The Rockefeller Foundation President Dr. Rajiv J. Shah, and Bezos Earth Fund Chief Executive Officer Dr. Andrew Steer hosted a virtual meeting of the HLCG, a panel of intergovernmental, private sector, and civil society leaders, as well as other experts and stakeholders, from Africa, Asia, Europe, Latin America, and the United States.
The ETA partners announced the formation of the high-level group and a preliminary set of participants in January, along with a set of principles to guide the ETA's design. Today, the partners announced the full set of HLCG participants (below).
The aim of the ETA is to help keep a 1.5°C limit on warming within reach by driving private investment in the implementation of energy transition strategies that deliver deeper, earlier greenhouse gas reductions in developing countries. Annual clean energy investment must triple to $4.2 trillion by 2030 to keep 1.5°C within reach, according to the International Energy Agency, with more than half of that investment in emerging and developing economies.
The ETA will seek to leverage the growing demand for high-quality carbon credits to scale up finance to accelerate the deployment of clean power and the retirement of fossil fuel assets in developing countries. In addition to reducing emissions, finance generated by the ETA will support developing countries in expanding clean energy access and creating jobs and economic growth. The ETA also will generate new finance for adaptation efforts in vulnerable countries.
HLCG participants were invited to provide input on a preliminary ETA framework, which would include a jurisdictional-scale carbon crediting standard, a coalition of private sector and sovereign government buyers, a set of developing country host jurisdictions, criteria to ensure environmental integrity in the generation and use of credits, and just transition provisions addressing needs such as job creation, worker training, revenue sharing, and energy access.
In addition to ongoing input from the High-Level Consultative Group, the partners will consult with a wider array of government, business, and civil society stakeholders and will provide opportunities for broader input, including briefings and listening sessions.
The Department of State, The Rockefeller Foundation, and the Bezos Earth Fund are collaborating for the purpose of developing the Energy Transition Accelerator as an independent initiative. In designing the ETA, the partners will seek broad alignment with evolving best-practice standards, including those of the Science Based Targets Initiative (SBTi), the Voluntary Carbon Markets Initiative (VCMI), and the Integrity Council for the Voluntary Carbon Market (IC-VCM).
To express interest in the ETA, please contact: [email protected].
The Bezos Earth Fund is Jeff Bezos' $10 billion personal commitment to fund scientists, activists, NGOs and others to help drive climate and nature solutions. By allocating funds creatively, wisely, and boldly, the Bezos Earth Fund has the potential for transformative influence in this decisive decade. Funds will be fully allocated by 2030 — the date by which the United Nations Sustainable Development Goals must be achieved. More information about the Bezos Earth Fund is available here: https://www.bezosearthfund.org/who-we-are.
The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We work to promote the well-being of humanity and make opportunity universal and sustainable. Our focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to health care and nutritious food. For more information, sign up for our newsletter at www.rockefellerfoundation.org and follow us on Twitter @RockefellerFdn.
SOURCE The Rockefeller Foundation
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