U.S. Department of State, Bezos Earth Fund, and Rockefeller Foundation Announce Next Steps on Energy Transition Accelerator

ABU DHABIUAE, Jan. 15, 2023 /PRNewswire/ — The US Department of State, the Rockefeller Foundation, and the Bezos Earth Fund today announced the next steps in developing the Energy Transition Accelerator (ETA), a joint effort to stimulate private capital to accelerate the transition from dirty to clean electricity. in developing countries.

The three partners introduced the broad outlines of the ETA at the United Nations Framework Convention on Climate Change (COP 27) in November in Sharm el-Sheikh with the aim of conducting a special process to fully test the plan in the direction of the COP 28 in this month of December Dubai.

In a session today at the Atlantic Council Global Energy Forum i Abu DhabiUS Special Presidential Envoy for Climate John Kerry, Bezos Earth Fund CEO Andrew Steerand Executive Vice President of the Rockefeller Foundation Elizabeth Yee announcing a set of general principles that will guide the ETA, the establishment of a High-Level Consultative Group to provide information to inform its development, and a core group of experts and organizations to contribute to the design of the ETA .

ETA’s aim is to help keep the 1.5°C limit on warming achievable by leveraging private investment in sustainable development initiatives. the power to accelerate the use of renewable energy and the phase-out of fossil fuel assets in developing countries. Annual clean energy investment should be tripled $4.2 million until 2030 to maintain 1.5 ° C in, according to the International Energy Agency, with more than half of that investment in developed and developing countries.

As envisioned, the ETA will support nationally-led energy transition initiatives through an integrated competitive framework of carbon markets that generate carbon credits as a means of reducing greenhouse gas emissions and make them available to private sector and government customers.

In accelerating the transition to clean energy, ETA will aim to provide deep, early reductions, helping developing countries meet and strengthen their nationally determined contributions (NDCs) under the Paris Agreement , and advance the general development goals, including the promotion of energy and poverty. lightening. It will also generate new funds to strengthen adaptation efforts in vulnerable countries.

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The guidelines (full text below) call for a specific, comprehensive, high-fidelity approach to generating new climate finance, in addition to other sources, to promote ambitious efforts to rapidly reduce emissions in this difficult decade.

The High-Level Consultative Group that is helping to inform ETA’s development will include leaders from various regions and communities representing four civil society, strategic policy, private sector partnerships, and governmental organizations. The currently confirmed candidates are listed below.

In addition to the High-Level Consultative Group, partners will provide public opportunities for stakeholders to provide input, including information and hearings, and the provision of graphic elements of the ETA methodology for public comment. .

The Department of State, Rockefeller Foundation, and the Bezos Earth Fund are working together for the purpose of developing the Energy Transition Accelerator as an independent initiative.

The efforts of partners to develop the ETA are supported by a strong group of experts and organizations, with the coordination provided by the Center for Climate and Energy Solutions (C2ES) and the Environmental Defense Fund (EDF) . In designing the ETA, the partners will seek the broad application and best practices, including the Science Based Targets Initiative (SBTi), the Voluntary Carbon Markets Initiative (VCMI) and the Integrity Council for the Voluntary Carbon Market (IC-). VCM).

STANDARD FRAMEWORK FRAMEWORK FRAMEWORK

The Energy Transition Accelerator will aim to help keep the 1.5°C limit on warming achievable by raising specific funding to accelerate the transition from fossil fuels to clean electricity. in developing countries. Its development will be guided by public, transparent consultation with the aim of using the ETA with these six main points:

1. Soon—Promoting competitive efforts by countries and companies to rapidly reduce greenhouse gas emissions (GHGs) now, in this difficult decade.

2. Including—Implement programs to achieve the goals of sustainable development, including increased access to energy and poverty reduction, and are established by the power of transparency and social, environmental, and other appropriate protections.

3. Flat– Supporting the energy sector’s energy transition to accelerate the use of renewable energy and the retirement of fossil fuel assets.

4. High fidelity – Ensures environmental integrity by providing payments only for GHG reductions that are based and proven to a certain extent stability and by finding the most effective and best practices for the pursuit of GHG net zero worldwide, including for private sector net zero strategies and the use of carbon credits.

5. Plus– New financial incentives for the private sector for mitigation and adaptation to complement, not replace, other public, private, multilateral, and grant funding sources. companies continue to invest in deep cost reductions in their own value chains.

6. Changes—Help, on a limited time, to start the energy transition by compensating the acceleration of the electricity sector and providing an option for companies to use properly the reduction of the reduction of the GHG evidence to encourage scientific progress towards the world of GHG.

ENERGY-BASED EDUCATIONAL MESSAGING WORK (First List of Participants)

• Luiz Fernando Fai Amaral, Chief Executive Officer, Science Based Objectives (SBTi)

• Inger AndersenDirector General, UN Environment Program (UNEP)

• Peter BakkerPresident and CEO, World Business Council for Sustainable Development (WBCSD)

• Manish BapnaPresident and CEO, Natural Resources Defense Council (NRDC)

• Harry Boyd-CarpenterChair, Joint MDB Climate Group

• Barbara BuchnerDirector of Global Inflation Policy (CPI)

• Aniruddha (Ani) DasguptaPresident and CEO, World Resources Institute (WRI)

• Saliem Fakir, Executive Director, The Africa Climate Foundation

• Arunabha GhoshChief Executive Officer, Council for Energy, Environment and Water (CEEW)

• Andrea Guerrero García, Program Director, Growald Climate Fund

• Saleemul Huq, Director, International Center for Climate Change and Development (ICCCAD)

• Catherine McKennaChair, UN High-level Expert Group on the Net Zero Emissions Commitments of Non-State Entities

• Rebecca Mikula-WrightCEO, Asia Investor Group on Climate Change (AIGCC)

• Helen MountfordPresident and CEO, ClimateWorks Foundation

• Brian MoynihanChair, Sustainable Market Initiative (SMI)

• Annette Nazareth, Chair, Integrity Council for the Voluntary Carbon Market (IC-VCM)

• Damilola OgunbiyiCEO, Sustainable Energy for All (SEforALL)

• Michele RobertsNational Co-Coordinator, Environmental Justice Health Alliance

• Vera SongweCo-Chair, UN High Level Expert Group on Climate Finance

• Your Excellency Nicholas SternChairman, Grantham Research Institute on Climate Change and the Environment, London School of Economics

• Fabby TumiwaDirector General, Institute for Essential Services Reform (IESR)

To express interest in ETA, please contact: [email protected]

About the Bezos Earth Fund

The Bezos Earth Fund is Jeff Bezos’ $10 billion personal commitment to finance scientists, activists, NGOs and others to help promote climate and nature solutions. By sharing money with creativity, intelligence, and courage, the Bezos Earth Fund has the potential for transformative change in this decade. The funds will be distributed in full by 2030 – the date by which the United Nations’ Sustainable Development Goals must be met. More information about the Bezos Earth Fund is available here: https://www.bezosearthfund.org/who-we-are.

About the Rockefeller Foundation

The Rockefeller Foundation is a philanthropic pioneer that builds on collaborative partnerships at the frontiers of science, technology, and innovation to enable individuals, families, and communities to thrive. We work to promote human well-being and use public and sustainable opportunities. Our focus is to increase renewable energy for all, encourage economic mobility, and ensure equal access to health care and nutrition. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on Twitter @RockefellerFdn.

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SOURCE The Rockefeller Foundation