Countries, Companies Signal Support for Energy Transition Accelerator
According to the International Energy Agency, clean energy investment in developing and emerging economies excluding
During today's announcement at the
The ETA will bring together governments and private sector stakeholders employing high-integrity carbon crediting to deliver faster, deeper greenhouse gas reductions and improve the lives of vulnerable people by accelerating the transition from fossil fuels to clean power in developing and emerging economies. Based on preliminary estimates, the ETA could mobilize anywhere from
After a year of extensive consultations with government, business, and civil society stakeholders, the partners released the core ETA framework, which will serve as a foundation for the creation of the ETA Coalition. The framework describes the Coalition and its objectives and provides an overview of key elements of the ETA: its approach to carbon crediting, including the development of an independent sectoral-scale crediting standard for emissions reductions from electricity generation; criteria for participating companies and information on how they would use ETA carbon credits to help meet their voluntary climate commitments; just transition provisions to address worker and community needs; plans to dedicate a portion of the finance generated to address adaptation and resilience in vulnerable countries; and options for innovative financial structures to mobilize investment into energy transition strategies.
The partners were joined by countries and leading companies declaring their interest in engaging with the ETA partners in the continued development of the groundbreaking initiative. The governments of
Ten leading companies signed a letter of interest welcoming the ETA as an opportunity to support large-scale power sector transformation while accelerating progress towards their ambitious climate goals: Amazon, Bank of America, Boston Consulting Group, Mastercard, McDonald's, Morgan Stanley, PepsiCo, Salesforce, Schneider Electric, and Standard Chartered Bank.
"I am absolutely convinced we can meet our climate goals – the question is, will we do it in time to avoid the worst consequences of the crisis," said
"We know how to solve the climate crisis. Now we need innovative ways to finance it," said Dr. Andrew Steer, President and CEO of the Bezos Earth Fund. "The Energy Transition Accelerator brings a market-based solution to the table, in turn unlocking billions of dollars for clean energy. Countries and companies joining us will be guided by high-integrity methodologies and just transition safeguards that center environmental and social impact."
"If we invest in the climate response correctly, it can become a vehicle for human progress. The Energy Transition Accelerator's framework begins to answer the essential question of how we can help emerging and developing economies achieve their climate goals while simultaneously creating economic opportunities for vulnerable people in developing economies," said Dr.
In parallel, Winrock International released draft elements of the sectoral-scale carbon crediting standard it is developing for use by the ETA as part of the broader ETA Framework.
In September, the ETA announced a strategic collaboration with the World Bank's Scaling Climate Action by Lowering Emissions (SCALE) partnership, the aims of which is to catalyze climate action by mobilizing finance for effective energy transitions, enabling developing countries to be directly rewarded for verified emissions reductions from a pool of payments committed by public and private sector contributors.
"At the global level, the Bank, through initiatives like Scaling Climate Action by Lowering Emissions, is partnering with the Energy Transition Accelerator, to remove the most critical impediments for carbon market expansion, including setting standards, and supporting countries access more affordable finance by helping them set up the necessary infrastructure to connect to a global market," said
The sectoral-scale crediting approach being pioneered by the ETA will incentivize participating countries to intensify their near-term activities contributing to power sector decarbonization, including to deploy and utilize clean power and retire fossil fuel assets, to enhance storage capacity, transmission, and distribution, and for any needed policy shifts.
The ETA partners received extensive input from a High-Level Consultative Group of more than 30 experts and intergovernmental, private sector and civil society leaders from all regions of the world. They have been supported in the design effort by the Center for Climate and Energy Solutions (C2ES), the Environmental Defense Fund (EDF), the Climate Policy Initiative (CPI), and the Glasgow Financial Alliance for Net Zero (GFANZ).
"The math is clear: we are falling short of the finance we need to drive a global just transition," said
"We cannot tackle the climate crisis without urgently phasing out unabated fossil-fired electricity generation and replacing it with zero-carbon energy around the world. And as developing countries continue to face the worst impacts of the climate crisis, the rapid transition to clean energy is vital to strengthening their resilience and boosting economic growth," said
The Department of State, the Bezos Earth Fund, and The Rockefeller Foundation are collaborating for the purpose of developing the Energy Transition Accelerator as an independent initiative.
About the Bezos Earth Fund:
The Bezos Earth Fund is transforming the fight against climate change with the largest ever philanthropic commitment to climate and nature protection. We're investing
About The Rockefeller Foundation:
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 make big bets to promote the well-being of humanity. Today, we are focused on advancing human opportunity and reversing the climate crisis by transforming systems in food, health, energy, and finance. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on X @RockefellerFdn.
View original content to download multimedia:https://www.prnewswire.com/news-releases/countries-companies-signal-support-for-energy-transition-accelerator-302003885.html
SOURCE The Rockefeller Foundation
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- RTX's Pratt & Whitney ramps up aftermarket repair industrialization for GTF components in Singapore
- RTX and Philippine Airlines announce agreement to improve operations and enhance passenger experience
- JetSMART selects RTX's Pratt & Whitney GTF™ engines to power an additional 35 Airbus A320neo family aircraft
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Related EntitiesMorgan Stanley, BofA/Merrill Lynch
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!