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25 Feb 2023
US Department of State, Rockefeller Foundation and Bezos Earth Fund Convene Energy-Transition Accelerator Group
WASHINGTON, DC – The U.S. Department of State, Rockefeller Foundation, and Bezos Earth Fund have held the first meeting of the High-Level Consultative Group (HLCG), a global, 33-member committee focused 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. This according to the State Department.
U.S. Special Presidential Envoy for Climate John Kerry, 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 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,” according to a statement from the group. “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.
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, according to the State Department.
Photo of Andrew Steer, President and CEO of the Bezos Earth Fund.
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