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Revolutionizing Clean Energy: Kerry Leads New Strategic Alliances for Climate Action

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Robert Tavares

April 19, 2024 - 17:49 pm

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Energizing the Future: U.S. Department of State, Bezos Earth Fund, and Rockefeller Foundation Chart New Course for Clean Energy

WASHINGTON, April 19, 2024 — In a landmark announcement, the U.S. Department of State, in collaboration with the Bezos Earth Fund and The Rockefeller Foundation, unveiled strategic advancements for the governance and structure of the Energy Transition Accelerator (ETA)—an ambitious carbon finance platform. The ETA aims to stimulate private investments and accelerate the shift towards equitable energy strategies in developing and emerging economies. The Center for Climate and Energy Solutions (C2ES) is set to steer the course as the ETA's secretariat. With former Secretary of State John Kerry embracing the role of honorary chair, the ETA's Senior Consultative Group stands ready to guide this seminal venture.

John Kerry Steps into a Momentous Role

The announcement was made during a gathering at the National Museum of American Diplomacy housed within the U.S. Department of State. This momentous event marks a decisive step in ETA's progression towards becoming an independent and influential initiative. The birth of this collaboration traces back to COP27 in Sharm el-Sheikh, Egypt. After a year dedicated to thorough discussions with government, business, and civil society influencers, the ETA Framework was launched at COP28 in Dubai, United Arab Emirates. This event witnessed numerous influential companies and nations expressing their eagerness in participating and shaping the future of this breakthrough endeavor.

For further details on the ETA's establishment and framework, please visit the Bezos Earth Fund announcement and the ETA Framework.

"We're at a crucial juncture where we need to deploy innovative financial mechanisms that match the urgency and magnitude required to shift to clean power and maintain the 1.5-degree target. Through collaboration with the developing world, ETA is in a unique position to redirect billions away from fossil fuels, reinforcing the journey towards a fair and ambitious clean energy future," remarked John Kerry. His tenure from 2022 to 2024 as the Department of State's envoy ingrained the ETA within the foundation of international climate diplomacy. Alongside Kerry, John Podesta, the President's Senior Advisor for International Climate Policy, aligned in support of the initiative's prospects.

Richard R. Verma, the Deputy Secretary of State for Management and Resources, accentuated the significance of the collaboration between LEAF and ETA, enticing other governments and companies to join the movement. This collaboration aims to unlock the full potential of high-integrity carbon markets, amplifying the efforts in fighting climate change. Dr. Andrew Steer, President and CEO of the Bezos Earth Fund, stressed the urgency of elevating investments in the energy transition, which need a seven-fold increase by 2030. He highlighted that carbon credits, executed effectively, can be pivotal. The ETA, adhering to the strictest standards, is set to initiate a new era of credible carbon crediting and invigorate investments that are fundamental for the transition off fossil fuels.

Empowering Global Communities

"It's vital to invest in communities at the climate frontlines to foster human opportunities while mitigating climate change. Innovative initiatives like the ETA can unlock immense capital to ensure global access to renewable energy solutions, improving the lives of people around the world," expressed Dr. Rajiv J. Shah of The Rockefeller Foundation. The ETA's audacious carbon crediting standard will enable developing nations to produce superior carbon credits, thereby financing their transition from traditional to clean energy. Preliminary estimates predict that the ETA could generate substantial capital to fund the transition through 2035.

Unveiling the ETA's Blueprint for the Future

Looking ahead to 2024 and beyond, the partners at ETA have publicized several vital developments:

  1. Adhering to the core framework introduced at COP28, they provided a clear outline of the ETA's governance and management structure. This framework will be subject to further refinement in collaboration with stakeholders and can be found at the ETA’s official website.

  2. C2ES, spearheaded by President Nat Keohane, will function as the ETA’s secretariat—playing a fundamental role in coordinating the initiative.

  3. The establishment of a Senior Consultative Group recruits expert minds to offer independent insights for the ETA’s design and operation, led by Secretary Kerry.

  4. The Dominican Republic’s commitment involves creating an inter-ministerial working group to guide the nation as an ETA pilot country. Support continues to be offered by the World Bank in abstracting energy transition paths and the role of carbon finance.

  5. The Philippines will participate as an observer country in the ETA to assess the venture’s potential to bolster its transition finance. This involvement also aims to contribute the Philippines' unique energy sector perspectives to the broader global conversation on energy transition.

Deepening Strategic Alliance with the World Bank

The World Bank, known for its SCALE partnership, is deepening its collaboration with ETA to mobilize finance for more effective energy transitions. SCALE's goal is to ensure developing countries are rewarded for verified emissions reductions through significant contributions from the public and private sectors.

"We are in a race against time to end poverty on a viable planet," said President of the World Bank Group Ajay Banga. "The multifaceted crises we face necessitate collective, rapid, large-scale actions. Together with our partners, we must hasten the clean energy transition, support forest conservation, and reward the communities for their contributions. This will empower countries to tap into new and significant volumes of affordable finance via reliable carbon markets."

C2ES Leads ETA's Vision

"The global endeavor to adhere to the Paris Agreement’s temperature target hinges upon ramping up the clean energy transition in developing countries even amidst their economic growth," emphasized Nat Keohane, President of C2ES. "The ETA offers a unique, high-grade platform for carbon credits that will direct tens of billions of dollars to the clean energy transition. It aims to guarantee a just transition for communities locally while leveraging additional billions in investment. C2ES is proud to facilitate this ambitious vision as the ETA’s Secretariat."

According to the International Energy Agency, the required clean energy investments in developing and emerging economies, not including China, must witness a significant surge. It’s projected that a spend of around $1.9 trillion annually by the early 2030s is necessary to keep global warming within the 1.5°C threshold. The ETA is integral to this mission, bringing together governments and private sector entities to leverage high-integrity carbon crediting as a means to expedite the shift from fossil fuels to clean power in the developing world. This approach could dramatically enhance the pace and depth of greenhouse gas reductions and substantially uplift those in vulnerable positions.

Driving Philanthropic Efforts Against Climate Change

The Bezos Earth Fund stands at the forefront of climate change action with an unparalleled philanthropic commitment to climate and nature protection. Jeff Bezos has dedicated $10 billion in this decade to combat climate change and promote nature preservation. By partnering with various organizations, the fund aims to foster innovation, overcome barriers to success, and sculpt a world that thrives in harmony with nature.

The Rockefeller Foundation's Pioneering Vision

Rooted in a legacy of partnership at science and innovation's cutting edge, The Rockefeller Foundation’s philanthropic efforts strive to enable individuals, families, and communities to thrive. With particular emphasis on advancing human well-being and reversing the climate crisis, the foundation works tirelessly in transforming systems of food, health, energy, and finance.

Stay updated with The Rockefeller Foundation’s initiatives by subscribing to their newsletter and following them on Twitter @RockefellerFdn.

As we stand at the crossroads of climate action and global development, innovative endeavors such as the ETA emerge as essential catalysts. By uniting the determination of government agencies, the insight of industry leaders, and the vision of philanthropic institutions, the ETA is set to fuel a revolution in our approach to clean energy and climate resilience. With such formidable alliances, the distant dream of a balanced, sustainable future becomes a tangible prospect—one that promises to illuminate the path for generations to come.

SOURCE: The Rockefeller Foundation