U.S. Government and Foundations Announce New Public-Private Effort to Unlock Finance to Accelerate the Energy Transition – U.S. Embassy in Egypt

by | Nov 9, 2022 | Energy

U.S. DEPARTMENT OF STATE
For Immediate Release
MEDIA NOTE
November 9, 2022
U.S. Government and Foundations Announce New Public-Private Effort to Unlock Finance to Accelerate the Energy Transition
U.S. Special Presidential Envoy for Climate John Kerry, The Rockefeller Foundation, and the Bezos Earth Fund announced a partnership today to work toward the creation of an Energy Transition Accelerator (ETA) intended to catalyze private capital to accelerate the clean energy transition in developing countries.
Unprecedented investment in clean energy is needed in this critical decade to limit warming to 1.5°C and avert catastrophic climate impacts on communities worldwide.  Annual clean energy investment must triple to $4.2 trillion by 2030, according to the International Energy Agency, and more than half of that investment must be in emerging and developing economies.
The partnership will work towards launching the ETA as an innovative, independent initiative to drive private investment in comprehensive energy transition strategies that accelerate the deployment of renewable power and the retirement of fossil fuel assets in developing countries.
The ETA is expected to deliver deeper and earlier emissions reductions, help developing countries achieve and strengthen their nationally determined contributions (NDCs) under the Paris Agreement, and help them advance broader sustainable development goals, including expanded energy access. It will also generate new finance to strengthen adaptation efforts in vu …

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