U.S. Department of State, Bezos Earth Fund, and The Rockefeller Foundation Convene Energy Transition Accelerator High-Level Consultative Group
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The U.S. Department of State, The Rockefeller Foundation, and the Bezos Earth Fund held the first meeting of the High-Level Consultative Group (HLCG) providing input 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.
The three partners introduced the broad outlines of the ETA in November during the United Nations Climate Change Conference (COP27) in Sharm el-Sheikh. Together, they are undertaking an inclusive process to design this innovative initiative in the lead up to COP28 this December in Dubai.
U.S. Special Presidential Envoy for Climate John Kerry, The 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 ETA partners announced the formation of the high-level group and a preliminary set of participants in January, along with a set of principles to guide the ETA’s design. Today, the partners announced the full set of HLCG participants (below).
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. 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.
See related article: WEF Launches Initiative To Unlock $3 Trillion Needed Each Year for Climate and Nature
HLCG participants were invited to provide input on a preliminary ETA framework, which would include a jurisdictional-scale carbon crediting standard, a coalition of private sector and sovereign government buyers, a set of developing country host jurisdictions, criteria to ensure environmental integrity in the generation and use of credits, and just transition provisions addressing needs such as job creation, worker training, revenue sharing, and energy access.
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.
The Department of State, The Rockefeller Foundation, and the Bezos Earth Fund are collaborating for the purpose of developing the Energy Transition Accelerator as an independent initiative. In designing the ETA, the partners will seek broad alignment with evolving best-practice standards, including those of the Science Based Targets Initiative (SBTi), the Voluntary Carbon Markets Initiative (VCMI), and the Integrity Council for the Voluntary Carbon Market (IC-VCM).
ENERGY TRANSITION ACCELERATOR HIGH-LEVEL CONSULTATIVE GROUP
- Luiz Amaral; CEO, Science Based Targets Initiative (SBTi)
- Inger Andersen; Executive Director, U.N. Environment Programme
- Peter Bakker; President and CEO, World Business Council for Sustainable Development (WBCSD)
- Manish Bapna; President and CEO, Natural Resources Defense Council (NRDC)
- Fatih Birol; Executive Director, International Energy Agency (IEA)
- Harry Boyd-Carpenter; Chair, Joint MDB Climate Group; Managing Director, Climate Strategy and Delivery at the European Bank for Reconstruction and Development
- Barbara Buchner; Global Managing Director, Climate Policy Initiative (CPI)
- Ramón Cruz; President, Sierra Club
- Ani Dasgupta; President and CEO, World Resources Institute (WRI) for the Greenhouse Gas Protocol (GHGP)
- Suzanne DiBianca; On behalf of the Business Alliance to Scale Climate Solutions; Chief Impact Officer & EVP, Salesforce
- Saliem Fakir; Executive Director, Africa Climate Foundation
- Anne Finucane, On behalf of Sustainable Markets Initiative; Chair of the Board, Rubicon Carbon; Senior Advisor, Rise Climate (on behalf of Sustainable Markets Initiative)
- Dirk Forrister; President and CEO, International Emissions Trading Association (IETA)
- Arunabha Ghosh; CEO, Council on Energy, Environment and Water
- Marina Grossi; President, Brazilian Business Council for Sustainable Development (CEBDS)
- Andrea Guerrero; Program Director, Growald Climate Fund; Board Member, Transforma
- Saleemul Huq; Director, International Centre for Climate Change and Development
- Mark Kenber; Executive Director, Voluntary Carbon Markets Integrity Initiative (VCMI)
- Francesco La Camera; Director-General, International Renewable Energy Agency (IRENA)
- Catherine McKenna; Chair, U.N. High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities
- Rebecca Mikula-Wright; CEO, Asia Investor Group on Climate Change; Executive Committee Member, Paris Aligned Investment Initiative
- Marcene Mitchell; Senior Vice President of Climate Change, World Wildlife Fund (WWF)
- Helen Mountford; CEO, ClimateWorks Foundation
- Brian Moynihan; Co-Chair, Sustainable Markets Initiative (SMI); Chair of the Board and CEO, Bank of America
- Annette Nazareth; Chair, Integrity Council for the Voluntary Carbon Market (IC-VCM)
- Damilola Ogunbiyi; CEO and Special Representative, U.N. Secretary-General for Sustainable Energy for All (SEforALL); Co-Chair, U.N. Energy
- Michele Roberts; National Co-Coordinator, Environmental Justice Health Alliance
- Achim Steiner; Administrator, U.N. Development Programme
- Lord Nicholas Stern; Chair, Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science
- Vera Songwe; Co-Chair, U.N. High Level Expert Group on Climate Finance
- Laurence Tubiana; CEO, European Climate Foundation
- Fabby Tumiwa; Executive Director, Institute for Essential Services Reform (IESR)
- Joanne Yawitch; CEO, National Business Initiative (NBI)
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