United States and Partners Announce Energy Transition Accelerator Framework
- Media Manager
- Dec 4, 2023
- 1 min read
U.S. DEPARTMENT of STATE
Media Note: Office of the Spokesperson
Published: December 4th, 2023
Today at the UN Climate Change Conference (COP28), the U.S. Department of State, the Bezos Earth Fund, and The Rockefeller Foundation presented the core framework of the Energy Transition Accelerator (ETA), an innovative carbon finance platform aimed at catalyzing private capital to support ambitious just energy transition strategies in developing and emerging economies.
At today’s launch event at the U.S. Center at COP28, the three ETA partners announced several major achievements since their partnership’s creation at COP27 one year ago and their aim to formally establish the ETA as an independent initiative by Earth Day 2024.
The ETA will bring together governments and private sector stakeholders employing high-integrity carbon crediting to deliver faster, deeper greenhouse gas reductions by accelerating the transition from fossil fuels to clean power in developing and emerging economies. Based on preliminary estimates, the ETA could mobilize from $72 billion to $207 billion in transition finance by 2035. The ETA is pioneering a sectoral-scale crediting approach that 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.
