An innovative carbon finance platform designed to catalyze private capital to support ambitious just energy transition strategies in developing and emerging economies was presented to the United States Department of State, the Bezos Earth Fund, and The Rockefeller Foundation today at the UN Climate Change Conference (COP28).
Through high-integrity carbon crediting, the ETA will bring together governments and private sector stakeholders in developing and emerging economies to accelerate the transition from fossil fuels to clean power and deliver faster, deeper greenhouse gas reductions. By 2035, the ETA is expected to mobilize $72 billion to $207 billion in transition finance.
In order to encourage countries to intensify their near-term activities contributing to decarbonization of the power sector, the ETA is pioneering a sector-scale crediting approach. It includes deploying and utilizing clean energy, retiring fossil fuel assets, improving storage, transmission, and distribution capacity, and changing policy as needed.
ETA’s founders held a launch event today at the US Center at COP28, to announce several major achievements since their founding at COP27 a year ago, and their intention to establish the ETA as an independent initiative by Earth Day 2024.
Country leaders and leading companies joined the partners in declaring their interest in participating in the continued development of the groundbreaking initiative, and Chile’s, the Dominican Republic’s, and Nigeria’s governments announced they’d join the ETA as pilot countries.
Bank of America, Boston Consulting Group, Mastercard, McDonald’s, Morgan Stanley, PepsiCo, Salesforce, Standard Chartered Bank, and Schneider Electric signed a letter of interest welcoming the ETA as an opportunity to accelerate progress toward their ambitious climate goals while supporting large-scale power sector transformation.
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