Energy Transition Accelerator launched to shift from dirty to clean power 

Here is some good news for environment enthusiasts. A collaborative initiative called ‘Energy Transition Accelerator’ (ETA) has been recently launched by the US Department of State, the Rockefeller Foundation (US-based private foundation and philanthropic medical research funding organisation) and the Bezos Earth Fund (a ten-billion-dollar commitment by American entrepreneur Jeff Bezos to fund climate change mitigating measures). Its key objective is to allocate private capital in order to accelerate the transition from unclean to clean energy, especially in developing nations.  

Earlier, the three partners had already laid down the broader outlines of the initiative at the United Nations Climate Change Conference or the COP 27 that took place in November 2022 and is currently aiming to fully design it before the COP 28, scheduled for December 2023 in Dubai.  

Recently, at the Atlantic Council Global Energy Forum that happened in Abu Dhabi, all the stakeholders decided to establish a High-Level Consultative Group that will monitor the development of the project, and will comprise of a team of experts, civil societies, organisations, intergovernmental bodies and coalition of private and public sectors - who will directly or indirectly contribute to it.  

So far, the ETA’s goals include maintaining a 1.5 degrees Celsius limit on global warming by privately investing in comprehensive energy transition strategies, that will in turn facilitate the renewable energy sector’s growth as well as retirement of fossil fuel assets. To ensure this, 4.2 trillion dollars have already been put into effect to welcome positive changes by 2030, as per the reports of the International Energy Agency.  

Sources also cite that ETA will enable nation-based energy transition strategies by building a high-integrity voluntary carbon market framework that will help produce sufficient carbon credits. This in turn will track greenhouse gas emissions and immediately work in combating them or simply reducing them forever. In case you have been wondering, the carbon credits will mainly be purchased from ETA by qualified private sectors and sovereign governments.  

The major goal is to eliminate carbon footprints from the face of the earth and help developing nations achieve and strengthen their NDCs (nationally determined contributions) as laid down in the Paris Agreement of 2020 and United Nation’s sustainable development goals with greater focus on expanded energy access and shifting towards cleaner and renewable sources of energy.  

Apart from the big three, some of the other parties involved in the project are Centre for Climate and Energy Solutions, Environmental Defence Fund, World Business Council for Sustainable Development, Integrity Council for the Voluntary Carbon Market and many more.