Building on support offered at the formal launch of the COP27 environmental summit in Egypt, U.S. climate envoy John Kerry on Wednesday announced a partnership that would help developing countries with the transition to a clean energy future.
Kerry was joined by The Rockefeller Foundation and the Bezos Earth Fund, a $10 billion philanthropic effort from Amazon founder Jeff Bezos, in announcing a partnership that would work to develop an Energy Transition Accelerator to draw private funds to support efforts by developing countries to adopt cleaner energy practices.
“The goal of the partnership is to establish a high-integrity framework enabling developing countries to attract finance to support their clean energy transitions,” they announced.
So-called loss and damage is a theme embraced by delegates at the 27th annual climate change conference, dubbed COP27, held in Sharm el-Sheik, Egypt. “Loss and damage” refers to financial restitution from industrialized countries to vulnerable and developing countries to offset the effects of climate change.
Kerry during the weekend told Chatham House that the United States would be on board with helping out.
“How do we develop the developing world?” Kerry asked. “We’ve been falling short grossly. We have to help these countries be able to jumpstart.”
From the sidelines of COP27, Kerry said through the U.S. Embassy in Cairo that an “unprecedented” level of investments in clean energy were needed to limit the expected increase in global temperature averages. The current level of investments needs to triple to reach $4.2 trillion by 2030 in order to support emerging and developing countries.
Chile and Nigeria are already on board with Kerry’s plans for the Energy Transition Accelerator, while major corporations such as Bank of America and PepsiCo. have expressed interest in joining.
“The ETA is expected to deliver deeper and earlier emissions reductions, help developing countries achieve and strengthen their nationally determined contributions under the Paris Agreement, and help them advance broader sustainable development goals, including expanded energy access,” the embassy stated.
The funding vehicle is expected to run through 2030, with a possible extension to 2035.
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