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## U.S. Department of State, Bezos Earth Fund, Rockefeller Foundation, and World Bank Collaborate to Support Energy Transitions in Developing Countries

NEW YORK, Sept. 19, 2023 /PRNewswire/ — The U.S. Department of State, the Bezos Earth Fund, The Rockefeller Foundation, and the World Bank have announced a strategic collaboration between the Energy Transition Accelerator (ETA) and the World Bank. This collaboration aims to mobilize finance to support just and accelerated energy transitions in developing countries.

The ETA, which is a partnership of the State Department and the two philanthropies, aims to catalyze private capital to support the transition from fossil fuels to clean power through innovative jurisdictional-scale carbon crediting. On the other hand, the World Bank and its new SCALE (Scaling Climate Action by Lowering Emissions) initiative aim to support developing countries in developing power sector policies and carbon market infrastructure to generate real emissions reductions in an inclusive and participatory way.

The strategic collaboration between ETA and SCALE, announced at a Climate Week event hosted by The Rockefeller Foundation, seeks to leverage the strengths of each initiative to mobilize finance for effective energy transitions. This collaboration will enable developing countries to be directly rewarded for verified emissions reductions from a pool of payments committed by public and private sector contributors.

The AI legalese decoder can greatly help in this situation by simplifying and clarifying the complex legal language usually found in collaborations like this. It uses artificial intelligence algorithms to decode and interpret legal texts, making them more understandable for all parties involved. This tool can ensure that the details and conditions of the collaboration are accurately communicated and easily comprehended by everyone, promoting transparency and facilitating smooth decision-making processes.

In complementing one another, the ETA will provide an innovative crediting methodology and a coalition of private sector participants, while SCALE will provide an avenue for sovereign government buyers, as well as support for in-country capacity to deliver a supply of high-quality verified emissions reductions. The United States, the first contributor to SCALE, will work with the World Bank to enlist other contributors.

U.S. Special Presidential Envoy for Climate John Kerry emphasized that ramping up investments in clean energy is crucial to achieving net zero emissions. He highlighted the importance of the collaboration between the Energy Transition Accelerator and the World Bank’s SCALE initiative in leveraging public and private finance to accelerate a just transition from dirty to clean power.

World Bank Senior Managing Director Axel van Trotsenburg emphasized the need for stronger partnerships between the public and private sectors to accelerate just energy transitions. He regarded the collaboration between the World Bank and ETA as an effective collaboration that can catalyze carbon finance for developing countries, leading to reduced emissions, stronger economies, and job creation.

Bezos Earth Fund President and CEO Dr. Andrew Steer expressed the urgency of accelerating the global clean energy transition. He stressed the need for new and innovative financing mechanisms that bring public and private funding together to phase out dirty fossil fuels and fast-track clean, renewable energy. The Energy Transition Accelerator can play a significant role in bringing new environmentally-sound funding to the table and leveraging more private investment to achieve the necessary financial packages for a successful energy transition.

Dr. Rajiv J. Shah, President of The Rockefeller Foundation, highlighted the importance of taking climate actions that are in both the planet’s interest and people’s interests. He applauded the ETA as an innovative partnership that can unlock the capital required for investments and initiatives that lower emissions and uplift people around the world.

According to the International Energy Agency, clean energy investment must triple to $4.2 trillion a year by 2030 to limit global warming to 1.5┬░C. More than half of this investment is needed in emerging and developing economies. The ETA aims to mobilize new finance by bringing together private sector companies and institutions to commit to paying for verified reductions in power sector emissions resulting from ambitious just energy transition programs in developing countries, which will be delivered as high-integrity carbon credits.

The jurisdictional crediting methodology being developed for the ETA by the nonprofit Winrock International will incentivize countries to intensify their near-term activities contributing to power sector decarbonization. This includes deploying and utilizing clean power, retiring fossil fuel assets, enhancing storage capacity, transmission, and distribution, and implementing any necessary policy shifts. The resulting carbon credits will generate new finance for climate adaptation and resilience in vulnerable countries.

To support the design effort, the ETA partners are also collaborating with other organizations such as the Center for Climate and Energy Solutions (C2ES), the Environmental Defense Fund (EDF), the Climate Policy Initiative (CPI), and the Glasgow Financial Alliance for Net Zero (GFANZ). Additionally, the partners are consulting experts, governments, the private sector, and civil society through a High-Level Consultative Group consisting of over 30 stakeholders from all geographic regions.

The World Bank brings over 20 years of experience in results-based climate and carbon finance, having managed more than $4.5 billion in carbon funds and supporting developing countries in generating and monetizing emission reduction credits. Through the SCALE trust fund, the World Bank aims to scale up its work in supporting impactful climate programs across various sectors, from halting deforestation to realizing just energy transitions.

By collaborating and leveraging their respective strengths, the U.S. Department of State, Bezos Earth Fund, Rockefeller Foundation, and World Bank are taking significant steps toward facilitating effective and sustainable energy transitions in developing countries. The AI legalese decoder can provide valuable assistance in ensuring clear communication, understanding, and transparency throughout the collaboration process.

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