“John Kerry Announces Energy Transition Accelerator Program at COP 28”
DUBAI, UNITED ARAB EMIRATES- John Kerry, the United States Government’s Special Envoy for Climate Change, has officially announced the launch of the “Energy Transition Accelerator” (ETA) program. The program aims to support the just energy transition in emerging and developing economies, with the Dominican Republic, Chile, Nigeria, and the Philippines being the first four countries to benefit from this initiative.
This announcement was made during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28). Kerry also confirmed the participation of American corporations, including Amazon, Bank of America, McDonald’s, and Walmart, in this initiative.
The Energy Transition Accelerator program will provide the Dominican Republic access to innovative financing mechanisms to achieve ambitious emissions reduction goals. Max Puig Puig, the executive vice president of the National Council for Climate Change and Clean Development Mechanism, emphasized that this program would channel new investments towards activities contributing to the decarbonization of the electricity sector.
Chadia Abreu, advisor to the Ministry of Energy and Mines, highlighted that the program will also facilitate investment in new infrastructure without compromising the reliability and quality of the electrical service.
Further elaborating on the program, John Kerry explained that it is an innovative financing platform aimed at catalyzing private capital to support the just energy transition in emerging and developing economies. Kerry estimated that the program could mobilize between $72 billion and $207 billion in transition financing by 2035 through the use of high-integrity carbon credits.
The Energy Transition Accelerator program marks a significant milestone in global efforts to combat climate change and promote sustainable development.