ENERGY TRANSITION
Energy Transition Accelerator: Accelerating the energy transition in emerging markets and developing economies
Context and challenges
Annual global clean energy investments must triple to USD 4.2 Tn to meet the 1.5°C target by 2030, according to the International Energy Agency. More than half will need to be directed to investments in emerging markets and developing economies (EMDEs).
Burned fossil fuels for power generation represented 9.8 Bn tons of CO2 emissions in 2020 in EMDEs.
Without sufficient investment to reduce these emissions, it will be impossible to meet the 1.5°C target by 2030.
Initiative Description
The Energy Transition Accelerator (ETA) is an initiative from the Ingka Group, the U.S. State Department, Bezos Earth Fund and The Rockefeller Foundation to accelerate investment in the energy transition in developing countries.
ETA is a coalition of Buyers and Sellers acting as a marketplace, where corporate and sovereign buyers commit - through advanced purchase commitments, offtake agreements or similar instruments - to invest in emissions reductions in the participating seller countries. It seeks to set robust energy transition safeguards and strengthen adaptation efforts in EMDEs.
The ETA is collaborating with the World Bank’s SCALE initiative to provide an avenue for donor government participation and access to technical and capacity-building support for host countries, earmarking EUR 1 Bn in investments for innovation and transitional technologies related to renewable energies. To support renewable energy consumption across the Ingka value chain, EUR 6.5 Bn are already committed, and Ingka Investments has EUR 4+ Bn committed to renewable energy projects in wind and solar power.
Commitments from Business & Philanthropy
Join as a buyer to purchase ETA emission reduction credits
Join as a pilot host jurisdiction to finance additional emission reductions
Join as an investor to provide upfront finance in the energy transition
Join the stakeholder consultation to provide strategic input and feedback into the development process
How to get involved?
Contact the team for more information and to get involved
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Source: ETA partners