John Kerry with Shadia Abreu and Max Puig, representatives of the Democratic Party.
Dubai, United Arab Emirates – John Kerry, the US Government’s Special Envoy for Climate Change, officially announced the Energy Transition Accelerator (ETA).
Kerry explained that the Dominican Republic, Chile, Nigeria and the Philippines will be the first four countries that will benefit from this initiative.
During the event, held within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28), Kerry confirmed the participation of American companies.
Among these companies are Amazon, Bank of America, Boston Consulting Group, MasterCard, McDonald’s, Morgan Stanley, PepsiCo, Salesforce, Schneider Electric, Standard Chartered Bank, Train Technologies, and Walmart.
Access to innovative financing mechanisms
The aforementioned program will allow the Dominican Republic to access innovative financing mechanisms to achieve the country’s ambitious emissions reduction goals.
In essence, this will help us direct new investments towards activities that contribute to the decarbonization of the electricity sector,” explained Max Puig Puig, Executive Vice President of the National Council for Climate Change and Clean Development Mechanism.
For her part, Advisor to the Ministry of Energy and Mines, Shadia Abreu, indicated that it will also facilitate investment in new infrastructure without endangering the reliability and quality of electrical service.
John Kerry talks about the program
John Kerry explained that it is an innovative financing platform aimed at stimulating private capital to support a just energy transition in emerging and developing economies.
He explained that it will bring together governments and private sector stakeholders who will use high-integrity carbon credits to achieve faster reductions in greenhouse gas emissions.
According to preliminary estimates, the Energy Transition Accelerator could mobilize between $72 billion and $207 billion in transition financing by 2035.
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