Andrew Steer: We must de-risk the energy transition for developing nations

In 2020, Amazon founder Jeff Bezos committed $10bn to create the Bezos Earth Fund, to help address the pressing issues of climate change. And, since then, the fund’s chief executive, Andrew Steer — who joined from the World Resources Institute, following a stint as the World Bank’s special envoy for climate change — has focused its efforts on funding energy transition.

At the COP 27 conference in Egypt, last November, Steer, alongside John Kerry, the US special presidential envoy for climate, and the philanthropic Rockefeller Foundation, announced plans for an Energy Transition Accelerator (ETA) programme, to bring private capital to clean energy transition projects in emerging and developing economies. It’s aim was to do this by verifying the greenhouse gas emission reductions from transition projects, which participating jurisdictions would be able to issue as marketable carbon credits. Under the still to be developed proposal, these credits might then be purchased by companies to achieve their net zero emission targets, creating a predictable finance stream to de-risk costly transition investment.

In March, Steer joined the FT’s climate editor, Emiliya Mychasuk, at the FT Climate Capital Live event, to give an update on the ETA’s progress.

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