Biden administration to lead Net Zero World Initiative to promote decarbonization globally
Despite setbacks for its domestic green efforts, the Biden administration hit the world stage this week to promote global cooperation through the new Net Zero World Initiative, a U.S. Department of Energy (DOE)-led effort to accelerate energy system decarbonization.
So far, the partnership includes the United States, Argentina, Chile, Egypt, Indonesia, Nigeria, and Ukraine, all of which pledged to accelerate transitions to net zero, resilient, and more inclusive energy systems. Working with the DOE and its labs, these countries will work to create and implement customized technology and investment plans to achieve net zero. Numerous organizations will also assist, from philanthropies to businesses and universities, including groups like the Global Energy Alliance for People and Planet and Bloomberg Philanthropies.
“The U.S. is committed to working with countries all over the globe to accelerate clean climate goals from ambition to action, and the Net Zero World Initiative is the latest example of our dedication,” U.S. Secretary of Energy Jennifer Granholm said. “With Net Zero World, our partnering nations will harness the power and expertise of the National Laboratories, federal agencies, think tanks, businesses, and universities, to develop tangible clean energy projects that meet their energy needs.”
Development of plans will span national, regional, and local needs and the initiative will provide holistic support for immediate and sustained projects with the capability to transform and maximize developmental impacts throughout a given region. The organization will also promote exchanges between the U.S. and other nations to support peer-to-peer learning, build confidence in the energy transition and inform the path to success.
All committed countries must meet four milestones:
- By 2022: Prepare or strengthen net zero technical, market, and investment plans.
- By 2023: Implement key policies and programs to achieve national net zero transitions.
- By 2024: Invest at least $10 billion in clean energy infrastructure and projects.
- By 2025: Create new clean energy jobs, with at least 50 percent held by women and 40 percent aiding traditionally disadvantaged communities.
“Reducing emissions to net zero is an enormous global challenge that requires urgent action at every level,” Michael Bloomberg, founder of Bloomberg Philanthropies and the U.N. Secretary-General’s Special Envoy for Climate Ambition and Solutions, said. “Cities, regions, and businesses are helping to lead the way, but so much more needs to happen—and faster. As the U.S. government joins forces with more partners worldwide, the Net Zero World Initiative will help accelerate the race to zero and create a greener, more sustainable future for all.”
The U.S. Department of State, U.S. Agency for International Development (USAID), U.S. Trade and Development Agency, and the Development Finance Corporation will provide additional support for the Net Zero World Initiative.
