State Department Initiative to Help Private Sector Contribute to Climate Solutions
At this week's COP26, the US announced the Climate Entrepreneurship for Economic Development (CEED) Initiative, which will both help economic development and climate change by assisting businesses with innovative climate solutions. The initiative is a collaboration between the State Department and private companies -- LinkedIn, Salesforce, and General Electric (GE) -- to "enhance efforts by climate-focused entrepreneurs."
The US Center: COP26 - Growing Economies by Reducing Emissions, November 3, 2021.
Why This Matters
Clean energy is a rapidly growing sector. Clean energy investments grew five-fold over the last decade, from less than $50 billion to over $250 billion per year. The International Energy Agency (IEA) estimates that investments in the power sector could reach $17 trillion cumulatively from 2012-2035 as developing countries begin to phase in electric power. The CEED Initiative is aimed to help businesses participate in this growing industry, which will improve both the economy and the climate.
Bloomberg Quicktake: The 10 Ways Renewable Energy’s Boom Year Will Shape 2021, March 12, 2021.
"Confronting the Climate Crisis Head-on"
CEED's corporate partners plan to assist the State Department in encouraging the growth of the green economy.
- LinkedIn plans to share information on economic trends so that CEED partners can adjust jobs and skills to help avert the climate crisis, and use its platform to connect CEED participants with one another.
- Salesforce will provide expertise, networks, and capital to CEED, with $300 million set aside to invest in reforestation, ecosystem rehabilitation, and climate justice alongside other environmental initiatives.
- GE will use its expertise in the aviation, energy, and healthcare sectors to advise CEED entrepreneurs and connect them with speakers and mentors.
The State Department summed up the initiative, stating:
To confront our shared climate change challenge head-on, we need to catalyze clean energy, climate adaptation, and resilient technologies, and disrupt the status quo. To accomplish this, we must harness both the best entrepreneurs and technologies to meet the growing demand for energy with the common goal of providing access to sustainable clean energy and economic development
CNBC: This Overlooked Energy Source Could Supply 50% Of Electricity, May 6, 2021.
WW0: Powering America, February 18, 2021.