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On Wednesday, a group of philanthropic foundations and international development banks announced a $10.5 billion fund for aid. emerging economies to switch from fossil fuels to renewable resources with increasing energy needs.
The group, known as the Global Energy Alliance, aims to attract more donors in the coming weeks. It has now drawn $1.5 billion from the Rockefeller Foundation, the Ikea Foundation, and other organizations. Bezos World Fund9 billion dollars with international development banks such as the African Development Bank and the International Finance Corporation.
The announcement, made on the sidelines of the United Nations climate summit in Glasgow, came as the Biden administration invested trillions of dollars in private investment to shift global energy systems away from coal, oil and gas.
Raj Shah, chairman of the Rockefeller Foundation, which helped found the alliance, said the new funding is needed to accelerate investment in clean energy technologies that would otherwise not attract private investors demanding high returns.
“If an immediate 20 percent return on every investment is required, accelerating climate transitions in developing countries will not happen,” Shah said, adding that such an initiative would require the public, philanthropic and private sectors to come together to “take advantage of innovative financing.”
The Alliance says it aims to raise $100 billion in public and private capital to expand access to clean electricity for one billion people in developing countries, create 150 million jobs and avoid the carbon emissions from power plants. coal.
The money will support initiatives such as the development of mini power grids in parts of the country. rural indiaHelp Indonesia shut down some of its oldest and most polluting coal-fired power plants and develop a hydroelectric project in Sierra Leone.
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