Energetica India Magazine October-November 2021

25 energetica INDIA- Oct-Nov_2021 lack access to electricity. This in turn boosts human development by creating jobs at a mas- sive scale and advances gender equity through increased accessibility, all the while cutting emissions to avert the climate crisis. “By replacing diesel generators and coal-fired power plants with renewable alternatives we can reduce carbon emissions quickly. The alliance will work closely with emerging and de- veloping countries who are keen to embrace an inclusive and just energy transition, to bring carbon emissions down and incomes up,” said Per Heggenes, CEO of the IKEA Founda- tion . “We’re proud continue to bring together governments, philanthropies, development finance institutions, and the private sector to join us in our collective ambition.” Through the Global Call for Transformational Country Partner- ships , the Alliance is focused on meeting growing demand for power with renewables in place of coal and extending produc- tive-use power to communities that either lack access to elec- tricity or have unreliable access. Before the Alliance’s launch, partner members have established relationships in several countries, providing an opportunity to fast-track efforts to pilot breakthrough business models. By working with governments to design and implement their de-carbonization plans and en- hance their domestic policy, planning, and regulatory frame- works, the Alliance will help create more favorable investment environments and enable the end-to-end delivery of national transformational programs. This includes the identification, development, execution, mon - itoring, and scaling of programs, which will unlock greater levels of investment in clean power sector assets, accelerate equitable energy transitions, and achieve near-term carbon reductions. The Alliance will also de-risk expensive early stag- es of project development by helping countries test strategies and innovative technologies that may have a higher initial risk profile, and then scale solutions that work. Earlier this year, IKEA Foundation and The Rockefeller Foun- dation joined forces to commit a combined USD 1 billion to fight climate change and energy poverty. With the addition of Bezos Earth Fund, the catalytic grant capital provided by these anchor partners will unlock billions of dollars in invest- ment capital from multilateral and development finance institu - tions. The Alliance will use its collective efforts for collaborative action and provide grant funding, technical assistance, and a range of financing options. “The climate and energy access crises underscore the need for a better way. We must urgently transform our energy sys- tem. By bringing the leading technical providers and financ - ing agents together, the Global Energy Alliance for People and Planet is well placed to become the most significant initiative to extend clean, reliable energy to those who don’t have it, while eliminating carbon pollution. In turn, it will create mil- lions of jobs, benefit health, and provide essential develop - ment and climate gains,” said Andrew Steer, CEO of Bezos Earth Fund. In order to increase invest- ment and impact in sub-Sa- haran Africa, Asia, and Latin America, the Alliance is ac- tively recruiting a diverse set of new partners. RF Catalytic Capital, Inc. (RFCC), the pub- lic charity that The Rockefeller Foundation launched in 2020 to enable like-minded funders to pool resources and bring about transformational change, will facilitate the Alliance’s multi-partner investment. The Alliance will also fund and coordinate with “delivery part- ners” that will provide significant policy, technical, and project development capacity. In addition to identifying local partners in each market, delivery partners include COP26 Energy Tran- sition Council (ETC), Energy Sector Management Assistance Program (ESMAP), International Renewable Energy Agency (IRENA), International Solar Alliance, Odyssey, Rocky Moun- tain Institute (RMI), Sustainable Energy for All (SEforAll), and the U.S. Government’s Power Africa program. Damilola Ogunbiyi, CEO and Spe- cial Representative to the UN Secretary General for Sustainable Energy for All commented, “For 759 million people without electric- ity, and 2.6 billion people without access to clean cooking solutions, energy poverty is a daily reality that impacts every aspect of their lives. With less than nine years to achieve SDG7, the launch of the Global Energy Alliance for People and Planet could not come at a better time. As a part- ner, we at Sustainable Energy for All recognize the catalytic role that galvanizing partners and resources can play towards unlocking a just, equitable, and prosperous future for all.” FINANCE