Rockefeller, Ikea, Bezos Earth Fund Form Historic Alliance at COP26 to Unlock $100 Bn Financing
The new Global Energy Alliance for People and Planet (GEAPP) launched at COP26 to accelerate investment in green energy transitions and renewable power solutions in developing and emerging economies worldwide.
November 02, 2021. By Manu Tayal
Over the next decade, the Alliance aims to unlock USD 100 billion in public and private capital and tackle 3 profound human problems simultaneously:
1) Power – reaching 1 billion people with reliable, renewable energy;
2) Climate – avoiding and averting 4 billion tons of carbon emissions; and
3) Jobs – building an on-ramp to opportunity by creating, enabling, or improving 150 million jobs.
It also opened a Global Call for Transformational Country Partnerships, inviting developing and emerging economies to apply for technical support and funding to advance ecosystems of clean energy projects.
the Alliance announced they are providing more than USD10 billion to focus on fossil fuel transitioning, grid-based renewables, and distributed renewables. Alliance partners include:
- Anchor philanthropic organizations: The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund;
- Investment partners: African Development Bank Group, Asian Development Bank, European Investment Bank, Inter-American Development Bank, International Finance Corporation, UK’s CDC Group, US International Development Finance Corporation, and World Bank;
- Country partners: Co-Hosts of the 2021 United Nations Climate Change Conference (COP26) Italy and the UK, and Denmark.
“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 developing 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 Foundation.
“The climate and energy access crises underscore the need for a better way. We must urgently transform our energy system. By bringing the leading technical providers and financing 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 millions of jobs, benefit health, and provide essential development and climate gains,” said Andrew Steer, CEO of Bezos Earth Fund.
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