Targeting $7.5 billion for developing countries/ Renewable energy alliance backed by Bezos increases investments
An alliance that installs renewable energy in developing countries wants to invest about $7.5 billion over its next five-year plan and is seeking more philanthropic partners as wealthier countries cut government aid.
The Global Energy Alliance for People and Planet, launched at the 2021 global climate talks, has helped over 30 countries improve electricity grids, build battery storage and create jobs in the green economy.
It provides 'free' or 'cheap' money from charitable or government sources to reduce investment risk and attract money from multilateral development banks and private sector lenders. The task has become more difficult since the US administration under Donald Trump has led a shift away from development aid and towards climate finance.
Founded by the IKEA Foundation, the Rockefeller Foundation and the Bezos Earth Fund, GEAPP's list of partners has grown to include countries such as Britain and Denmark, the World Bank and private sector companies including GE Vernova.
The alliance is also looking ahead to the upcoming global climate conference in Brazil in November, when finding financing to help developing countries transition to green energy will play a prominent role, as it has in previous climate talks.
Underscoring the scale of the challenge, the International Energy Agency has said that investment in clean energy and a new window of opportunity in developing countries outside China must increase sixfold to $1.6 trillion by the early 2030s in order to meet the world's climate goal.
Official development assistance fell by 7.1% in real terms in 2024, data from the OECD showed, the first decline in six years, led by a decline in US funding, increasing pressure on groups such as GEAPP to broaden its range of supporters.
During its first five-year plan, GEAPP has mobilized $7.8 billion in financing that it expects to provide new and improved access to energy to nearly 240 million people and reduce carbon emissions by 952 million metric tons, it said in a report to be released Monday.
The alliance aims to raise at least $500 million in philanthropic capital between 2026 and 2030 and leverage it about 15 times to unlock $7.5 billion.
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