Retail giant IKEA and the Rockefeller Foundation have today announced the creation of a US$1 billion initiative to catalyse investments in distributed renewable energy (DRE).
Operated through a global platform that will be launched this year, the initiative hopes to reduce greenhouse gas emissions by 1 billion tonnes and provide 1 billion people with DRE.
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The initiative will be run as a public charity and aims to stimulate a post-pandemic economic recovery, as well as supporting emerging economies’ move to renewable energy.
“Our collective ambition is to create a platform that supports renewable energy programmes which can deliver greenhouse gas reductions fast and efficiently and accelerate the energy transition,” said Per Heggenes, CEO of the IKEA Foundation.
IKEA and its parent company Ingka Group have been prolific investors in renewable energy projects, IKEA in particular intending to power all of its operations through renewables by 2025. Earlier this year Ingka Group allocated an additional €4 billion (US$4.75 billion) to invest in solar and wind projects globally.
With “big, bold” investments required, the Rockefeller Foundation has announced its “largest commitment to date,” said Dr. Rajiv Shah, president of The Rockefeller Foundation.
“Our partnership will unlock the financing and resources that are essential to provide clean, reliable electricity,” he added.
The Rockefeller Foundation will incubate the platform in RF Catalytic Capital, which the foundation launched in 2020, offering a way for investors and governments to get involved.