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Ikea, Rockefeller Foundations to fund clean energy in developing countries with combined USD 1bn

The two moneyed foundations agree to endow a half billion US dollars each to green power projects in developing countries.

Photo: Thomas Borberg/Politiken/Ritzau Scanpix

In a move to kickstart the energy transition globally, the Ikea Foundation and the Rockefeller Foundation announced today that they will each donate USD 500m to support distributed renewable generation projects in developing nations.

Roughly 2.8 billion people worldwide don’t have access to reliable power, according to the United Nations, but the two philanthropies estimate these funds will bring energy to a billion of them over the next decade. Further, since the partnership will target communities that might otherwise rely on fossil fuels for power generation either now or in the future, they expect that the combined gift will reduce carbon emissions by a billion tonnes.

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