Historic Alliance Launches at COP26 to Accelerate a Transition to Renewable Energy, Access to Energy for All, and Jobs
The Global Energy Alliance for People and Planet aims to unlock USD100 billion in public and private financing in order to:
- Reach 1 billion underserved people with reliable, renewable power;
- Avoid and avert 4 billion tons of carbon emissions;
- Drive economic growth, with 150+ million created, enabled, or improved.
While energy-poor countries are currently responsible for 25% of global CO2 emissions, their share of global emissions could grow to 75% by 2050, according to an analysis published today by the Alliance. Yet these countries currently only receive 13% of clean energy financing, despite representing nearly half of the world’s population.
To change this trajectory and maximize its impact on jobs and livelihoods, 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.
Partnering for Impact
Earlier this year, IKEA Foundation and The Rockefeller Foundation joined forces to commit a combined USD1 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 investment capital from multilateral and development finance institutions. The Alliance will use its collective efforts for collaborative action and provide grant funding, technical assistance, and a range of financing options.
About Global Energy Alliance for People and Planet:
The Global Energy Alliance for People and Planet (GEAPP) launched on November 2, 2021 at COP26 with USD10 billion of committed capital to accelerate investment in green energy transitions and renewable energy solutions in developing and emerging economies. This historic partnership leverages catalytic grant funding to unlock investment capital with the aim of mobilizing USD100 billion in public and private capital in order to reach one billion people with reliable, renewable power, avoid and avert four billion tons of carbon emissions, and create, enable, or support more than 150 million jobs and drive economic growth over the next decade. The Alliance serves as a platform for collaborative action and provides grant funding, technical assistance, and a range of financing options.
For more information and to access the Global Call for Transformative Country Partnerships, please visit www.globalenergyalliance.org.