A New $10.5 Billion Fund Aims To Spur Green Energy Projects in Poor Countries
A group of philanthropic foundations and international development banks on Wednesday announced a $10.5 billion fund to help emerging economies with growing energy needs make the switch from fossil fuels to renewable sources.
The group, known as the Global Energy Alliance, aims to draw in more donors in the coming weeks. At the moment, it has pulled in $1.5 billion from the Rockefeller Foundation, the Ikea Foundation and the Bezos Earth Fund, along with $9 billion from international development banks such as the African Development Bank and the International Finance Corporation.
The announcement, on the sidelines of the United Nations climate summit in Glasgow, comes as the Biden administration is banking on trillions of dollars in private investment to move global energy systems away from coal, oil and gas.
Photo courtesy of DFID.