The fund, which will be launched this year, aims to reduce one billion tons of greenhouse gas emissions and empower one billion people with distributed renewable energy. According to the Financial Times, each foundation will provide risk capital of 500 500 million, he added, adding $10 billion this year. Is expected to attract additional funds before opening up to institutional investors to increase investment in renewables in countries such as India, Nigeria and Ethiopia.
“It could be commercially viable. There is a risk of $1billion upfront, and it could unlock tens of billions of dollars,” the report quoted Rajiv Shah, president of the Rockefeller Foundation, as saying. “We are not gambling here. We have seen how it works in India. We know what it takes to succeed.”
According to the report, the foundations have already signed agreements with the World Bank-affiliated organization, the International Finance Corporation and the US International Development Finance Corporation. IKEA aims to have a positive climate by 2030, and most of IKEA’s store owners – the Ingka Group – said in April they had set aside $4.75billion for investments in green energy projects.
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