Bezos, IKEA and Rockefeller Promise Billions for Climate

Global philanthropies dug into their pockets to make a big statement on the first full day of the United Nations climate conference.

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The Rockefeller and IKEA Foundations announced plans to create a Global Energy Alliance for People and Planet that will enable rich governments to make incremental, efficient donations toward the energy transition in poorer nations.

The organization, which also includes eight multilateral and development-finance institutions, will start with $10 billion to test strategies and innovative technologies to support renewable energy across the globe, especially in areas where private capital is still hesitating. Once prototypes are proven, the hope is they will unlock $100 billion in private and public investment to expand them.

The programs, announced on the first full day of the Glasgow, Scotland, conference known as COP26, are meant to augment rich nations’ 2009 pledges to fund the energy transitions of poor nations with $100 billion annually.

To read more: Here.

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