Major foundations and development finance institutions have launched an alliance at the 26th United Nations Climate Change Conference to unlock $100 billion in public and private financing for green energy over the next decade.
The Global Energy Alliance for People and Planet aims to reach 1 billion people with renewable power, avert 4 billion tons of carbon emissions, and create or improve 150 million jobs.
The alliance builds on a partnership launched earlier this year by the IKEA Foundation and The Rockefeller Foundation, which committed $1 billion toward tackling climate change. That capital, along with money from the Bezos Earth Fund, “will unlock billions of dollars in investment capital from multilateral and development finance institutions.”