Advocates for renewable energy and addressing climate change are applauding a new renewable energy alliance between a trio of philanthropic mega-donors — Bezos Earth Fund, IKEA Foundation, and The Rockefeller Foundation — and financial institutions, saying it could be instrumental in speeding up the development of technologies to reduce greenhouse gas emissions.
But the ambitious initiative also could face challenges as it gears up for quick action and works to implement accountability measures.
The Global Energy Alliance for People and Planet was launched last week during COP 26. According to a press release, the initiative is launching with $10 billion but wants to “unlock $100 billion in public and private capital” to address three areas: reaching 1 billion people with renewable energy, averting 4 billion tons of carbon emissions, and creating or improving 150 million jobs. It is focused on the global south.