Rockefeller Family Foundation (RFF) and IKEA Charitable Foundation decided to create a joint fund to support renewable energy use programs, reports Financial Times.
To begin with, both organizations will put 500 million dollars in the fund – the largest funds in its history. However, this year they want to attract 10 billion dollars to it, and in the future increase it to trillion.
As noted in the material, the initiative does not look completely charitable. The funds noticed that the Green Energy has become a major business in Europe and the United States, and decided to lead the process of transition to emerging markets.
RFF President Rajiv Shah confirmed that the project can not only contribute to environmental goals, but also become commercially profitable. According to him, in the funds they saw examples of such work and know what you need to succeed.
According to the publication, at the first stage, the Joint Foundation intends to reduce greenhouse gas emissions per billion tons, and also to end the energy poverty in the territories where more than a billion people live. India, Nigeria, Ethiopia are named countries with such territories.
IKEA FOUNDATION executive director Per Hegageez noted that the organization being created would contribute to the decision of two main problems in developing countries – climate change and poverty.
The IKEA and RFF Foundation reported that they had already agreed with the International Finance Corporation (one of the structures of the World Bank) and the International US Development Corporation.
It is assumed that the participation of such organizations will push European companies to connect to investments. According to Shah, the coronavirus pandemic dramatically worsened the state of affairs and prospects of poor countries, so large companies and structures should stimulate economic growth in them by an environmentally friendly way.
Earlier it was reported that one of the problems “green” energy was the shortage of qualified workers who could not find the giants of the industry.