The Rockefeller Foundation and the Ikea Foundation are joining forces to set up a US$1 billion global platform to fight climate change and energy poverty. Together, the foundations have set a goal to “reduce 1 billion tons of greenhouse gas emissions and empower 1 billion people with distributed renewable energy.” The focus will be renewable energy generated from sources such as mini-grid and off-grid solutions, located near the point of use, rather than centralized sources like power plants. The new global platform will oversee the organizations’ combined matching funds and will be run as a public charity.
“If global energy consumption doesn’t change from fossil fuels to renewable energy, we will not meet the Paris Agreement ambitions and millions of families will be left behind in poverty. We need to be honest and recognize that the current approach is not delivering the impact the world needs in the time that we have,” said Per Heggenes, CEO of the Ikea Foundation.
“Our collective ambition is to create a platform that supports renewable energy programs which can deliver greenhouse gas reductions quickly and efficiently and accelerate the energy transition,” continued Heggenes. “We need to replace polluting sources of energy with renewable ones, provide access to energy to communities and unlock further funding for sustainable models. Ultimately, we aim to unite countries and communities in urgent action to tackle the climate crisis, reduce 1 billion tons of greenhouse gas emissions and, by doing so, we hope to positively impact the lives of 1 billion people.”
The Ikea Foundation is a Dutch foundation founded in 1982 by Ingvar Kamprad, a Swedish billionaire and founder of furniture retailer Ikea.
“Big, bold, and pioneering collaboration and investment is required not only for the short term, but also the long term, to galvanize a better future. That is why we are announcing our largest commitment to date and joining forces with IKEA Foundation to double that investment,” said Dr. Rajiv J. Shah, president of the Rockefeller Foundation. “Our partnership will unlock the financing and resources that are essential to provide clean, reliable electricity that improves the lives and livelihoods of people everywhere.”
The Rockefeller Foundation is a US foundation established by the Rockefeller family in 1913.