The private sector’s investment in renewable energy projects in developing countries is expected to reach US$2 million, which will be promoted by the “catalytic capital” fund jointly initiated by the World Bank’s International Finance Corporation (IFC) and the Rockefeller Foundation. The
partners stated that initially “rapidly launching” approximately US$30 million in concessional financing and grant funds, prioritizing sub-Saharan African countries, will launch the fund to take advantage of and “active investment portfolio” currently supported by the International Finance Corporation The project uses its prototype mini-grid scaling program.
By 2050, as emerging markets embark on a path of transformation, renewable energy will eliminate fossil fuels
“By combining private and charitable investment financing, the Rockefeller Foundation and the International Finance Corporation will reduce the distribution of emerging markets The risk of capital investment in renewable energy projects will help address global energy access needs,” the partners said in a statement.
“Investing in renewable energy infrastructure in communities that do not have access to reliable energy will ensure that recovery from the Covid19 crisis is green and fair,” said Rajiv Shah, Chairman of the Rockefeller Foundation.
“The energy technology field we are investing in will make it possible for everyone on the planet to have efficient and fully reliable electrification.
Beacon World Bank research found that wind power can power Africa “more than 250 times”
“By combining the expertise and resources of the Rockefeller Foundation with the global footprint of the International Finance Corporation, we are demonstrating the power of the association to have a real impact. ” Makhtar Diop, Managing Director
IFC: “The core of the climate challenge is the energy challenge. The dual goals of improving access to energy and addressing climate change require our urgent attention, but public resources alone cannot achieve this. Yes. If the scale of our results matches our ambitions, the private sector can and should be part of the solution. ”