The Rockefeller Foundation will commit $1bn over the next three years to help catalyse a more inclusive, green recovery from the Covid-19 pandemic, including plans to scale up distributed renewable energy across developing countries, the organisation has said.
The aim is to catalyse billions of dollars in private and concessional investments to boost distributed renewable energy in developing countries.
The foundation will collaborate with global investors, international organisations and governments, to drive public-private investment in infrastructure that accelerates access to clean, safe, and reliable renewable energy across Africa, Asia, and Latin America.
It also targets more equitable access to Covid-19 tests and vaccines, science-based tools, and data to fight the pandemic, while strengthening public health systems to prevent future outbreaks.
Rockefeller Foundation president Rajiv Shah said: “There’s no going back to the past, to before-Covid. We need to reimagine the future we want.
“To meet this moment, we must leverage all our resources and relationships to build an equitable, sustainable future, where everyone has the opportunity to realise their full potential and climate disaster is avoided.
“The time to act is right now to make sure vulnerable children and families are included in the pandemic response and recovery.”
Rockefeller Foundation senior vice-president of the power and climate initiative Ashvin Dayal said: “By refining the business case for distributed renewable electrification and deepening our technical knowledge of mini grid systems and their impact on people’s lives and livelihoods.
“This effort is expected to invest $1bn by 2026, deploying up to 10,000 mini grids that will provide clean energy to 5 million households, create 10,000 new green jobs, support 100,000 rural enterprises, deliver irrigation to 400,000 farmers, and in total, provide access to reliable power for more than 25 million people across the communities they serve.”