The Rockefeller Foundation has pledged $1.5m to support developing countries in their move away from fossil fuels.
The fund is part of a facility launched by the Energy Transition Council, a global coalition of leaders committed to achieving net-zero emissions by mid-century.
The council’s rapid response facility (RRF) has reached $14m and will help developing countries more effectively plan, develop, and implement cleaner energy projects.
In the lead-up to COP26, the United Nations climate change conference hosted by the UK later this year, the facility will support countries to reduce carbon emissions through strategic planning, technical and capacity building assistance.
“Climate change is the world’s greatest existential threat, and every scenario that reduces CO2 emissions must be pursued,” said Rajiv Shah, president of the Rockefeller Foundation.
“The RRF will play a vital role in advancing a just transition to renewable energy that will spur more inclusive economic development by expanding access to clean electricity for energy-poor people around the world.”
Accelerating access to reliable, renewable electricity in underserved, low-income communities worldwide is a top priority of the foundation, which has worked for nearly a decade to improve the lives of over 500,000 people in India, Myanmar and parts of sub-Saharan Africa with distributed renewable energy technologies.
“The RRF is an important tool in providing clean power for communities most impacted by the dual crises of Covid-19 and climate change,” said Ashvin Dayal, senior vice-president of the Power & Climate Initiative at the Rockefeller Foundation.
“As the world comes together this Earth Day and works collectively to drive action at COP26 later this year, the RRF is a powerful opportunity to advance both sustainable development goals of ending energy poverty and combatting the climate crisis.”