70% of homes in Sub-Saharan Africa lack electricity connection. The Rockefeller Foundation, one of the most famous philanthropies, has partnered with the International Finance Corporation (IFC) to invest in renewable energy projects in emerging markets, particularly in Sub-Saharan Africa.
Through the partnership, they will deploy $150 million of Rockefeller’s catalytic capital to attract up to $2 billion of private sector investments in renewable energy. IFC will provide expertise in development projects and attract private sector investments.
The number of Africans who lack access to electricity rose to 590 million in 2020 partly due to the disruptions linked to the pandemic. The investment by IFC and RF will assist African economies to recover in the aftermath of the pandemic.
“Investing in renewable energy infrastructure in communities that have not had access to reliable power will ensure that the recovery from the Covid-19 crisis is both green and equitable,” said Dr. Rajiv J. Shah, The Rockefeller Foundation President.
The International Finance Corporations is one of the world’s biggest investors in affordable clean energy. The corporation has huge investments in hydropower, solar energy, and wind energy. “IFC supports the growth of wind and solar energy, deployment of offshore wind, battery storage, distributed generation, electric vehicles, and green shipping in emerging markets, among other technologies,” reads a statement on its website.
Investors around the world are shifting focus toward clean energy projects. French energy firm, Total, recently marked its move to renewable energy by rebranding to TotalEnergies. Other multinationals like Exxon Mobil have pumped billions into renewable energy in recent years.
The partnership between the Rockefeller Foundation and IFC aims to mitigate risk and invest in high impact ventures in developing countries.
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