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Ikea and Rockefeller Foundations Will Give a Combined $1 Billion for Clean Energy

The two charities are targeting projects in the developing world in the hope that more capital will follow.

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Photographer: Prashanth Vishwanathan/Bloomberg

In a move to kickstart the energy transition globally, the Ikea Foundation and the Rockefeller Foundation announced today that they will each donate $500 million to support distributed renewable generation projects in developing nations.

Roughly 2.8 billion people worldwide don’t have access to reliable power, according to the United Nations, but the two philanthropies estimate these funds will bring energy to a billion of them over the next decade. Further, since the partnership will target communities that might otherwise rely on fossil fuels for power generation either now or in the future, they expect that the combined gift will reduce carbon emissions by a billion metric tons.