Ikea, Rockefeller foundations to pledge $1 billion in clean energy push

(Reuters) – IKEA Foundation, the charitable arm of the world’s biggest furniture retailer, and the Rockefeller Foundation said on Monday they plan to set up a $1-billion fund to support renewable energy programs in developing nations.

The fund, which will be launched this year, aims to reduce one billion tons of greenhouse gas emissions and empower one billion people with distributed renewable energy, the foundations said in a joint statement.

Each foundation will provide $500 million of risk capital, the Financial Times reported https://www.ft.com/content/7107cbd3-0837-46fe-8cc0-8d2cb7b5f40d, adding that they hope to attract additional funds of $10 billion this year from international development agencies, before opening up to institutional investors in their bid to expand renewables investment in countries such as India, Nigeria, and Ethiopia.