Philanthropic organizations commit $500 million for
energy transition in developing countries
ImpactAlpha, November 14 —A three-year commitment by nine philanthropies will
support energy transition projects by low- and middle-income countries and their
partners in the Global South.
Many of these countries have raised their climate ambitions even as they grapple
with droughts, floods and other climate-related disasters, but need catalytic capital to
help bring in private investors.
With wealthy nations falling short on still-insufficient promises of $100 billion a year,
others are looking to help fill the gap. The new funds “will strengthen southern
leadership and localization of solutions, especially in Africa where the gap of funding
is the biggest,” said Saliem Fakir with the African Climate Foundation.
Other organizations in the coalition include Ballmer Group, Sequoia Climate
Foundation, Growald Climate Fund, Children’s Investment Fund Foundation and
Bloomberg Philanthropies.
