Commercial, Sourcing Renewables  -  June 22, 2021

IKEA Foundation Launches $1B Project to Bring RE to Emerging Economies

IKEA Foundation announced June 21 that it is partnering with the Rockefeller Foundation on a $1 billion project to bring 1 billion people distributed renewable energy sources and reduce 1 billion tons of greenhouse gas emissions.

The project will focus on building local microgrids in places like X to increase access to electricity in emerging economies. The initiative is meant to help aid the economic recovery after the COVID-19 pandemic and assist in the fight against energy poverty.

“Our collective ambition is to create a platform that supports renewable energy programs which can deliver greenhouse gas reductions fast and efficiently,” Per Heggenes, IKEA Foundation CEO, said in a statement. “We need to replace polluting sources of energy with renewable ones, provide access to energy to communities and unlock further funding for sustainable models. Ultimately, we aim to unite countries and communities in urgent action to tackle the climate crisis. By doing so, we hope to positively impact the lives of 1 billion people.”

A global platform combining the matching funds from both organizations will launch this year.