24 June 2021

IKEA Foundation and Rockefeller Foundation establish $1 billion distributed renewable energy initiative

The IKEA Foundation and the Rockefeller Foundation have announced they will join forces to establish a $1 billion initiative to support distributed renewable energy.

The initiative will see the creation of a global platform that will seek to stop 1 billion tons of greenhouse gas emissions and empower 1 billion people with distributed renewable energy (DRE), energy that is generated from sources such as off-grid solutions, located near the point of use, rather than centralised sources like power stations. The new global platform will oversee the organisations’ combined funds and will be run as a public charity that will channel development funds to innovative projects on the ground.

Per Heggenes, CEO, IKEA Foundation stated, “If global energy consumption doesn’t change from fossil fuels to renewable energy, we will not meet the Paris Agreement ambitions and millions of families will be left behind in poverty. We need to be honest and recognize that the current approach is not delivering the impact the world needs in the time that we have.”

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