Up-to-$2m in private sector investment in renewable energy projects in developing nations is expected to be sparked by a “catalytic capital” fund being launched through a partnership between the World Bank-run International Finance Corporation (IFC) and the Rockefeller Foundation. A lead-off “rapid deployment” of some $30m in blended concessional finance and grant capital prioritising Sub-Saharan Africa nations will kick-start the fund, said the partners, in order to leverage and “active pipeline” of projects currently being supported by IFC through its prototype scaling mini-grid programme.
Investing in renewable energy infrastructure in communities that have not had access to reliable power will ensure that the recovery from the Covid-19 crisis is both green and equitable. Landscape of energy technologies we are investing in will make it possible for every person on the planet to have totally reliable, productive electrification. The climate challenge at its core is an energy challenge. The twin goals of improving energy access and addressing climate change both require our urgent attention but can’t be achieved with public resources alone.