In an effort to accelerate green energy transition in the Global South, ALTÉRRA, the world’s largest private investment vehicle for climate finance, announced a $30 billion commitment from the UAE, the Global Energy Alliance for People and Planet (GEAPP) and The Rockefeller Foundation.
The companies reached this agreement during COP29, and they have signed a Memorandum of Understanding (MoU) to enhance and strengthen cooperation. ALTÉRRA, GEAPP and the Rockefeller Foundation aim to establish a collaborative platform for exploring ideas and techniques that support the scale-up of climate investment in the Global South. The agreement also aims to accelerate an. equitable and resilient green transition that goes beyond business-as-usual.
“We are pleased to formalise this collaboration alongside the Rockefeller Foundation and the GEAPP as we race to accelerate the pace and scale of the climate transition”, said Majid Al Suwaidi, CEO of ALTÉRRA.
“By forming strategic relationships and harnessing innovative financing mechanisms, ALTÉRRA is mobilising critical investments that will advance the transition of energy systems while ensuring no region is left behind – driving impact where climate solutions can yield the highest returns for both the planet and communities worldwide.”
Developing countries’ annual climate finance needs are projected to reach an estimated $2.4 trillion by 2030, current flows fall significantly short and meet less than half of their financing needs for climate-related goals. To address the scale of the climate challenge, the three partners say they recognise the critical need to mobilise a diverse range of capital sources.
This partnership is aimed at exploring ways of building an ecosystem of public, private and philanthropic capital that supports innovative approaches to mobilise flexible, concessional and catalytic capital for the benefit of climate and clean energy investments in the Global South, ultimately accelerating the energy transition on a global scale.
“When we change energy, we change lives”, said Dr. Rajiv J. Shah, President of The Rockefeller Foundation. “That’s what ALTÉRRA is doing by analysing concessional capital that can finance the energy and infrastructure needs of the developing world, where 3.8 billion people live with insufficient access to electricity – and it’s why The Rockefeller Foundation is proud to partner with them.”