Rockefeller Foundation commits $1bn for green recovery from COVID-19

The funding will be used to scale distributed renewable energy across developing countries

The Rockefeller Foundation has pledged an investment of $1 billion (£0.76bn) over the next three years for a green recovery from the COVID-19 pandemic.

It will focus on two key areas: catalysing billions of dollars in private and concessional investments to scale distributed renewable energy across developing countries and ensuring wider access to tests and vaccines, science-based tools and data to fight the pandemic.

The Foundation will collaborate with global investors, international organisations and governments to drive public-private investment in infrastructure that accelerates access to clean, safe and reliable renewable energy across Africa, Asia and Latin America.

Half of the world’s population lacked access to essential health services and more than 800 million people worldwide lacked access to electricity prior to the pandemic.

The World Bank estimates the combined impact of climate change and the damage as a result of COVID-19 will push around 132 million people into poverty.

Dr Rajiv J. Shah, President of the Rockefeller Foundation said: “There’s no going back to the past, to before-COVID. We need to reimagine the future we want.

“To meet this moment, we must leverage all our resources and relationships to build an equitable, sustainable future, where everyone has the opportunity to realise their full potential and climate disaster is avoided. The time to act is right now to make sure vulnerable children and families are included in the pandemic response and recovery.”

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