GREENMAP and The Rockefeller Foundation Collaborate to Develop a Clean Energy Bankability Toolkit for Developing Countries
BRUSSELS and NEW YORK, Jan. 31, 2023 /PRNewswire/ — GREENMAP, an impact-driven and independent non-profit organisation dedicated to supporting governments in emerging and developing countries, announces that it has received a grant from The Rockefeller Foundation to identify the key factors underpinning the development of a thriving and investable clean power sector in emerging markets. Over the course of 2023, GREENMAP will identify, capture, and incorporate the key dimensions needed to create a new diagnostic tool that is useful to assist governments and investors in scaling climate financing.
GREENMAP, which has experience working on bankability, risk assessment, and auction design to facilitate private investments in clean energy in the Global South, will take the research and analysis forward in a complementary and comprehensive way, creating a consistent methodology that can be applied widely and at scale. This research will build on the tools and methodologies already available and will expand and complement them to create a toolkit which can guide investments from governments, philanthropies, and clean energy investors.
“This new project is fully aligned with our mission and strategy,” said Sebastian Kind, Chairman and CEO of GREENMAP. “Having the financial support of The Rockefeller Foundation is an important driver to focus on this tool, which will be crucial as a consistent information framework to establish priorities in each country and act according to each unique energy and policy scenario.”
This collaboration is part of The Rockefeller Foundation’s effort to put climate change at the centre of all its work, which includes launching the Global Energy Alliance for People and Planet (GEAPP) at COP26 with a $500 million commitment – the largest individual commitment in The Rockefeller Foundation’s nearly 110-year history – along with additional funding from IKEA Foundation and the Bezos Earth Fund. GEAPP is focused on supporting developing countries’ shift to a clean energy, pro-growth model that ensures universal energy access and unlocks a new era of inclusive economic growth, while enabling the global community to meet critical climate goals during the next decade. In doing so, GEAPP aims to enable 150 million new jobs, reduce 4 gigatons of future carbon emissions, and expand clean energy access to one billion.
“Globally, renewables accounted for more than 80% of total power capacity additions in 2021. However, many developing economies are being left behind. For example, less than 1% of these renewable capacity additions were in Africa,” said Joseph Curtin, Managing Director of Power & Climate at The Rockefeller Foundation. “The Rockefeller Foundation is proud to work with GREENMAP to better understand the factors that can contribute to a thriving clean power market in developing countries.”
This announcement comes at the conclusion of a kick off meeting between The Rockefeller Foundation, GREENMAP, and GEAPP. The meeting marks the first step in the organisations’ collaboration to ensure there is sufficient data and resources to scale investments for just energy transitions in developing countries. GREENMAP’s new research and toolkit is expected to contribute to assessing and identifying the key ways to stimulate investment in renewable energy in emerging markets.
“The development of the clean power sector in emerging markets creates jobs and enhances the lives and livelihoods of hundreds of millions of people who still live in energy poverty today,” said Sundaa Bridgett-Jones, GEAPP’s Chief Partnerships & Advocacy Officer. “GEAPP’s collaboration with GREENMAP and The Rockefeller Foundation will contribute to scaling renewable energy investments for the just energy transitions and economic development required to achieve the global climate goals.”
Greenmap stands for Global Renewable Energy Mass Adoption Program and is an impact-driven and independent non-profit organisation. Greenmap focuses on accelerating the deployment of renewable generation in developing economies by directly supporting governments in the design and implementation of stable regulatory frameworks, competitive procurement processes, and new financial and credit enhancement tools, including program-based guarantees. We focus on implementation to facilitate bankability, foster competition and boost the local and foreign investments needed to materialise project installations, local economic and social development, and the reduction of GHG emissions. More information on Greenmap can be found at energygreenmap.org. Follow our latest news on LinkedIn and Twitter and watch the presentations on our YouTube channel.
About The Rockefeller Foundation
The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We work to promote the well-being of humanity and make opportunity universal and sustainable. Our focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to health care and nutritious food. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on Twitter @RockefellerFdn.
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SOURCE The Rockefeller Foundation
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