Rockefeller Foundation To Unlock $110bn Investment In Developing Countries

The Rockefeller Foundation has launched a Coal-to-Clean Credit Initiative (CCCI), which aims to support 60 projects by 2030 and help close coal-fired power plants in developing countries.

The Foundation announced that its new analysis shows that, supporting 60 projects by 2030 to close coal-fired capacity could unlock $110 billion in public and private investment, while preventing 9,900 early deaths and 640,000 lost workdays annually and generating 29,000 new permanent jobs.

“As more and more countries and communities choose to transition to clean energy sources, philanthropy has a unique role to play we can take risks where others cannot and catalyze momentum needed, The projects announced this week will do just that, offering real benefits for people living and working in these communities,” said Senior Vice President, Power and Climate at The Rockefeller Foundation, Ashvin Dayal.

As part of the first efforts of the new initiative, the Rockefeller Foundation will collaborate with ACEN Corporation, GenZero, Keppel, and Mitsubishi for a pilot project in the Philippines, the foundation said.

The Rockefeller Foundation, set up by John D. Rockefeller in 1913, said back in 2020 that it had decided to divest from fossil fuels and not make any new investment in the industry.

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The Rockefeller Foundation has already launched programmes aimed at lowering the use of coal-fired power in Asia and speeding up the deployment of battery storage for renewable energy.