The new Global Energy Alliance for People and Planet (GEAPP) was launched at the COP26 Summit to accelerate investment in green energy transitions and renewable power solutions in developing and emerging economies worldwide.
Over the next decade, GEAPP aims to unlock $100 billion in public and private capital and tackle three profound human problems simultaneously: power – reaching one billion people with reliable, renewable energy; climate – avoiding and averting four billion tons of carbon emissions; and jobs –creating, enabling, or improving 150 million jobs.
It also invited developing and emerging economies to apply for technical support and funding to advance ecosystems of clean energy projects.
While energy-poor countries are currently responsible for 25% of global CO2 emissions, their share of global emissions could grow to 75% by 2050, according to GEAPP. Yet these countries receive only 13% of clean energy financing, despite representing nearly half of the world’s population.
To change this trajectory and maximize its impact on jobs and livelihoods, GEAPP announced that it would provide more than $10 billion to focus on fossil fuel transitioning, grid-based renewables, and distributed renewables.
Over the last decade, significant breakthroughs in technology have made renewables the cheapest option for new power in more than two-thirds of the world. For the first time in history, the technology existed to reliably and affordably empower those who lacked access to electricity.
“This, in turn, boosts human development by creating jobs at a massive scale and advances gender equity through increased accessibility, all the while cutting emissions to avert the climate crisis,” GEAPP said.
By 2050, solar and wind will represent 69% of grid-connected power generation, reducing fossil power to 13%, according to Norway-based research group Det Norske Veritas (DNV).
GEAPP partners include anchor philanthropic organizations The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund, and African Development Bank Group, Asian Development Bank, European Investment Bank, Inter-American Development Bank, International Finance Corporation, UK’s CDC Group, US International Development Finance Corporation, and World Bank as investment partners. The U.K. and Denmark are country partners.
The Alliance also launched a global mobilization campaign with non-governmental organizations and youth activists to advocate for the long-term changes needed to “Change Energy for Good.”