Bezos-backed coalition plans to invest $7.5B in renewable energy projects
What's the story
The Global Energy Alliance for People and Planet (GEAPP), a coalition dedicated to promoting renewable energy in developing nations, is planning to invest roughly $7.5 billion over the next five years. The plan comes as the alliance looks for new philanthropic partners amid decreasing government aid from wealthier nations. The GEAPP was launched during global climate talks in 2021 and has since helped over 30 countries improve their electricity grids, establish battery storage systems, and create jobs in green economy.
Funding approach
GEAPP's unique approach to funding
The GEAPP uses free or low-cost capital from charitable and governmental sources to mitigate investment risks. This strategy is aimed at attracting investments from multilateral development banks and private sector lenders. However, the task has become increasingly difficult since the Donald Trump administration shifted its focus away from development aid and climate finance.
Expansion efforts
Expanding partnerships for a greener future
The GEAPP was founded by the IKEA Foundation, The Rockefeller Foundation, and the Bezos Earth Fund. Its partner list has now expanded to include countries like UK and Denmark, as well as organizations such as World Bank and private sector firms like GE Vernova. As world leaders meet in New York for the UN General Assembly this week, GEAPP CEO Woochong Um said they are looking for new partnerships.
Coalition plans
New models needed for large-scale development
Looking ahead to the next global climate conference in Brazil this November, Um stressed the need for new models to deliver development at scale. He also revealed plans for an "Energy and Opportunity Coalition" to integrate green energy into sectors like agriculture and health. The International Energy Agency has warned that clean energy investment in developing countries outside China must increase six times to $1.6 trillion by early 2030s, if global climate goals are to be met.
Future strategies
Future grids and digital mapping initiatives
Um said the renewables alliance plans to expand its work on "Grids of the Future," ensuring that power systems in emerging economies are ready for renewables, digitally intelligent, and also financially sustainable. The group has already started battery storage projects in over 20 nations, including India's first utility-scale standalone system. In Jaipur, they are creating a live digital map of 6.5 million utility assets to detect potential problems before they lead to outages.
Impact assessment
Ambitious goals for the next 5 years
In its first five-year plan, the GEAPP has mobilized $7.8 billion in financing, which it expects will provide new and improved energy access to nearly 240 million people while cutting carbon emissions by 952 million metric tons. For the period of 2026-2030, Um said the alliance wants to raise at least $500 million in philanthropic capital and leverage it around 15 times, to unlock the targeted $7.5 billion investment for renewable energy projects across developing nations.