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Rockefeller to Help India Reach Net Zero Earlier, Says President Rajiv Shah

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Rockefeller Foundation Chairman Rajiv Shah called India’s pledge to reduce its net emissions to zero by 2070 as an “encouraging” step and called on developed countries to honor their pledge to contribute $ 100 billion. dollars to the Green Climate Fund (GCF). He called on them to “mobilize real resources to help developing countries” to make energy transitions, in an interview.

Shah was instrumental in launching the Global Energy Alliance for People and the Planet (GEAPP) in Glasgow at COP26 this week and said he would aim to work with India “to achieve the goal a lot earlier”.

The GEAPP aims to unlock $ 100 billion in public and private funding to provide 1 billion people with access to reliable renewable energy, prevent 4 billion tonnes of carbon emissions and facilitate more than 150 million jobs.

“We are encouraged by the Government of India’s commitment to a formal timeline for achieving net zero, including short-term goals in 2030 and later in 2070, as it provides a framework for concrete collaboration between GEAPP and India, ”Shah told ET on a video call. “However, we believe that given the speed at which GEAPP can move forward with its partners and the urgency of the climate crisis, we can and must together achieve the goal much sooner.”

The Rockefeller Foundation, the IKEA Foundation and the Bezos Earth Fund are the main philanthropic organizations supporting GEAPP.

Shah said COP26 was important, given that “the world is nowhere on track to meet the 1.5 degree (Celsius) target or the 2 degree target” and therefore the need to ‘climate finance. “The $ 100 billion pledge from the 2009 Copenhagen conference is still not fulfilled,” Shah told ET.

The key role of philanthropic capital

“This is an urgent responsibility where we expect to see more progress … We hope that at the exit of the COP there is a renewed understanding that the global fight against the climate will only be effective if every nation is involved and every nation is involved, you really have to create opportunities and uplift people who are otherwise excluded from global prosperity, ”Shah said. He added that the GEAPP was launched with $ 10 billion and aimed to unlock 10 times more private financial commitments, but added that it was imperative that governments “step up and do more”.

  1. Rockefeller Foundation Chairman Rajiv Shah urges industrialized countries to shoulder $ 100 billion “urgent responsibility” to developing countries
  2. Calls on India-led ‘One Sun One World One Grid’ to also connect the off-grid population
  3. IKEA Foundation CEO Per Hegges Says GEAPP is Aiming for a ‘Just Transition’
  4. Said that more emphasis should be placed on creating an ecosystem to ensure access to energy, especially in rural areas
  5. Need to have a sustainable business model

GEAPP funding “sits alongside the Green Climate Fund” and is in addition to public sector commitments of $ 100 billion under the GCF. Decarbonization is seen as an exclusive commitment of government and the public sector, but public-private investment is the key to so many “transformational” initiatives, he said. Per Hegges, CEO of the IKEA Foundation, told ET that GEAPP’s goal was a “just transition”, so that “everyone can win and not just some”.

The role of philanthropy in climate finance cannot be underestimated, he said. “In GEAPP, we have a significant amount of philanthropic capital involved and this allows us to start programs that might not have started otherwise and it also allows us to attract funding from banks and other sectors that are probably more risky showers than us, so others can come and move on later, ”Heggenes said.

“Access to clean technologies must be”

On the issue of “historical responsibility,” Hegges acknowledged that while developing countries had contributed only 25% to global carbon emissions, with growth in production and access to energy in more than the population, this figure could soon reach 75% – if the development trajectory was the same as that of industrialized nations is again followed.

“As we, as nations, work in the Western world to invest more quickly in reducing their carbon footprint and for the transition to renewable energy, we think it is really important that at the same time, our aim is also to lift people out of poverty with access to clean energy, so that we do not see the same development in the countries of the South as in the developed world where the emphasis has been on fossil fuels and not on renewables until more recently, ”Heggenes said. On the net zero push, Shah said that while these goals must be met to accelerate the fight against climate change, the GEAPP itself is less focused on these “grand global aspirational statements” and more on “practice. , pragmatism, on the ground. investments that help uplift people and reduce carbon emissions. ”

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