During the United Nations Climate Change Conference (COP 29) in Baku, Azerbaijan, ALTÉRRA, the world’s largest private investment vehicle for climate finance launched with a $30 billion commitment from the UAE, the Global Energy Alliance for People And Planet (“GEAPP”) and The Rockefeller Foundation, announced that they have signed a Memorandum of Understanding (“MoU”) to enhance and strengthen cooperation.
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ALTÉRRA, GEAPP and The Rockefeller Foundation aim to establish a collaborative platform for exploring ideas and techniques that supports the scale up of climate investment in the Global South and accelerates an equitable and climate resilient transition, which goes beyond business-as-usual.
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While developing countries’ annual climate finance needs are projected to reach an estimated $2.4 trillion by 2030, current flows fall significantly short and meet less than half of their annual financing needs for climate-related goals. To address the scale of the climate challenge, the three partners recognize the critical need to mobilize a diverse range of capital sources. This partnership is aimed at exploring ways of building an ecosystem of public, private and philanthropic capital that supports innovative approaches to mobilize flexible, concessional, and catalytic capital for the benefit of climate and clean energy investments in the Global South, ultimately accelerating the energy transition on a global scale.
Majid Al Suwaidi, CEO of ALTÉRRA, said: “We are pleased to formalize this collaboration alongside The Rockefeller Foundation and the Global Energy Alliance for People and Planet as we race to accelerate the pace and scale of the climate transition. By forming strategic relationships and harnessing innovative financing mechanisms, ALTÉRRA is mobilizing critical investments that will advance the transition of energy systems while ensuring no region is left behind – driving impact where climate solutions can yield the highest returns for both the planet and communities worldwide.”
Dr. Rajiv J. Shah, President of The Rockefeller Foundation, said: “When we change energy, we change lives. That’s what ALTÉRRA is doing by catalyzing concessional capital that can finance the energy and infrastructure needs of the developing world, where 3.8 billion people live with insufficient access to electricity—and it’s why The Rockefeller Foundation is proud to partner with them.”
Woochong Um, CEO, Global Energy Alliance for People and Planet (GEAPP), said: “At GEAPP, we believe that accelerating an equitable transition to renewable energy is not just a necessity for our planet – it’s an opportunity to create lasting impact for communities and people. This collaboration with ALTÉRRA and The Rockefeller Foundation is a critical step in mobilizing the diverse capital required to unlock and scale the potential of emerging markets’ renewable energy economies. Only by combining innovation, investment, and partnership can we reach the scale and speed needed to deliver equitable, sustainable energy access and resilience for communities on the front lines of climate change.”
About ALTÉRRA
ALTÉRRA is the world’s largest private investment vehicle for climate finance. Launched at COP28 with a US$30 billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize US$250 billion globally by 2030, to finance the new climate economy and accelerate the climate transition.
ALTERRA’s dual-arm structure enhances its impact: the US$25 billion Acceleration Fund directs capital towards projects crucial for accelerating the global transition to a net-zero, and climate-resilient economy at scale. The US$5 billion Transformation Fund incentivizes investment flows in high-growth climate opportunities in underserved markets by providing catalytic capital.
About Global Energy Alliance for People and Planet (GEAPP)
The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments, technology, policy, and financing partners. Our common mission is to enable emerging and developed economies to shift to a clean energy, pro-growth model that accelerates universal energy access and inclusive economic growth while supporting the global community to meet critical climate goals during the next decade. As an Alliance, we aim to reduce 4 gigatons of future carbon emissions, expand clean energy access to one billion people, and enable 150 million new jobs. With philanthropic partners the IKEA Foundation, The Rockefeller Foundation and Bezos Earth Fund, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions and assist just transition solutions.
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. The Organisation makes big bets to promote the well-being of humanity and today, it is focused on advancing human opportunity and reversing the climate crisis by transforming systems in food, health, energy, and finance.
