IKEA, Rockefeller foundations to pledge $1 billion in clean energy push

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IKEA Foundation, the charitable arm of the world's biggest furniture retailer, and the Rockefeller Foundation to set up a US$1b fund to support renewable energy programs in developing nations.

The company's logo is seen outside an IKEA Group store in Pace near Rennes

The fund, which will be launched this year, aims to reduce one billion tons of greenhouse gas emissions and empower one billion people with distributed renewable energy, the foundations said in a joint statement. "This can be commercially viable. There's $1 billion taking risk upfront, and that can unlock tens of billions of dollars," the report quoted Rajiv Shah, president of the Rockefeller Foundation. "We're not gambling here. We've seen it work in India. We know what it takes to become successful."

 

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