The Global Energy Alliance for People and Planet (GEAPP) is launching its second five-year strategy with an ambitious goal: to raise $7.5 billion between 2026 and 2030 to accelerate renewable energy deployment across Africa, Asia, and Latin America. As international public funding for development declines, the alliance is positioning itself as a critical catalyst in the global energy transition, aiming to expand electricity access and drive green economic growth in underserved regions.
Launched at the 2021 COP26 climate summit, GEAPP operates like a hybrid venture capital fund, using philanthropic capital to de-risk clean energy projects and unlock larger investments from multilateral development banks, governments, and private financiers. Backed by major donors including the IKEA Foundation, the Rockefeller Foundation, and the Bezos Earth Fund, the alliance has already demonstrated its model’s effectiveness. In its first phase, it mobilized $7.8 billion in total financing—helping bring electricity to 240 million people through decentralized solar systems, mini-grids, and grid modernization initiatives.
For its next phase, GEAPP plans to secure $500 million in new philanthropic contributions, which it expects to leverage at a ratio of 15-to-1 to reach its $7.5 billion target. This approach is gaining urgency amid shrinking official development assistance. According to the Organisation for Economic Co-operation and Development (OECD), global aid fell by 7.1% in 2024, driven in part by reduced U.S. contributions to international development programs—leaving many low-income countries with fewer financial options to meet their climate and electrification goals.
In this shifting landscape, initiatives like GEAPP and the World Bank–AfDB–led Mission 300 coalition are stepping into the breach. Mission 300 aims to provide reliable electricity to 300 million Africans by 2030, focusing on off-grid and distributed renewable solutions. GEAPP is playing a pivotal role in advancing this agenda, having committed an initial $10 million in co-financing to support 15 early-stage energy projects across 11 African countries. These efforts are designed to catalyze follow-on investment and fast-track project readiness.
By bridging early-stage funding gaps and aligning stakeholders around scalable models, GEAPP is helping reshape how energy transition finance flows to emerging economies. Its strategy emphasizes local ownership, job creation, and integration with national energy plans—ensuring that renewable energy expansion translates into lasting development impact.
As climate pressures mount and demand for clean power grows, the success of GEAPP’s next-phase fundraising will be closely watched. If achieved, the $7.5 billion target could significantly accelerate the pace of electrification and decarbonization in some of the world’s most energy-insecure regions—proving that innovative financing models may be just as vital as technology in the race toward a sustainable future.
Follow us on Instagram.
https://www.instagram.com/businessnewsng?igsh=ZXpweTdjOGF1ZXdu
