As the world grapples with the unprecedented challenges of climate change and global health crises, the need for innovative solutions has never been more pressing. Fortunately, there’s a glimmer of hope on the horizon – and it comes in the form of renewable energy and sustainable philanthropy.
Powering a Green Recovery
Recently, the Rockefeller Foundation made a bold move, committing a staggering $1 billion over the next three years to catalyze a more inclusive green recovery from the COVID-19 pandemic. This commitment marks the single largest in the Foundation’s 107-year history, and it’s a clear indication that they’re ready to put their money where their mouth is when it comes to building a sustainable future.
But what exactly does this mean? Well, the Foundation plans to focus on two key areas: catalyzing private and concessional investments to scale distributed renewable energy across developing countries, and ensuring more equitable access to COVID-19 tests, vaccines, and other public health resources. By leveraging their resources and relationships, they’re aiming to create an “equitable, sustainable future where everyone has the opportunity to realize their full potential and climate disaster is avoided.”
It’s an ambitious goal, to be sure, but the Rockefeller Foundation has a long history of taking decisive action and driving transformative change. In the past, they’ve been instrumental in pioneering the modern field of public health, eradicating hookworm in the United States, and launching the Green Revolution that helped feed hundreds of millions. And now, they’re setting their sights on the renewable energy revolution.
Bridging the Energy Accessibility Gap
One of the key focus areas of the Rockefeller Foundation’s $1 billion commitment is scaling distributed renewable energy solutions in developing countries. This is a particularly important initiative, as the pandemic has only exacerbated the energy accessibility gap, with more than 100 million people losing access to electricity because they couldn’t afford their bills.
But the Foundation isn’t just throwing money at the problem – they’re taking a strategic, data-driven approach. They’ve been making ending energy poverty in a clean, sustainable way a priority for over a decade, and they’ve already seen the positive impact of their investments. Through their “Smart Power Initiatives,” they’ve improved the lives of almost 500,000 people in India, Myanmar, and parts of sub-Saharan Africa, proving that this model works.
Now, they’re taking it to the next level, collaborating with global investors, international organizations, and governments to drive historic public-private investment in infrastructure that accelerates access to clean, safe, and reliable renewable energy. This includes partnering with Tata Power to invest $1 billion by 2026 in deploying up to 10,000 mini-grids that will provide power to 5 million households, create 10,000 new green jobs, support 100,000 rural enterprises, and deliver irrigation to 400,000 farmers.
Improving Global Health Equity
But the Rockefeller Foundation’s commitment to building a sustainable future doesn’t stop at renewable energy. They’re also doubling down on their efforts to improve global health equity, with a focus on increasing access to COVID-19 testing, treatments, and vaccines.
Earlier this year, the Foundation collaborated with federal, state, and local leaders in the United States to increase access to COVID-19 testing, with a particular emphasis on vulnerable communities. And now, they’re planning to continue increasing their investment in the US and around the world to expand access to screening tests, treatments, and vaccines as they become available.
But their vision goes beyond just addressing the current pandemic. They’re also using predictive analytics and other technologies to better identify communities at high risk for chronic and infectious diseases, allowing them to direct resources and target preventative interventions more precisely. As Dr. Naveen Rao, the Foundation’s Senior Vice President of the Health Initiative, puts it, “We have an unprecedented opportunity to close the health inequity gap by driving innovation and investment to the most vulnerable communities around the world.”
Blending Finance for Maximum Impact
To finance this ambitious undertaking, the Rockefeller Foundation is leveraging both its endowment and the proceeds from its first-ever bond offering for charitable purposes. But they’re not the only ones getting in on the action – they’re also tapping into the world of blended finance.
Blended finance is the use of catalytic capital from public or philanthropic sources to increase private sector investment in sustainable development. And it’s a strategy that’s been gaining traction in recent years, with Convergence, a leading blended finance platform, reporting that it has mobilized approximately $200 billion to date.
By partnering with private investors, businesses, public agencies, and other philanthropic foundations, the Rockefeller Foundation is able to stretch their resources further and create a multiplier effect, driving even more capital toward the solutions they believe in. It’s a win-win for everyone involved – the private sector gets to diversify their portfolios and contribute to a greater good, while the Foundation and its partners can scale their impact exponentially.
Walmart’s Commitment to Sustainability
But the Rockefeller Foundation isn’t the only one stepping up to the plate when it comes to sustainability. Retail giant Walmart has also been making waves in the world of renewable energy and environmental stewardship.
For over 15 years, Walmart has been collaborating with others to drive positive impact across their global supply chains. They’ve set ambitious goals, like powering their facilities with 100% renewable energy by 2035 and zeroing out emissions from all of their vehicles, including long-haul trucks, by 2040. And they’re not just talking the talk – they’re already powering around 36% of their operations with renewable energy, and they’re working to source at least 20 key commodities more sustainably by 2025.
But Walmart’s commitment to sustainability goes beyond just their own operations. They’re also working to transform food and product supply chains to be regenerative, working in harmony with nature. This means adopting regenerative practices in agriculture, forestry, and fisheries management, all while advancing prosperity and equity for their customers, associates, and the people who participate in their product supply chains.
It’s a bold vision, and one that’s sure to have a lasting impact on the environment and the communities they serve. By leveraging their size and influence, Walmart is helping to drive the transition to a more sustainable future, and they’re not doing it alone.
The Power of Collaboration
When it comes to tackling the world’s biggest challenges, no single entity can go it alone. That’s why the Rockefeller Foundation’s focus on driving public-private investment and collaboration is so crucial.
By partnering with global investors, international organizations, governments, and even businesses like Walmart, the Foundation is able to leverage a diverse array of resources and expertise to create transformative solutions. And it’s not just about the money – it’s about bringing together the brightest minds, the most innovative ideas, and the most powerful resources to tackle the complex, multifaceted issues we’re facing.
As Rajiv J. Shah, the President of the Rockefeller Foundation, puts it, “There’s no going back to the past, to before-COVID. We need to reimagine the future we want.” And that future, it seems, is one where renewable energy, sustainable philanthropy, and collaborative problem-solving come together to create a more equitable, resilient, and prosperous world for all.
So, what can you do to be a part of this sustainable revolution? Well, for starters, you can explore the renewable energy solutions that are available to you, whether it’s in your home, your business, or your community. You can also get involved with organizations like the Rockefeller Foundation and Convergence, using your voice and your resources to drive positive change.
After all, the future is ours to create. And if we work together, with creativity, determination, and a shared vision for a sustainable tomorrow, I’m convinced that we can build a better world for generations to come.