IKEA Foundation supports Drive Electric with $100 million
The IKEA Foundation is supporting the global Drive Electric initiative with a grant of $100 million over a period of four years. The funds will be used by the Drive Electric initiative for the Leapfrogging Partnership, focussed on emerging markets in South East Asia, Africa and Latin America.
According to the Drive Electric initiative, which has been initiated by a coalition of international organisations committed to the transport transition off fossil fuels, the Leapfrogging Partnership aims to close the gap between leading and emerging markets by working with regional and local leaders to enable strong government policies, business leadership, and diverse coalitions.
The $100M investment from the IKEA Foundation will act as a massive catalyst to propel the Leapfrogging partnership forward. The Leapfrogging Partnership was originally seeded by support from the Quadrature Climate Foundation and the Robertson Foundation “to accelerate zero-emissions road transport in emerging markets,” according to Drive Electric.
Drive Electric Program Director Rebecca Fisher said, “More work is needed to support an equitable global shift, and we see potential for the next wave of clean transportation frontrunners in Brazil, Chile, Indonesia, Kenya, Mexico, and South Africa.” Fisher explained, “These countries have a robust mix of commitments to a clean energy transition, political will for climate-smart development policies, and favourable underlying economic and industrial development conditions.”
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