The Global Energy Alliance for People and Planet (GEAPP), an initiative launched at the 2021 COP26 climate conference, is aiming to raise $7.5 billion to fund its five-year plan for 2026-2030. The alliance’s goal is to deploy renewable energy solutions across Africa, Asia, and Latin America, with the aim of boosting electrification and promoting green growth at a time when international public funding is on the decline.
Supported by the Ikea Foundation, the Rockefeller Foundation, and the Bezos Earth Fund, the GEAPP operates similarly to a venture capital fund, using philanthropic capital to mitigate risks and attract additional financing from multilateral banks, public donors, and private investors. In its first five-year phase, the alliance claims to have mobilized $7.8 billion, which helped provide 240 million people with access to electricity. For the next phase, GEAPP aims to secure $500 million in philanthropic capital, which it plans to leverage by a factor of fifteen to reach its $7.5 billion target.
The Organisation for Economic Co-operation and Development (OECD) reports that official development assistance declined by 7.1% in 2024, partly due to the U.S. disengagement from global development efforts. This shift has reduced financial options for the world’s most vulnerable nations. In this context, initiatives such as the GEAPP and the Mission 300 coalition—led by the World Bank and the African Development Bank (AfDB) with the aim of electrifying 300 million people in Africa by 2030—are emerging as vital alternatives.
The GEAPP is actively supporting Mission 300 by co-financing an initial $10 million package to support 15 projects across 11 African countries. This role demonstrates the alliance’s central position in the evolving energy transition funding landscape, bridging philanthropic capital with the support of major multilateral donors.
