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The IKEA Foundation, a strategic philanthropy funded by IKEA owner INGKA Foundation, announced that it […]]
IKEA Foundation Invests $100 Million to Boost Access to electric Vehicles in Emerging Markets – ESG Today
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Energy Transition
IKEA Foundation Invests $100 Million to Boost Access to electric Vehicles in Emerging Markets
Mark Segal
April 4, 2024
The IKEA Foundation, a strategic philanthropy funded by IKEA owner INGKA Foundation, announced that it will invest $100 million to support the Leapfrogging Partnership, a new project launched by vehicle electrification-focused initiative Drive Electric Campaign, aimed at advancing decarbonized road transportation in emerging markets.
Launched in 2021 by Climateworks Foundation, the Drive Electric Campaign focuses on advancing the goal of transitioning the full electrification of all road vehicles by 2050, including through strategies to support government policies to overcome barriers and grow the EV market, encouraging business leadership and engagement, and supporting other organizations and coalitions.
The new Leapfrogging Partnership focuses on accelerating access to clean and affordable zero emissions vehicles globally, with a particular focus on emerging markets in Southeast Asia, Africa and Latin America. According to Drive Electric, the new project comes as the shift to clean transportation is accelerating across many countries, but its benefits are not yet equally distributed.
Drive Electric Program Director Rebecca Fisher, said:
“Most of the growth in vehicle demand is expected to occur in emerging economies by 2050, and the next several years present an opportunity for emerging markets to ‘leapfrog’ over dirty combustion vehicles to sustainable, zero-emission transportation. This new initiative is inspired by a future where the first 2-wheeler or 4-wheeler a family owns is zero-emission, fueled by domestically produced renewable energy.”
The announcement follows a commitment by the foundation to deploy €1 billion in climate funding over 5 years, including €400 million for the Global Energy Alliance for People and Planet (GEAPP), which focuses on the clean energy transition in developing countries. In 2022, the foundation commissioned research to identify the highest impact interventions for philanthropy to reduce emissions for the remaining €600 million.
Edgar van de Brug, Head of the Real Economy Portfolio at the IKEA Foundation said:
“Accelerated global electrification of road transportation is one of the super leverage points to reduce greenhouse gas emissions at pace and scale across multiple sectors of our economy, while also delivering significant social and health benefits for the many. This partnership focuses on bringing public and private actors together on electrification pathways and improve policy, market and investment conditions to dramatically and systemically shift the curve compared to ‘business as usual’. It will focus on emerging economies specifically, that are ready to leapfrog, benefit from the transition, and avoid getting locked-in into further expansion of fossil fuel infrastructures.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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