Today, we are proud to announce our support for a new global partnership at the One Planet Summit in New York to help countries in South East Asia speed up their transition to renewable energy.

We’re partnering with Germany’s Federal Ministry for the Environment, the UK’s Department for Business, Energy and Industrial Strategy (BEIS), the French Development Agency (AFD) and other global philanthropies.

South East Asian countries face a challenge in balancing their economic growth and the related increase in energy demand—which is expected to double by 2040—with meeting their commitments under the Paris Climate Agreement.

But the region’s vast untapped renewable energy potential, along with the falling cost of clean energy and lessons learned from the global renewable energy market, have also created an opportunity. Seizing this opportunity will help South East Asian countries meet both their energy needs and their Paris climate commitments.

The partnership announced today will consolidate international support for energy transition in South East Asia and promote the right market conditions for the region’s thriving private sector to ramp up investment.

Philanthropies like the IKEA Foundation and others can quickly respond to these emerging needs by committing funds and bringing together experts and policymakers to catalyse change. By working together, we can combine our strengths and make the most of our collective impact through this new South East Asia partnership, building on existing partnerships with the region.

If we are to close the energy gap by 2030—and meet the UN’s 7th Sustainable Development Goal—we must make sure no family is left behind in being able to access affordable, reliable and modern energy.

To further highlight our commitment, we have also announced a €15 million grant to the European Climate Foundation today. This will help countries move towards practices that protect the planet for the benefit of many generations to come.