· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on BloombergNEF or enjoy below:
🗞️ Driving the news: The Bezos Earth Fund, with a $10 billion endowment, focuses on accelerating the global energy transition by supporting large-scale, impactful projects
• Since its inception in 2020, the fund has distributed $2 billion, with 25% dedicated to energy and decarbonization efforts
🔭 The context: Established by Jeff Bezos, the fund targets climate and nature challenges
• Key projects include electrifying the US fleet of 480,000 school buses and bulk procurement of solar panels and batteries in Africa, aiming for transformational changes during this "decisive decade"
🌍 Why it matters for the planet: By backing initiatives that phase out fossil fuels, scale up zero-carbon power, and modernize energy systems, the fund aims to drive significant reductions in global emissions, advancing toward a net-zero future
⏭️ What's next: The fund's AI for Climate and Nature Grand Challenge offers $100 million in grants for innovative solutions in sustainable proteins, biodiversity conservation, and power grid optimization
• The application window is open until August 13
💬 One quote: “We are looking at what we can do now in this decade – which we call the ‘decisive decade’ – to enable transformational changes that can drive the global energy transition,” said Nicole Iseppi, director of global energy innovation at the fund
📈 One stat: About $500 million of the fund’s allocation has gone towards energy sector projects, with the largest individual grant being $50 million to the Global Energy Alliance for People and Planet (GEAPP)
Click for more news covering the latest on energy transition
