IKEA Foundation commits $100 million to international EV campaign

A fleet of electric buses.

The IKEA Foundation has awarded a $100 million grant to the Drive Electric Campaign to help advance developing countries’ transition to electric vehicles (EV), Reuters reports.

The funds will support lobbying efforts and campaigns in support of the EV transition in Africa, Latin America, and Southeast Asia under Drive Electric’s Leapfrogging Partnership initiative. To that end, the grant will bolster local partners working to tackle key barriers to expansion such as limited charging infrastructure and a lack of EV-friendly policies, as groups seek to create better market conditions to unlock public and private finance.

According to the campaign, over the next 25 years, most new vehicle demand growth will be in emerging economies. Seeded by the Quadrature Climate and Robertson foundations, the Leapfrogging Partnership will work to ensure the new vehicles are electric and limit emissions.

“Road transportation accounts for roughly 15 percent of energy-related greenhouse gas emissions,” Edgar van de Brug, IKEA Foundation portfolio manager for the real economy, told Reuters. “So if we are serious about a global transition toward 1.5 degrees of global warming, then we cannot reduce emissions without it.”

(Photo credit: Getty Images/Wengen Ling)

Simon Jessop, Virginia Furness. "IKEA Foundation backs emerging market EV push with $100 million grant." Reuters 04/02/2024.