IKEA Foundation supports EV transition in emerging markets with $100 million grant

IKEA Foundation on Tuesday (March) announced a new initiative for backing zero-emission road transportation in emerging markets with an investment of $100 million over four years.

Through its Drive Electric Campaign, "Leapfrogging Partnership" the IKEA Foundation intends to accelerate access to clean, affordable, and zero-emission vehicles the world over. So far, Drive Electric's global approach has accelerated progress towards 100 percent clean transportation in over 65 countries.

"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," shared Drive Electric Program Director Rebecca Fisher in a statement.

"This new initiative is inspired by a future where the first two-wheeler or four-wheeler a family owns is zero-emission, fueled by domestically produced renewable energy."

The Leapfrogging Partnership will support the next generation of country leaders in zero-emission transportation, encourage scalable solutions at regional and county levels, and expand existing global platforms to include public, private, and civil society sector leaders from emerging economies across Africa, LatinAmerica, and Southeast Asia.

Over the past three years, Drive Electric's LEAP Fund (Leapfrogging to E-mobility Acceleration Partnership) has tripled in size, distributing $3.4 million to 23 global partners. The Leapfrogging Partnership will integrate this work into an expanded strategy that resources more partners to engage with Drive Electric's transformative approach.

"The Leapfrogging Partnership is launching with support from the IKEA Foundation, a strategic philanthropy with over 140 partners focused on tackling poverty and climate change," said Edgar van de Brug, Head of the Real Economy Portfolio.

"Decarbonizing road transportation is essential to decarbonizing society. The Leapfrogging Partnership will accelerate the electric vehicle transition and drive a rapid reduction in emissions from road transport in the coming decades, with a specific focus on emerging economies in Southeast Asia, Africa, and Latin America."