IKEA Foundation backs emerging market EV push with $100 million grant

📆 02/04/2024 01:56 p. m.
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The Drive Electric Campaign said donation would be used to help support lobbying efforts and campaign for the EV transition Africa, Latin America and Southeast Asia

A global initiative to accelerate electric vehicle uptake has received a $100 million funding boost from the IKEA Foundation to help developing countries bypass gasoline-driven vehicles and go straight to the greener alternative.

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

The expansion of the funding follows success in other countries including India, where the electrification of last-mile delivery for parcels in urban areas was “taking off at a massive scale", van de Brug said.

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