The Rockefeller Foundation has launched the Coal-to-Clean Credit Initiative (CCCI), a groundbreaking program aimed at transitioning coal-fired power plants in developing countries to clean energy.

The initiative is set to support 60 projects by 2030 and unlock up to $110 billion in public and private investment.This bold move is expected to prevent 9,900 early deaths annually, save 640,000 workdays, and generate 29,000 permanent jobs.

“As more and more countries and communities choose to transition to clean energy sources, philanthropy has a unique role to play,” said Ashvin Dayal, Senior Vice President, Power and Climate at the Rockefeller Foundation.

“We can take risks where others cannot and catalyze the momentum needed.”The Foundation is kicking off the initiative with a pilot project in the Philippines, in collaboration with ACEN Corporation, GenZero, Keppel, and Mitsubishi.

This builds on its 2020 commitment to divest from fossil fuels, aligning its investments with the global shift toward renewable energy.

By closing coal plants and accelerating renewable energy projects, the Rockefeller Foundation aims to make a significant impact on global climate goals and local economies.