The Global Energy Alliance for People and Planet is seeking to raise about $100 million by 2028 to finance the digitization of India's electricity grids and plans to approach development finance institutions, including the World Bank and the Asian Development Bank, its chief executive Woochong Um said.
GEAPP is a philanthropic body backed by The Rockefeller Foundation, IKEA Foundation and the Bezos Earth Fund.
The proposed fund would follow an initial $25 million deployment by the alliance to digitize grids in the states of Rajasthan and Delhi, and would support a broader nationwide roll out of the project, Um said in an interview with Reuters at the Mumbai Climate Week.
Grid digitalization refers to the transition of traditional electricity networks into automated systems powered by artificial intelligence. It improves reliability, enables the integration of renewable energy and allows real-time monitoring, helping to reduce costs and emissions.
New Delhi's recently announced climate action plan targets a 45% cut in emissions intensity by 2030 from 2005 levels, with a net-zero goal set for 2070.
However, experts have warned that the transition could prove challenging amid India's rapid growth ambitions.
India is targeting 500 GW of non-fossil fuel-based energy capacity by 2030, a key component of its COP26 commitment, alongside a goal of achieving 50% cumulative electric power capacity from non-fossil sources. Grid digitization is expected to support that effort.
That backdrop is drawing increased attention from global philanthropies and multilateral lenders seeking investable projects, Um said.
"There are plenty of concepts, but not enough bankable projects," he said.
The alliance initially plans to focus on grids in Delhi and Rajasthan before expanding to at least 15 utilities nationwide by 2028.
