$285 million from Bloomberg Philanthropies will go to strengthening clean energy institutions in emerging economies, with Africa a central focus, rather than directly funding solar or wind projects.
Weak market design, limited grid planning, slow permitting and fragmented regulation are delaying projects even as renewable power becomes cheaper than fossil fuels in most regions, experts said.
The initiative aims to build regulatory capacity, technical expertise and industry institutions that can attract long-term private investment and connect projects to national grids.
Africa's need is acute: about 600 million people still lack electricity access, while investors continue to cite policy uncertainty and thin regulatory capacity as major barriers.
The push comes as renewables supplied 34% of global electricity in 2025, overtaking coal's 33%, with renewables and nuclear expected to provide half of global power by 2030.