The fossil fuel tycoon teaming up with the Rockefellers to fight energy poverty

Subscribe to enjoy similar stories. Toby Rice made his fortune unlocking a gusher of natural gas in Appalachia. He has a bold new ambition: bringing energy to millions of people in impoverished nations.

Rice, the chief executive officer of EQT, one of the largest natural-gas producers in the U.S., is a co-founder of Energy Corps, a nonprofit that aims to help developing nations such as Ghana, Zambia and Burundi build out their energy infrastructure and prosper. Unlike other philanthropic initiatives that emphasize renewables to energize impoverished societies, Energy Corps sees a role for a broader spectrum of solutions—from fossil fuels to solar panels and nuclear plants. Notably, this approach has been endorsed by the Rockefeller Foundation, one of the richest and oldest foundations in the U.S., in the form of a $200,000 grant.

Toby and Aileen Rice have personally contributed $3 million to Energy Corps and plan to boost their giving over time. The initiative hopes to raise $10 million this year from energy companies, family offices and private individuals. From his perch at Pittsburgh-based EQT, a company with market capitalization of $36 billion, Toby Rice has preached the benefits of selling more American natural gas across the globe to reduce emissions and strengthen the security of the U.S.

and its allies. Now he is wading into a debate: Should impoverished societies be encouraged to rely on polluting fossil fuels to improve their fortunes, or leapfrog to intermittent renewables? In an interview, Rice said developing nations have benefited little from the trillions of dollars spent to combat climate change. Building energy access in a pragmatic way would boost prosperity and protect those nations from the effects