World’s biggest foundations pledge $4 billion to boost climate action

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Philippine EnviroNews, San Francisco

SAN FRANCISCO, California—As the world struggles to accelerate and scale-up investment and action for both climate mitigation and adaptation, 29 of the world’s biggest companies and foundations announced their commitment with a $4 billion funds for climate solutions at the Global Climate Action Summit (GCAS).

The big presence of these donors were all over the agenda of the GCAS, whether as speakers, exhibitors and organizers of hundreds of side events during the summit.

“Philanthropists can and must work together as catalysts to engage governments, the business community and NGOs to accelerate progress on climate change,” Nat Simons, co-founder of the Sea Change Foundation said in a statement. “The multi-billion dollar commitment announced today is only a down payment.  Together we’ll need to invest billions more. And soon.”

At the summit that convened government leaders, international non-government organizations, investors and foundations, statement from the philanthropic commitment to combat climate change revealed that the funds will be deployed over the next five years to support the vast array of solutions on health, energy, economic growth, sustainable communities, land and ocean and climate investments required to combat climate change.

 “ The investment we are committing will help accelerate proven climate strategies, spur the innovation and adoption of promising solutions, catalyze action at the national and local levels, and support the movement made up of millions of people fighting to protect the air they breathe and the communities they call home,” the commitment states.

photo credit: GCAS

These new pledges that support local organizations working on climate change both from developed and developing countries, come ahead of the United Nations Framework Convention on Climate Change’s 24th Conference of the Parties (COP 24) that will take place in December this year.

This year’s UN climate talks in Katowice, Poland will ensure the full implementation of the 2015 Paris Agreement where almost 200 nations pledged to keep global temperature rise well below 2 degrees Celsius and to pursue efforts to limit the temperature increase even further increase to 1.5 degrees Celsius. Countries are also expected to adopt a rule book outlining how countries monitor their greenhouse gas emissions and report their climate protection efforts, as well as how much money industrialized countries will give to poorer nations for climate mitigation and adaptation.

“Tackling global climate change requires partnership and collaboration – and philanthropy has an important role to play,” said Patricia E. Harris, CEO of Bloomberg Philanthropies. “We’re proud to support efforts that are making incredible local progress around the world, but there’s so much more that needs to be done. This landmark pledge is a key step to making even greater impact, together.”

These big foundations contributing to this effort include:

Barr Foundation
Bloomberg Philanthropies
Bullitt Foundation
Sir Christopher Hohn and The Children’s Investment Fund Foundation (CIFF)
The Educational Foundation of America
Pirojsha Godrej Foundation
Grantham Foundation
The Grove Foundation
Growald Family Fund
The George Gund Foundation
Heising-Simons Foundation
William and Flora Hewlett Foundation
IKEA Foundation
Ivey Foundation
Joyce Foundation
The JPB Foundation
KR Foundation
Kresge Foundation
Dee & Richard Lawrence and OIF
John D. and Catherine T. MacArthur Foundation
McKinney Family Foundation
McKnight Foundation
Oak Foundation
The David and Lucile Packard Foundation
Pisces Foundation
Rockefeller Brothers Fund (RBF)
Sea Change Foundation
Turner Foundation
Yellow Chair Foundation

 

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photo credit: Global Climate Action Summit