The Hewlett Foundation has been actively working to reduce GHG emissions for more than a decade. Our grants have focused on cleaning up electric power production, using less oil, using energy more efficiently, preserving forests, addressing non-CO2 greenhouse gases, and financing climate-friendly investments. Thus far, our grantmaking has mainly targeted countries and regions with high GHG emissions, such as Europe, the United States, China and India. To accelerate decarbonization of the global economy, the foundation is placing a special emphasis on the financial sector and mobilizing capital for climate-friendly investments in 2018-2023.

Finance for climate is flowing at a greater pace than ever before, but it is not flowing fast enough to limit warming to well below 2°C. This paper outlines the Hewlett Foundation’s strategy to drive climate-friendly investments for 2018-2023. In this period, we will spend approximately $75 million to catalyze capital for climate-friendly activities across three of the broader Climate Strategy’s four key geographies (China, the United States, Europe).  In this paper, we provide background on the approach to climate-friendly investment grantmaking we intend to take, and give examples of the types of activities and projects we seek to fund.