Kigali, Rwanda—Philanthropic fund of $53 million will help fast-start developing countries expand energy efficiency while phasing out hydrofluorocarbons (HFCs) used as coolants, doubling the climate benefit. A group of philanthropic donors applauds an historic amendment to the Montreal Protocol, under which the nations of the world agreed to phase out hydrofluorocarbons, a climate-harming greenhouse gas. Donor nations established a $27 million fund to provide financial assistance for developing nations on an ambitious phase out timeline, and the philanthropies dedicated an additional $53 million for related efforts to improve energy efficiency in those countries. The philanthropic fund will make combined energy efficient and climate-friendly cooling and air conditioning more affordable for developing nations while doubling the climate benefits.
“This is a historic moment in the fight to mitigate global warming, as well as a unique opportunity to improve quality of life in developing nations,” said Larry Kramer, president of the William and Flora Hewlett Foundation, which supported the philanthropic fund. “It’s also a unique moment for philanthropy. The $53 million fund for energy efficiency in cooling is the largest fund of its kind ever created. All 19 contributors to the fund saw how pairing efficiency with HFC reductions is a winning investment—producing enormous economic benefits for developing nations while improving human safety and comfort and generating huge climate benefits. It’s a rare win-win-win situation.”