On the eve of the fifth anniversary of the Paris Agreement, philanthropies, including the Hewlett Foundation, have underlined and enhanced their commitment to investing in climate solutions.
In September 2018, 29 funders made a combined pledge to grant $4 billion to tackle the climate crisis at the Global Climate Action Summit (GCAS). The original group is on track to exceed the commitment, thanks to significant increases from several funders, as well as additional philanthropic donors committing new resources. It is now on a trajectory to invest at least $6 billion dollars by 2025, and likely more as all philanthropists are actively invited to allocate a portion of their portfolio to this important cause. This announcement is made in time for the Climate Ambition Summit on December 12, 2020.
“From record heat waves and hurricanes to floods, droughts and more, the effects of climate change are already here. But so, too, are pathways to prevent them—pathways that require support from the philanthropic community. Today’s announcement is thus more than a new commitment. It’s also a call to action for others—foundations, individual donors, and philanthropic institutions—to deepen their engagement and work with us to address the major challenge of our time and protect people and our planet from a climate catastrophe,” Hewlett Foundation President Larry Kramer said.
There is a growing global awareness amongst philanthropists of the need to drastically accelerate proven climate and clean-energy strategies, spur innovation, and support organizations around the world working to protect all life on our planet. Progress will be tracked in the lead up to the UN Climate Conference being held in Glasgow next year.
The generosity of new philanthropists and the existing climate philanthropy community should be celebrated. However, it is still not enough to meet the challenges we face globally, and at present only 2% of global philanthropic funding is committed to solving the climate crisis, with too little emphasis, in particular, on social justice, covid-19 green recovery, and creating a more equitable society.
Philanthropy and charitable giving at all scales provides the most flexible capital and support for civil society. It funds vital work that cannot be undertaken by governments and the private sector, or that can catalyze climate solutions. We therefore actively encourage more philanthropies, individual donors, and institutions to increase their focus on addressing the climate crisis and join us to help ensure that we can meet the requirements of the historic Paris Agreement. More funding, greater ambition and positive action are absolutely essential to drive progress towards a net-zero world with no more than 1.5 degrees of warming.
Funders contributing to this effort either via the 2018 GCAS pledge or additional commitments include:
The Eli and Edythe Broad Foundation
Sir Christopher Hohn and The Children’s Investment Fund Foundation (CIFF)
The Educational Foundation of America
Pirojsha Godrej Foundation
Good Energies Foundation
The Grantham Foundation for the Protection of the Environment
The Grove Foundation
Growald Family Fund
The George Gund Foundation
William and Flora Hewlett Foundation
High Tide Foundation
John D. and Catherine T. MacArthur Foundation
McKinney Family Foundation
The David and Lucile Packard Foundation
Quadrature Climate Foundation
Rockefeller Brothers Fund (RBF)
Sea Change Foundation
Yellow Chair Foundation