A group of nine climate charities has announced a US$500-million investment over the next three years to support a just transition off fossil fuels in low- and middle-income countries.
The “catalytic” grants “will assist efforts by governments alongside civil society organizations and others that give momentum to new and emerging energy transition plans in the Global South,” the Irvine, California-based Sequoia Climate Foundation said in a release. “This partnership will build on existing and future multi-donor efforts that are ratcheting ambition and supporting government, community-level, and corporate actions to mitigate climate change.”
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The release points to the “bold leadership” many poorer countries are showing “in setting ambitious goals even in the face of profound climate impacts.” It stresses that the philanthropies’ announcement “is not a replacement for the billions already committed to developing countries, but not yet delivered, by developed countries who have the responsibility, the ability, and the funds to move much faster and scale action globally.”
The other participating foundations include the Ballmer Group, Bloomberg Philanthropies, the Children’s Investment Fund Foundation, Good Energies by Porticus, the Growald Climate Fund, the High Tide Foundation, Oak Foundation, and Three Cairns Group.
“We recognize that the international community continues to fall unacceptably short of its promises for financial support to tackle climate change and its impacts,” said Sequoia Foundation President Christie Ullman. “While this investment cannot and is not intended to make up for it, we are working to support countries in addressing their challenges and commitment to a clean energy transition. This commitment should be seen as a floor, not a ceiling, for what philanthropy can do to support a just and equitable future.”
Late last month, Inside Philanthropy said climate funding surged in 2021 thanks to pledges from billionaires and major foundations. “Foundation funding for climate change mitigation rose 40% between 2020 and 2021, topping $3 billion for the first time,” the sector newsletter reported [subs req’d], citing an annual update from the ClimateWorks Foundation. And “foundations aren’t the only ones giving more. When individual giving and other types of funding are included, philanthropic support for climate mitigation rose 25% between 2020 and 2021—three times faster than overall philanthropic giving.”