Foundations and Funders Pledge New Financing to Address Climate Change
With the conclusion of the United Nations climate talks in Dubai, significant pledges have been made by foundations and other funders to tackle climate change. These pledges, amounting to at least $2.1 billion, aim to reduce climate impacts, particularly in the agricultural sector, and provide assistance to vulnerable communities.
COP28 Summit Highlights
The Conference of Parties to the UNFCCC, also known as COP28, brought together global leaders to discuss climate change. This year’s summit featured several groundbreaking events, including forums on health, food production, and philanthropy. The estimated pledges, while not comprehensive, were made by a mix of foundations, private companies, and governments. The funds will be delivered over various timelines.
Global Fund to Fight AIDS, Tuberculosis, and Malaria
In a noteworthy development, the Global Fund to Fight AIDS, Tuberculosis, and Malaria participated in the conference for the first time. The organization pledged to allocate 70% of its budget, approximately $9 billion, to the 50 most climate vulnerable countries over the next three years. Peter Sands, the CEO of the Global Fund, acknowledged the global health community’s previous oversight of climate change’s impact on health and emphasized the need for increased attention and action.
Principles for Financing Climate and Health Projects
The Global Fund, in collaboration with the World Health Organization, the Green Climate Fund, The Rockefeller Foundation, and COP presidency, launched a set of principles for financing projects at the intersection of climate and health. These principles serve as guidelines for funding initiatives that address the health consequences of climate change.
Business & Philanthropy Forum
The inaugural Business & Philanthropy forum provided foundations, donors, and corporations with a formal platform to contribute to climate change mitigation efforts. As COP28 leaders seek additional financing from the private sector, new blended finance vehicles were announced. These vehicles enable initiatives to be funded through a combination of corporate investments and donations. The forum also called for directing funding towards Indigenous communities already engaged in environmental protection.
The Need for Government Policy and Regulation
While the Business & Philanthropy forum was welcomed by many, individuals like Ozawa Bineshi Albert, co-executive director of the Climate Justice Alliance, stress the importance of government policy and regulation. Albert believes that while philanthropy plays a role, the government’s actions to reduce carbon production are crucial in addressing the climate crisis.
Philanthropic Commitments in 2022
A report from ClimateWorks Foundation reveals that philanthropic funding for climate change mitigation remained stagnant in 2022 after consistent growth in previous years. The lack of growth is attributed to global economic conditions, including increased inflation. ClimateWorks’ director of climate philanthropy, Helene Desanlis, emphasizes the need for philanthropy to increase funding amounts and collaborate more closely with other funders and actors.
Specific Contributions
Several philanthropic organizations made notable commitments during the conference. The Bezos Earth Fund pledged $100 million to support a plan by Pacific Island nations to protect and sustainably manage marine ecosystems. Bloomberg Philanthropies made commitments to protect oceans, transition to clean energy, and support climate change adaptation in cities. The Bill & Melinda Gates Foundation, known for its work in addressing food insecurity, announced a new commitment of $100 million alongside a $100 million commitment from the United Arab Emirates. Some of these funds will support CGIAR, an agricultural research group that has received over $1 billion in grants from the Gates Foundation in the past.
Expanding Global Health Efforts
In addition to climate-related commitments, the Gates Foundation and other funders pledged $770 million to expand the work of the Reaching the Last Mile Fund. This fund, founded by the UAE, aims to eliminate neglected tropical diseases. Peter Sands emphasized the importance of utilizing the existing global health architecture to alleviate the burden on individual countries’ health systems and urged swift action to address climate change’s impact on health inequalities.
Support for Philanthropy Coverage
The Associated Press’s coverage of philanthropy and nonprofits is supported by a collaboration with The Conversation US, funded by Lilly Endowment Inc. The AP is solely responsible for the content. For more philanthropy coverage, visit https://apnews.com/hub/philanthropy.
