WEF Launches Initiative to Grow Sustainable Partnerships

Giving to Amplify Earth Action

(Credit: WEF)

by | Jan 17, 2023

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Giving to Amplify Earth Action

(Credit: WEF)

The World Economic Forum, supported by more than 45 partners, has launched the Giving to Amplify Earth Action (GAEA), a global initiative to fund and grow new and existing public, private, and philanthropic partnerships (PPPPs) to help unlock the $3 trillion of financing needed each year to reach net zero by 2050.

Current funding is slow and inadequate, and a new approach is needed to increase capital. Philanthropic giving can address this, with unique qualities not found in other financing: it is more tolerant of risks and is driven by values and long-term outcomes rather than quarterly returns.

Philanthropic financing for climate mitigation has risen in recent years, but still represents less than 2% of total philanthropic giving, estimated at $810 billion in 2021. Greater philanthropic funding for climate and nature will support existing priorities. 

Over the next 12 months, supported by McKinsey Sustainability as a knowledge partner, GAEA will work with founding members to build momentum around three clear objectives:

  • Convene leaders from the public, private and philanthropic sectors to identify and target climate and nature solutions where they are best positioned to play a catalytic role 
  • Pilot and refine funding models that can support PPPP interventions 
  • Scale up and replicate successful approaches to new sectors and regions

GAEA will build on existing examples of success such as the ClimateWorks‘ Clean Cooling Collaborative, which started with the help of an initial $10 million of philanthropic funding in 2016. The Collaborative has mobilized more than $600 million in public and private finance to improve equitable access to low-carbon cooling and support. 

GAEA’s growing body of philanthropic partners includes Active Philanthropy, the African Climate Foundation, Bezos Earth Fund, BMW Foundation, Children’s Investment Fund Foundation, the Clean Air Fund, Climate Leadership Initiative, ClimateWorks Foundation, IKEA Foundation, Laudes Foundation, Philanthropy Asia Alliance (by Temasek Trust), Philea, The Rockefeller Foundation, United Nations Foundation, the Wellcome Trust, and Workday Foundation.

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