A coalition of leading climate philanthropies announced an investment of $500 million over the next three years to assist developing countries with an acceleration to clean energy transition boosting sustainable development and creating new economic opportunities.
In a press statement, the coalition said the partnership “will support work that includes technical assistance and building the capacity needed to scale up renewable energy while transitioning away from fossil fuels, including through multi-donor initiatives. The aim of the investments is to support implementation in countries that have already made ambitious plans and to encourage more countries to develop high-ambition plans that will serve as the blueprints for the next decade.”
The organizations in the coalition are Ballmer Group, Bloomberg Philanthropies, Children’s Investment Fund Foundation, Good Energies by Porticus, Growald Climate Fund, High Tide Foundation, Oak Foundation, Sequoia Climate Foundation and Three Cairns Group.
“This funding is intended to support countries to implement their ambitious, just and equitable clean energy agendas,” said Christie Ulman, president of Sequoia Climate Foundation. “This commitment should be seen as a floor, not a ceiling, for what philanthropy can do to support a just and equitable future.”
“This mobilization of pooled funds to support climate action goes a long way to fill the gap of climate philanthropy funding in the south,” said Saliem Fakir, CEO of the African Climate Foundation, an African-led strategic grant-maker and think-tank focused on climate change and development. “It will strengthen southern leadership and localization of solutions especially in Africa where the gap of funding is the biggest.”
