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WEF Davos: Global alliance of leading philanthropists seek to advance efforts in addressing climate objectives

Estimated $100 trillion required to achieve equitable climate and nature transition by 2050

A meeting to discuss the launching of a global alliance of leading philanthropists and philanthropic organisations with the aim to advance efforts in addressing climate, ocean and biodiversity goals was co-hosted by Badr Jafar, CEO of Crescent Enterprises, in the presence of Prince Albert II of Monaco during the World Economic Forum’s Annual Meeting in Davos. .

The session, in collaboration with Prince Albert II of Monaco Foundation, was attended Majid Al Suwaidi, Director General of COP28, who delivered remarks on the UAE’s vision for the event and the importance of harnessing the potential of all sources of capital, including philanthropic capital, to meet climate and nature objectives.

Prince Albert II shared his thoughts on the collective role of the attendees, saying: “We are here to take action. To try and put an end to this strange situation means that only a tiny fraction of philanthropic resources is allocated to an issue which undoubtedly has the most consequences on the future of Humankind: the preservation of the environment. Let’s take action, by persuading philanthropists to redirect and increase their contributions, by creating financial and field-evaluation tools that will enable us to make these resources fully effective, by mobilising our contemporaries, businesses and institutions, and by encouraging multilateral institutions to be more ambitious.”

The discussion highlighted the role the Global Philanthropy Alliance for Climate and Nature will have to advance collective efforts in addressing the climate crisis, specifically in leveraging resources to protect climate, ocean, and biodiversity.

The alliance will aim to forge a coordinated approach to foster effective solutions for long-term impact and create awareness and drive catalytic capital to unlock private finance and multilateral commitments to tackling climate change, with $100 trillion in funding estimated to be required to achieve an equitable climate and nature transition by 2050.

“Launching this global alliance of climate-focused philanthropists and philanthropic organisations will also provide a platform for many across the global growth markets, many of which are on the front lines of climate change, to engage and put forward solutions that are best suited to local requirements. This in turn will allow for the co-creation of innovative interventions in support of the COP28 agenda and beyond, and engage in constructive conversations with the private and public sectors to better identify opportunities for blended financing models,” said Jafar.

Data shows that less than 2% of philanthropic capital is directed towards climate-related issues, although philanthropic foundation funding for climate change mitigation more than tripled over the past five years, growing from $900 million to $3 billion annually.

During the session, speakers discussed the urgent need to break down climate and nature silos and collaborate to scale up this funding and related impact. They discussed strategies to engage a more diverse group of philanthropists and organisations, especially those from growth markets, to help raise awareness and catalytic capital, which in turn can unlock private finance, necessary government regulation, and multilateral commitments across the climate-nature nexus.

The alliance will collaborate closely with the World Economic Forum’s Giving to Amplify Earth Action (GAEA), a public-private-philanthropy partnership for climate and nature calling for a multi-stakeholder and multi-sector approach to embrace global philanthropy to catalyse climate action.