WEF launches initiative to unlock USD 3 trillion a year for climate and nature

The World Economic Forum on Tuesday launched the Giving to Amplify Earth Action GAEA to help unlock the USD 3 trillion of financing needed each year to reach netzero reverse nature loss and restore biodiversity by 2050The global initiative to fund and grow new and existing public private and philanthropic partnerships PPPPs is supported by more than 45 partners including HCL Technologies through its chairperson Roshni Nadar MalhotraWith the energy and cost of living crises the ambition of steering the planet towards a 15degree Celsius warming pathway hangs in the balance the WEF saidMeanwhile the recent agreement at the UN Biodiversity Conference CBD COP15 in Montreal to conserve 30 per cent of all Earth and sea looks bold but fragile in the face of a rising biodiversity crisisCurrent funding is slow and inadequate and a new approach is needed to get capital flowing Philanthropic giving can address this with unique qualities not found in other financing it is nimble more tolerant of risks and is driven by values and longterm outcomes rather than quarterly returns the WEF saidWe are at a tipping point in our efforts to put the planet back on track to meet our climate ambitions To reach the speed and scale required to heal the Earths systems we need to unlock not only private capital and government funds but also the philanthropy sector as a truly catalytic force to achieve the necessary acceleration WEF Founder and Executive Chairman Klaus Schwab saidGAEAs growing body of philanthropic partners includes Active Philanthropy the African Climate Foundation Andre Hoffmann Family Office the Arab Foundations Forum Bezos Earth Fund BMW Foundation and Childrens Investment Fund FoundationIt also includes the Clean Air Fund Climate Leadership Initiative ClimateWorks Foundation Eleven Eleven Foundation the Gordon and Betty Moore Foundation Growald Climate Fund IKEA Foundation Laudes Foundation Noas Ark Foundation United Nations Foundation the Wellcome Trust WINGS and Workday FoundationIndividuals academic institutions companies and public sector organizations supporting the initiative include Cambridge Institute for Sustainability Leadership and HCLTech through their chairperson Roshni Nadar MalhotraPhilanthropic financing for climate mitigation has risen in recent years but still represents less than 2 per cent of total philanthropic giving estimated at USD 810 billion in 2021