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Donations To Boost Earth Action Seek To Unlock USD50 Billion For Climate And Nature

GAEA spearheads a global initiative, unlocking billions for climate solutions and propelling collaborative efforts for a sustainable future, echoing a call for change 

 The World Economic Forum, in collaboration with leading private sector and philanthropic partners of the Giving to Amplify Earth Action initiative (GAEA), has unveiled fresh commitments aimed at unlocking billions of dollars for financing climate and nature solutions. Additionally, GAEA introduces the Big Bets Accelerator, designed to amplify and expedite innovative public-private-philanthropic partnerships globally.

GAEA initiated a call to action in January 2023, urging partners to join forces and co-design a global initiative addressing the USD3.5+ trillion financing needed annually to achieve net-zero, reverse nature loss and restore biodiversity by 2050. Klaus Schwab, Founder and Executive Chairman of the World Economic Forum and GAEA Global Co-Chair, emphasised the imperative collaboration between governments, businesses and philanthropy to tackle global challenges related to climate and nature.

With support from GAEA knowledge partner McKinsey Sustainability, the initiative has identified 31 global investment opportunities for public-private-philanthropic collaboration. These opportunities encompass projects focusing on phasing out coal, sustainable rice value chains, clean cooling options, green steel and electric vehicles and offshore wind power.

GAEA’s next challenge in 2024 is to scale and catalyse corporate leadership, with the Green Climate Fund (GCF) serving as an anchor partner. The GCF, with approved funding of USD13.5 billion and a vision to manage USD50 billion in climate investment by 2030, aligns with GAEA’s mission.

At the World Economic Forum Annual Meeting 2024, GAEA is launching the Corporate Philanthropy Challenge for People and Planet to mobilise USD1 billion of smart, catalytic capital towards climate and nature interventions by 2030. Corporate foundations and leading philanthropies are joining forces, including Ares Charitable Foundation, BMW Foundation Herbert Quandt, Foundation S (Sanofi), Google.org, Grundfos Foundation, Salesforce, Temasek Trust, The Coca-Cola Foundation, Workday Foundation, UBS Optimus Foundation and the IKEA Foundation.

In Asia, GAEA and partners are reimagining philanthropy, with initiatives such as the Philanthropy Asia Alliance (PAA) in South-East Asia and the One Earth Impact investing alliance in Hong Kong, aiming to raise USD777 million and USD3 billion, respectively, to catalyse innovative solutions for global environmental and social challenges.

GAEA is set to launch the Big Bets Accelerator, focusing on nature, industry, energy, food and climate intersections, incubating significant ideas and aggregating philanthropic resources with development finance and public efforts. The accelerator will amplify and scale existing initiatives while exploring new ones to address critical environmental and societal challenges.

Donations To Boost Earth Action Seek To Unlock USD50 Billion For Climate And Nature

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