Unedited, from ESG today (Jan. 17, 2023): The World Economic Forum announced today the launch of Giving to Amplify Earth Action (GAEA), a new program aimed at unlocking $3 trillion per year of financing for initiatives to achieve net zero, nature loss reversal and biodiversity restoration by 2050.
Launched together with more than 45* philanthropic, public and private sector partners, the new initiative is focused on funding and growing new public, private and philanthropic partnerships (PPPPs) to help address the “slow and inadequate” state of current funding initiatives for major climate and nature challenges. According to the WEF, philanthropic capital has unique qualities to meet this need, including being more nimble, risk-tolerant, values-driven and long-term focused.
WEF Founder and Executive Chairman Klaus Schwab said:
“We 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 Earth’s 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.”
Initial actions for the GAEA initiative will be supported by knowledge partner McKinsey Sustainability and focus on the key objectives of convening leaders from public, private and philanthropic sectors to identify and target climate and nature solutions where they are best positioned to play a catalytic role, piloting and refining funding models than can support PPPP interventions, and scaling up and replicating successful approaches to new sectors, regions and actors.
McKinsey & Company CEO Bob Sternfels said:
“We are very excited to support GAEA’s aim to better connect philanthropic capital with public and private sector efforts to strengthen climate and nature solutions. Our collective hope is to accelerate thinking and action towards tipping points in these arenas, and to assure economic growth is increasingly sustainable and inclusive.”
*GAEA partners and supporters include:
- Philanthropic partners: Active Philanthropy, the African Climate Foundation, André Hoffmann Family Office, the Arab Foundations Forum, Bezos Earth Fund, BMW Foundation, Children’s Investment Fund Foundation, 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, Noa’s Ark Foundation, Open Society Foundations, the Patrick J. McGovern Foundation, Pearl Initiative, Philanthropy Asia Alliance (by Temasek Trust), Philea, The Rockefeller Foundation, Trottier Family Foundation, United Nations Foundation, the Wellcome Trust, WINGS, Workday Foundation.
- Individuals, academic institutions, companies and public sector organizations: Cambridge Institute for Sustainability Leadership, Capital for Climate, Carbon Direct, Center on Global Energy Policy at Columbia University, Centre for Strategic Philanthropy at the University of Cambridge, Climate-KIC, Crescent Enterprises, Government of Egypt, HCLTech through their chairperson Roshni Nadar Malhotra, McKinsey Sustainability, Ocean14, Prince Maximilian von und zu Liechtenstein – Chairman of the Board LGT Group, Salesforce, Singapore University for Social Sciences, Stanford University Center for Ocean Solutions, Strategic Philanthropy Initiative at NYU Abu Dhabi, UN Environment Programme World Conservation Monitoring Centre, We Mean Business Coalition, World Association of PPP Units & PPP Professionals.