Country for PR: United States
Contributor: PR Newswire New York
Friday, November 11 2022 - 20:12
Leading Philanthropies Commit Half a Billion for an Equitable Energy Transition
SHARM EL-SHEIKH, Egypt, Nov. 11, 2022 /PRNewswire-AsiaNet/ --

-- Philanthropic commitment seeks to support a clean energy future for people 
and countries on the frontlines of climate change

A coalition of leading climate philanthropies today announced an investment of 
$500 million over the next three years to accelerate a just and equitable 
energy transition in low and middle income countries, while boosting 
sustainable development and creating new economic opportunities.

This catalytic philanthropic support will assist efforts by governments 
alongside civil society organizations and others that give momentum to new and 
emerging energy transition plans in the Global South. This partnership will 
build on existing and future multi-donor efforts that are ratcheting ambition 
and supporting government, community-level and corporate actions to mitigate 
climate change.

"This is a crucial time for philanthropy to scale its support to southern 
partners working to lead during remarkably challenging times," said Izabella 
Teixeira, former Minister for the Environment of Brazil, Co-Chair of the 
International Resources Panel - UNEP and UN-DESA Board member. "The world needs 
southern leadership to prove that development priorities and climate priorities 
go hand in hand and build precedents for a truly just and equitable clean 
energy transition."

"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 working at the nexus of climate change and development. "It will 
strengthen southern leadership and localization of solutions especially in 
Africa where the gap of funding is the biggest."

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.

"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. "Philanthropy can and will play a key role in 
catalyzing a step change in support for energy and economic transitions. We 
recognize that the international community continues to fall unacceptably short 
of its promises for financial support to tackle climate change and its impacts. 
While this investment cannot and is not intended to make up for it, we are 
working to support countries in addressing their challenges and commitment to a 
clean energy transition. This commitment should be seen as a floor, not a 
ceiling, for what philanthropy can do to support a just and equitable future."

The philanthropies involved recognize the bold leadership by many low and 
middle income countries in setting ambitious goals even in the face of profound 
climate impacts. Importantly, the commitment is not a replacement for the 
billions already committed to developing countries, but not yet delivered, by 
developed countries who have the responsibility, the ability and the funds to 
move much faster and scale action globally. Another key priority for 
philanthropies is to scale civil society efforts as they continue to be driving 
forces for a just transition.

"For any country's energy transition effort to be just, legitimate, and 
ultimately effective, it will require sustained engagement and participation 
from affected communities and civil society actors on the ground," said Jamie 
Choi, CEO of Tara Climate Foundation, a regional philanthropic foundation 
aiming to accelerate Asia's energy transformation. "Resourcing national and 
subnational civil society partners to play a proactive role in spurring their 
country's clean energy transition will ensure that solutions stick."

The announcement contributes momentum towards other philanthropic efforts to 
support the Global South in a critical moment as countries face compounding 
food, energy, and cost of living crises in addition to the ongoing impacts of 
the climate crisis.

The following philanthropic organizations are part of today's announcement:

      - Ballmer Group
      - Bloomberg Philanthropies
      - Children's Investment Fund Foundation
      - Good Energies by Porticus
      - Growald Climate Fund
      - High Tide Foundation
      - Oak Foundation
      - Sequoia Climate Foundation
      - Three Cairns Group

About Sequoia Climate Foundation
The Sequoia Climate Foundation is a philanthropic organization on a mission to 
avert the worst impacts of climate change. A 501(c)(3) based in California, we 
support ambitious, evidence-based strategies aimed at accelerating the clean 
energy transition.

About Bloomberg Philanthropies
Bloomberg Philanthropies invests in 941 cities and 173 countries around the 
world to ensure better, longer lives for the greatest number of people. The 
organization focuses on five key areas for creating lasting change: the Arts, 
Education, Environment, Government Innovation, and Public Health. Bloomberg 
Philanthropies encompasses all of Michael R. Bloomberg's giving, including his 
foundation, corporate, and personal philanthropy as well as Bloomberg 
Associates, a pro bono consultancy that works in cities around the world. In 
2021, Bloomberg Philanthropies distributed $1.66 billion. For more information, 
please visit or follow us on Facebook ( 
), Instagram ( 
), YouTube (*22*20*5Ct*20*22_blank__%253BJSUlJSU!!KZXpRQ! 
), Twitter ( 
), and LinkedIn ( 

Media Contacts
Sequoia Climate Foundation
Copperfield Advisory

Bloomberg Philanthropies
Daphne Wang

Source - Sequoia Climate Foundation