At Wef, New Initiative to Help Unlock $3Trn Needed Yearly for Climate Change Launched

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"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," says Klaus Schwab, founder and executive chairman of the World Economic Forum.

That's why the WEF has launched the Giving to Amplify Earth Action (GAEA), a global initiative to fund and grow new and existing public, private, and philanthropic partnerships to help unlock the $3 trillion needed each year to reach net zero, reverse nature loss, and restore biodiversity by 2050.

"Current funding is slow and inadequate, and a new approach is needed to get capital flowing," says Schwab.

"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 long-term outcomes rather than quarterly returns."

The Giving to Amplify Earth Action has more than 45 partners, including BMW Foundation, Children's Investment Fund Foundation, Clean Air Fund, Climate Leadership Initiative, Eleven Eleven Foundation, Gordon and Betty Moore Foundation, Growald Climate Fund, IKEA Foundation, Laudes Foundation, Noa's Ark Foundation, Open Society Foundations, and the Rockefeller...

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