January 18, 2023
2 mins read

WEF launches $3 tr initiative for climate, nature

With the energy and cost of living crises, the ambition of steering the planet towards a 1.5-degree Celsius warming pathway hangs in the balance, the WEF said…reports Asian Lite News

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 net-zero, reverse nature loss and restore biodiversity by 2050.

The 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 Malhotra.

With the energy and cost of living crises, the ambition of steering the planet towards a 1.5-degree Celsius warming pathway hangs in the balance, the WEF said.

Meanwhile, 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 crisis.

“Current 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 long-term outcomes rather than quarterly returns,” the WEF 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,” WEF Founder and Executive Chairman Klaus Schwab said.

GAEA’s 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 Children’s Investment Fund Foundation.

It 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, Noa’s Ark Foundation, United Nations Foundation, the Wellcome Trust, WINGS and Workday Foundation.

Individuals, academic institutions, companies and public sector organizations supporting the initiative include Cambridge Institute for Sustainability Leadership and HCLTech through their chairperson Roshni Nadar Malhotra.

Philanthropic 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.

ALSO READ-UAE, S Korea stress on collective commitment to climate action

Previous Story

Snow and ice cause travel chaos in UK

Next Story

COP28 logo reflects ‘One World’ concept

Latest from -Top News

Pakistan reverses support for Trump’s Gaza peace plan

Pakistan retracts support for Trump’s Gaza peace plan, citing differences with Muslim nations’ draft; move reflects domestic sensitivities and regional alignment amid ongoing Middle East conflict diplomacy. In a surprising shift, Pakistan’s

Hamas agrees to release all hostages

Hamas agrees to release all Israeli hostages under Trump’s 20-point Gaza peace plan, backed by global powers and the UN, paving the way for regional stability. Hamas has formally agreed to release

Qatar now under US shield

Trump offers Qatar an unprecedented security guarantee, pledging US military protection amid Israeli strike and Gaza peace negotiations, reinforcing Qatar’s role in regional diplomacy. In an extraordinary move, the United States has

UAE condemns Manchester attack

UAE condemns Manchester synagogue attack; UK deploys extra police, PM Starmer vows protection for Jewish communities while emergency services respond to a shocking Yom Kippur tragedy. The United Arab Emirates has strongly
Go toTop

Don't Miss

WEF picks UAE Gender Balance Council as knowledge partner

Mona Al Marri said the UAE’s inspirational achievements in the

World Economic Forum 2024: A Platform for Rebuilding Trust and Addressing Global Challenges

Ajay S. Banga, President of the World Bank Group, emphasized