Initiative to unlock $3 trillion a year for climate and nature launched by WEF

WEF Initiative to unlock $3 trillion a year for climate and Nature

The Giving to Amplify Earth Action (GAEA) was introduced by the World Economic Forum in an effort to assist raise the $3 trillion in funding needed annually to achieve net-zero, stop the destruction of the environment, and restore biodiversity by 2050. More than 45 partners, including HCL Technologies through its chairperson Roshni Nadar Malhotra, are supporting the global movement to fund and build new and existing public, private, and philanthropic partnerships (PPPPs).

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WEF Initiative to unlock $3 trillion a year for climate and Nature: Key Points

• The goal of guiding the planet towards a 1.5-degree Celsius warming trajectory is in jeopardy due to the energy and cost of living problems, according to the WEF.
• In the meantime, the recent UN Biodiversity Conference (CBD COP15) decision to save 30% of the entire Earth and sea appears audacious but flimsy in the face of a worsening biodiversity crisis.
• A fresh strategy is required to increase money flow because the current funding is insufficient and slow.
• With special traits not present in other forms of financing, philanthropic contributions can address this.
• It is quick, more risk-tolerant, and motivated by values and long-term results instead of quarterly returns.

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WEF Initiative to unlock $3 trillion a year for climate and Nature: More Highlights

• Active Philanthropy, the African Climate Foundation, the Andre Hoffmann Family Office, the Arab Foundations Forum, the Bezos Earth Fund, the BMW Foundation, and the Children’s Investment Fund Foundation are a few of the growing list of philanthropic partners of GAEA.
• The Growald Climate Fund, ClimateWorks Foundation, Eleven Eleven Foundation, Gordon and Betty Moore Foundation, IKEA Foundation, Laudes Foundation, Noa’s Ark Foundation, and others are also included.
• The Cambridge Institute for Sustainability Leadership and HCLTech, through their chairperson Roshni Nadar Malhotra, are just two of the people, businesses, and government agencies who are supporting the project.

Although philanthropy funding for climate change mitigation has increased recently, it still amounts to less than 2% of the expected $810 billion in philanthropic giving worldwide in 2021.

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