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    • Philanthropy

    Climate philanthropy report shows 'disappointing' lack of funding

    An annual climate philanthropy report finds funding for climate mitigation efforts has stagnated overall but increase for some sectors as well as in Africa.

    By Stephanie Beasley // 02 November 2023

    Philanthropic funding for efforts to reduce or avoid the worst impacts of climate change have increased for some sectors and in some key parts of the world, such as Africa. However, it needs to ramp up much faster if funders want to meet the growing needs of a warming planet and an escalating number of climate disasters affecting low- and middle-income communities, climate philanthropy experts said.

    ClimateWorks Foundation published its latest annual funding trends report on Wednesday. The United States-based nonprofit tracks climate mitigation spending worldwide and is funded by foundations such as Bezos Earth Fund, Children’s Investment Fund Foundation, and Open Philanthropy. Its latest data shows climate mitigation received an estimated $7.8 billion to $12.8 billion of the total $811 billion in global giving last year.

    Key targets for climate mitigation spending include work to reduce emissions in the shipping industry. Foundation giving to the sector has more than tripled since 2018, reaching $16 million last year, the report said. Funding to reduce emissions in the building and construction sector also grew from $65 million in 2018 to $155 million in 2022. Funding for corporate accountability efforts also has steadily increased in recent years and represented 4% of foundation giving in 2022. And foundations spent about $35 million on efforts to obtain minerals needed to produce renewable energy.

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    More reading:

    ► Ex-Chilean minister brings 'activist' approach to global methane group

    ► More climate finance is needed, but where should it come from?

    ► The global south is done waiting for rich countries to lead on climate

    • Environment & Natural Resources
    • Funding
    • Private Sector
    • ClimateWorks Foundation
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    About the author

    • Stephanie Beasley

      Stephanie Beasley@Steph_Beasley

      Stephanie Beasley is a Senior Reporter at Devex, where she covers global philanthropy with a focus on regulations and policy. She is an alumna of the UC Berkeley Graduate School of Journalism and Oberlin College and has a background in Latin American studies. She previously covered transportation security at POLITICO.

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