Prominent philanthropic foundations — including the Bezos Earth Fund, IKEA Foundation, and The Rockefeller Foundation — joined corporations and public sector groups to launch a new multitrillion-dollar initiative to fight climate change at the annual meeting of the World Economic Forum in Davos, Switzerland, this week.
The new global initiative, which WEF spearheaded, is called Giving to Amplify Earth Action, or GAEA, and is the latest global effort to use philanthropic dollars as seed funding for climate-related initiatives in the hopes of attracting investments from the private sector and governments.
GAEA’s goal is to “unlock” around $3 trillion in annual financing needed to support efforts to reach net-zero, reverse nature loss, and restore biodiversity by 2050, according to a press release.
About the author
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.
