Leading global platform for climate philanthropy ClimateWorks Foundation has published a new report on philanthropic funding for climate change mitigation. The report revealed that while foundation funding for climate change has nearly doubled since 2015 – last year it amounted to between $5-9 billion – it makes up less than two per cent of total giving across both individuals and foundations.
The report, Funding Trends: Climate Change Mitigation Philanthropy, analysed data on foundation and individual climate change mitigation funding to explore giving across a set of sectors and regions. It sims to provide a window into long-term trends, ongoing gaps, and opportunities to increase support to the areas of most critical need.
‘As funding for climate change mitigation increases, the deployment of those dollars needs to be calibrated across the areas most important to solving the climate crisis, accounting for emissions sectors, geographies, and societal implications,’ said Surabi Menon, vice president of Global Intelligence, ClimateWorks Foundation. ‘Philanthropic funding is precious, and funders need the best research and analysis to make strategic investment decisions that yield the highest impact.’
The report also identified areas where funding levels were not commensurate with need, such as in industrial and building – these sectors collectively receive less than eight per cent of foundation funding yet account for 26 per cent of direct emissions reductions needed to meet the climate goals under the Paris agreement.
ClimateWorks hope the report will help donors assess where resources can be best utilised, as well as highlight areas where partnerships and collaboration can maximise impact.
‘Better data on philanthropic funding is an essential resource for the large field of philanthropists looking to make the biggest difference in the long-term,’ said Bathylle Missika from the OECD Centre on Philanthropy. ‘ClimateWorks’ data on climate philanthropy is a welcome addition to this burgeoning field.’
For more information on ClimateWorks’ research or to download the report, visit here.