Rockefeller Foundation Commits 1 Billion To Climate Efforts
The Rockefeller Foundation has announced a monumental commitment of over $1 billion to tackle climate change globally. This initiative, unprecedented in the Foundation’s 110-year history, aims to unite global efforts and ensure inclusive participation in the climate transition. The strategy hinges on two pillars: global unification against climate change and capitalizing on the transition’s opportunities for historically marginalized populations.
Dr. Rajiv J. Shah, President of The Rockefeller Foundation, emphasizes this initiative as a “big bet,” reflecting the Foundation’s legacy of impactful investments. Originating from John D. Rockefeller’s initial $100 million endowment, the Foundation has historically directed $24 billion towards philanthropic efforts. This strategy aligns with its vision of scaled investments and creative solutions to complex challenges. A significant move in recent years includes divesting from fossil fuels, positioning it as a leader in the divestment movement.
The new climate strategy integrates climate considerations across its core focus areas: power, health, food, and finance. It aims to catalyze global actions for transformative solutions, supporting initiatives like the Global Energy Alliance for People and Planet (GEAPP), co-launched with the IKEA Foundation and Bezos Earth Fund at COP26. The Foundation has committed resources, including $5 million for a global Battery Energy Storage Systems Consortium and $1 million to support the development of 1,000 minigrids in Zambia.
Further, The Rockefeller Foundation leverages its convening power, utilizing its Bellagio Center and a new space in New York City to foster collaborative climate action. The strategy includes significant investments in climate-finance solutions, nature-based solutions, decarbonization, and carbon removal strategies. This is exemplified by its $35 million commitment to climate-finance investments and a $20 million pledge to accelerate climate-smart infrastructure in the United States through Invest in Our Future.
The Foundation also embarks on achieving a science-based Net Zero standard across its global operations. Efforts include a thorough accounting of its 2022 carbon footprint and the development of a comprehensive Roadmap to Net Zero. This initiative not only sets ambitious decarbonization targets but also aims to share learnings with others in the philanthropic community.
These steps represent The Rockefeller Foundation’s comprehensive and forward-looking approach to addressing the climate crisis, reflecting its commitment to innovation, partnership, and inclusivity. As it embarks on this strategic journey, the Foundation remains dedicated to its mission of promoting the well-being of humanity, acknowledging the urgency of climate action and its potential to inspire others in the philanthropic sector.
