Out of the estimated $2.3 trillion of philanthropic funding each year, only 2% goes to nature and climate. That needs to change, climate leaders say.
Panel speakers said philanthropy is often overlooked when thinking about the climate finance gap and that it could act as vital leverage.
Former Governor of the Bank of England Mark Carney added that"we need layers of capital to catalyze investments that need to happen."— known as JETP — as an example of philanthropy in action. A JETP deal between Indonesia and G20 countries mobilized $20 billion of funding to help Indonesia phase out fossil fuels and transition to renewable energy. The funding utilized philanthropic capital.
"Philanthropy has been crucial in research and development for climate finance and its development," Wilkins told Insider.Elsewhere at Davos, Al Gore told attendees that we are"going through a sustainability revolution that has the scale of the industrial revolution coupled with the pace of the digital revolution."
The solution is not just about scaling up climate investment, though, according to Gore."We desperately need toGore conjured an unusual image to help illustrate his point: Imagine you're running a race, he said, and there are two bulldogs, each tugging at one of your pant legs and holding you back. Those bulldogs are oil and gas, which, Gore added, are"fighting tooth and nail in every form" to stay ahead.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Davos 2023: Global recession in 2023 seen as likely in WEF surveyTwo-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting.
Read more »
700,000 Sign 'Cease and Desist' Letter to Fossil Fuel CEOs at DavosA group of climate leaders from across the globe issued a 'cease and desist notice' on Monday directed at fossil fuel CEOs attending this week's World Economic Forum, which environmentalists warn will likely be used by oil and gas interests as another PR opportunity.
Read more »
Communist China 'Always in Step with the Davos Spirit' – CCP MediaChina has “always” been “in step with the Davos spirit”, according to a newspaper which serves as a Chinese Communist Party (CCP) mouthpiece.
Read more »
Davos 2023: Yellen to meet China's vice premier Liu He - U.S. TreasuryU.S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Liu He in Switzerland on Wednesday to exchange views on economic developments and deepen communication between the world's two largest economies, a Treasury official said.
Read more »
Davos 2023: Man Utd set up shop with luxury lounge in Swiss AlpsManchester United set out a dazzling Davos shop front this week, but insisted its lounge was to entertain clients and partners rather than to attract buyers for the English soccer club.
Read more »