Emirates News Agency – Launch of Global Climate Charity Alliance for Climate and Nature ahead of COP28
DAVOS, 18th January, 2023 (WAM) — Badr Jafar, CEO of Crescent Enterprises, together with Prince Albert II of Monaco Foundation organized a high-level event on positive philanthropy for climate and nature with the presence of the Prince. Albert II of Monaco during the annual meeting of the World Economic Forum in Davos.
The purpose of the meeting was to discuss the creation of a global alliance of leading philanthropists and charities to advance collective efforts to achieve climate, oceans and biodiversity goals.
Majid Al Suwaidi, Director General of COP28, participated in the session. He outlined the UAE’s vision for COP28 and the importance of harnessing the potential of all sources of capital, including philanthropic capital, to achieve climate and nature goals.
Other participants include Vice President and International Vice President Fady Jameel, Abdul Latif Jameel, Dr. Tariq Al Gurg, CEO and Vice President, Dubai Cares, Cherie Blair CBE, KC, Founder, Cherie Blair Foundation, Women, Hussain Sajwani, Chairman, Damac International, Lawrence Di Rita, Greater Washington DC Market of Bank of America, Johan Eliasch, Jacqueline Poh, CEO of HEAD, Managing Director of Singapore Economic Development Board, Rishad Premji, Executive Chairman of Wipro, Andre Hoffmann, Vice Chairman of Roche and Rohini Nilekani, President of Rohini Nilekani Philanthropies.
In his opening speech, Prince Albert II of Monaco shared his thoughts on the collective role of the participants, saying: “We are here to take action. To try to end this strange situation where only a fraction of charity funds are allocated to an issue that probably has the most consequences for the future of humanity: the environment. protection, by mobilizing our contemporaries, companies and institutions, creating financial and on-site evaluation tools that will enable these resources to be fully effective, and by encouraging multilateral institutions to be more ambitious.”
Discussions highlighted the role that the Global Philanthropic Alliance for Climate and Nature will have to play in developing collective efforts to combat the climate crisis, including mobilizing resources to protect the climate, oceans and biodiversity.
The Alliance aims to create a coordinated approach to promote effective solutions with long-term impact, raise awareness and stimulate catalytic capital to unlock private finance and multilateral commitments to combat climate change. Achieving a just climate and nature transition by 2050 requires approximately $100 trillion.
Badr Jafar, CEO of Crescent Enterprises, a founding sponsor of Cambridge University’s Center for Strategic Philanthropy and NYU Abu Dhabi’s Strategic Philanthropy Initiative, said: “Launching this global alliance of climate-based philanthropists and philanthropies will also provide a business. It is a platform for many global development markets, many of which are on the front lines of climate change, to engage and deliver solutions that are best suited to local needs. This will in turn enable the co-creation of innovative interventions to support the COP28 agenda. beyond and engage in constructive conversations with the private and public sectors to better identify opportunities. mixed funding models.”
The data shows that less than 2% of philanthropic capital is directed to climate-related issues, even though philanthropic funding for climate change mitigation has more than tripled in the past five years, from $900 million to $3 billion annually. However, according to a report by ClimateWorks, the main regions that will receive climate change mitigation funds in 2021 will be the United States, Canada and Europe. Although funding from Africa increased by 50% between 2020 and 2021 and doubled in Latin America, the two regions together accounted for less than 10% of the fund’s total funding in 2021.
During the session, speakers discussed the urgent need to break down climate and nature silos and collaborate to increase this funding and ultimately impact. They discussed strategies to engage a more diverse group of philanthropists and organizations, especially those in growing markets, to help raise awareness and catalytic capital, which in turn could unlock private financing, necessary government regulation, and multilateral commitments on the climate-nature nexus.
The Alliance will work closely with the World Economic Forum’s Give Earth Action to Power (GAEA) program, a public-private-philanthropic partnership for climate and nature. catalyzes climate action.
The week-long World Economic Forum’s 2023 annual meeting, under the theme “Collaboration in a Fractured World,” brings together more than 2,700 leaders representing government, business, civil society, global academia and the media. the world’s most pressing issues with over 300 sessions aimed at accelerating progress and solving global challenges.
Translated by: Gihane Fawzi.