A coalition of leading climate philanthropies has announced an investment of $500 million over the next three years to accelerate a just and equitable energy transition in low- and middle-income countries, while working to boost sustainable development and create new economic opportunities. 

To that end, philanthropic organizations will assist efforts by governments alongside civil society organizations and others to boost energy transition efforts in the Global South. The partnership will build on existing and future multi-donor efforts that are ratcheting up ambition and supporting government, community-level, and corporate actions to mitigate climate change.

The philanthropies involved include Ballmer Group, Bloomberg Philanthropies, Good Energies by Porticus, Growald Climate Fund, Three Cairns Group, and the Children’s Investment Fund, High Tide, Oak, and Sequoia Climate foundations. The partnership will support technical assistance and building the capacity needed to scale renewable energy while transitioning from fossil fuels, including through multi-donor initiatives. The coalition aims to support implementation in countries that have already made ambitious plans and to encourage more countries to develop high-ambition plans that will serve as the blueprints for the next decade. 

“This funding is intended to support countries to implement their ambitious, just and equitable clean energy agendas,” said Sequoia Climate Foundation president Christie Ulman. “Philanthropy can and will play a key role in catalyzing a step change in support for energy and economic transitions. We recognize that the international community continues to fall unacceptably short of its promises for financial support to tackle climate change and its impacts. While this investment cannot and is not intended to make up for it, we are working to support countries in addressing their challenges and commitment to a clean energy transition. This commitment should be seen as a floor, not a ceiling, for what philanthropy can do to support a just and equitable future.”

“This is a crucial time for philanthropy to scale its support to southern partners working to lead during remarkably challenging times,” said Izabella Teixeira, co-chair of the International Resources Panel – United Nations Environmental Programme, UN Department of Economic and Social Affairs board member, and former minister for the environment in Brazil. “The world needs southern leadership to prove that development priorities and climate priorities go hand in hand and build precedents for a truly just and equitable clean energy transition.”

(Photo credit: Getty Images/Sander Stock)