The Australia-based Minderoo Foundation has announced a gift valued at AU$5 billion ($3.38 billion) from founders and Giving Pledgers Andrew and Nicola Forrest.

The gift comprises 220 million shares of Forrest’s company, Fortescue, or one-fifth of the couple’s shareholding, and boosts the foundation’s endowment to approximately AU$7.6 billion ($5.14 billion). The foundation’s soon-to-be-announced 2030 Strategy aims to make a greater impact on global challenges such as climate change and economic disruption.

“As our world faces enormous challenges, we have elected to continue to use our material wealth to help humanity and the environment meet these existential risks,” said Andrew Forrest, who signed the Giving Pledge with his wife in 2013. “Accumulating wealth should only be a small part of a person. Their contribution to their family and society is way more important. Other skills such as carpentry, farming, the arts, working in construction or for government are equally as important. If you happen to be good at accumulating wealth, then I believe in using that skill for the greater good. This is why we will continue to donate our wealth to causes where we can make a sustainable difference.”

“These are tough times for many Australians, and, of course, for many people right around the world,” said Nicola Forrest. “I believe we all need to do what we can with what we have, so I am pleased that the transfer of these shares will escalate our efforts to help those who need it most.”

(Photo credit: Minderoo Foundation/Jessica Wyld)