Quadrature Climate Foundation (QCF), the philanthropic arm of London-based quant hedge fund Quadrature Capital, (QC) awarded 45 grants totaling £175 million ($222.5 million) to environmental groups in 2021-22, while holding stakes in fossil fuel companies worth $170 million, the Guardian reports.

Created in 2019 by QC founders Greg Skinner and Suneil Setiya, the foundation commits a portion of QC’s annual profits to “fighting the climate emergency.” The grants include £4 million ($5.08 million) to the European Climate Foundation, £2.7 million ($3.43 million) to Carbon Tracker Initiative, £1 million ($1.27 million) to Global Witness, and £3 million ($3.81 million) to World Wildlife Fund. According to QCF, since 2019, the foundation has awarded more than £200 million ($254.24 million) to almost 150 climate organizations.

QC, which manages more than $3.2 trillion in assets, holds stakes in Cheniere Energy ($26 million), Cenovus Energy ($20 million), and ConocoPhillips ($24 million), which was named by the Guardian in 2019 as one of the world’s most polluting companies.

“Climate change is already pushing many parts of the world beyond critical temperature tipping points, with uncertain and potentially severe consequences particularly for the poorest and most vulnerable countries,” Quadrature told the Guardian. “The foundation expects to increase funding substantially over the coming years, focused on unlocking the most urgent climate solutions that can help society address the new climate reality.”

“Global Witness is very grateful to QCF for their support to our work to tackle powerful interest groups driving the climate crisis,” Global Witness told the Guardian. “We deeply value the donations we receive from a great number of individuals and institutions and encourage them to align their investments with their values and the goals of their philanthropy.”

(Photo credit: Getty Images/George Clerk)