Source: Fortune
Summary
Asian philanthropists are increasingly focused on addressing climate change, with an estimated $5.8 trillion expected to change hands in the region by the end of the decade. Despite this, climate causes are still “woefully underfunded,” with only 12% of global philanthropic giving going to Asia, which is disproportionately affected by climate change. The Philanthropy Asia Alliance and the Tara Climate Foundation are among the organizations working to address this gap. The West’s scaling back of climate funding has created an opportunity for Asian funders to step in. Asian philanthropic organizations are exploring new payment models, such as blended finance, to finance projects in emerging markets.
Our Reading
The numbers tell one story.
Shaun Seow, head of the Philanthropy Asia Alliance, notes that Asian philanthropists are increasingly interested in fighting climate change, citing the example of recreational divers who are concerned about bleached corals. Jamie Choi, CEO of the Tara Climate Foundation, says that Asian funders are stepping in to plug the gap left by the West’s scaling back of climate funding. The Tara Climate Foundation is part of the Just Energy Transition Community, which has committed $2.6 million in catalytic funding to projects in Southeast Asia. Asian philanthropic organizations are exploring new payment models, such as blended finance, to finance projects in emerging markets. The region is expected to account for 75% of the global climate financing gap by 2030.
Asian philanthropy is entering a familiar phase, where local organizations are taking the lead in addressing regional challenges.
Author: Evan Null
