THE HAGUE: The European Climate Foundation (ECF) has launched a Climate Finance Fund, supported by the William and Flora Hewlett Foundation, to mobilize capital for climate crisis solutions.
The platform aims to drive change by supporting innovative finance and the systemic decarbonisation of capital. It focuses on capital allocators across the supply chain, from consumers, small and medium-sized enterprises to large non-financial corporations, banks and asset managers from China, the European Union, and the US.
The new Fund is led by Marilyn Waite, developer of the Hewlett Foundation’s climate finance strategy, to anticipate the rapidly changing dynamics of the financial market. The Foundation will now allocate its funding for climate finance to the Fund rather than making grants directly.
In July ECF published a report produced by EY-Parthenon that identified 13,000 “real and sustainable” renewable energy projects in 47 countries that can kick-start a “massive” green and renewable recovery. Some key features include a capital injection opportunity of US$1.9 trillion, creation of 10 million jobs locally and in the renewable energy supply chain, a recurring US$60 billion positive GDP impact, and an avoidance of 2.5 gigatons of CO2e annually.
Founded in 2008, The ECF is an independent philanthropic initiative to tackle the climate crisis by encouraging the development of a net-zero emissions society. The ECF does not accept funding from corporate or government sources and its funds are not used to engage with political or partisan activities, support political parties, sectarianism or for religious purposes.
Story Type: News