As the U.S. and Europe pull back from global climate aid, can Asian funders fill the gap?
As Western nations reduce their climate aid, Asian philanthropists are stepping up to fill the funding gap. Despite Asia being heavily impacted by climate change, only a small fraction of global philanthropic giving is directed towards the region. New models of funding and increased interest from Asian donors may help address the significant climate financing needs in Asia.
- ▪Less than 2% of global philanthropic giving goes to climate change mitigation, with only 12% of that amount directed to Asia.
- ▪Asia is warming at twice the global average, and 3.7 billion people in the region have been affected by climate-related disasters since 2000.
- ▪Asian philanthropic organizations are exploring new funding models to address the climate financing gap, which requires over $200 billion annually.
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Shaun Seow, who heads the Philanthropy Asia Alliance (PAA), has a theory on why the new generation of Asian philanthropists is more interested in fighting climate change.Recommended Video “A lot of next-generation leaders are recreational divers; they look at the bleached corals and think it’s not right,” says Seow, whose organization is backed by Singapore state investor Temasek, on the sidelines of the Philanthropy Asia Summit. Globally, less than 2% of philanthropic giving goes to mitigating climate change. Of that small amount, an even smaller sliver—just 12%—goes to Asia.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
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