The CEO of the Bezos Earth Fund has called on development banks and philanthropists to think more creatively to tackle the climate crisis.
Andrew Steer told the Reuters IMPACT conference, held in London, that World Bank reform could boost financial flows to emerging markets, as could charitable grant-giving groups.
Discussion over potential changes at the World Bank and how finance can play a role in sustainable development goals are likely to be discussed at the upcoming COP28.
Multilateral lenders could also “be much more creative with organisations like us”, Steer said.
In July, World Bank president Ajay Banga said he is eyeing up private capital and corporate social responsibility funds to bolster current sources of financing.
Steer believes more could be done, particularly for Africa.
The Earth Fund was launched in February 2020 with $10 billion – a sum that elevated Bezos to biggest funder in the climate space, though the pledge at the time amounted to around eight per cent of his own wealth and drew calls for greater action, particularly around making his own company more climate friendly.
To date it has given nearly $2 billion through 200 grants. It is cited as the world’s largest climate philanthropy group.
Among the groups to receive the Earth Fund’s first grants were groups such as ClimateWorks, Nature Conservancy, the Environmental Defense Fund, the Natural Resources Defense Council, and the World Wildlife Fund.
Also in the first round of grants was the World Resources Institute, which received a five-year $100 million grant, the organisation from which Steer departed from to join Bezos’ Fund.
Shafi Musaddique is news editor at Alliance magazine.
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