Philea has announced its collaboration with the World Economic Forum on the Giving to Amplify Earth Action (GAEA) global initiative. The project, supported by more than 45 major philanthropic, public and private sector partners, aims to encourage PPPPs to leverage the $3 trillion needed each year from public and private sources to tackle climate change and nature loss. Philea’s role will be to follow and support the process.
With the energy and cost of living crises, the ambition of steering the planet towards a 1.5-degree Celsius warming pathway hangs in the balance. Current funding is slow and inadequate, and a new approach is needed to get capital flowing. Philanthropic giving can contribute to this, with unique qualities not found in other financing: it is nimble, more tolerant of risks and is driven by values and long-term outcomes rather than quarterly returns.
Over the next 12 months, supported by McKinsey Sustainability as a knowledge partner, GAEA will work to build momentum around three clear objectives:
- Convene leaders from the public, private and philanthropic sectors to identify and target climate and nature solutions where they are best positioned to play a catalytic role
- Pilot and refine funding models that can support PPPP interventions
- Scale up and replicate successful approaches to new sectors, regions and actors