The World Economic Forum (WEF) has announced the launch of an initiative to raise the $3 trillion in annual funding needed to combat climate change and the loss of natural habitat.
In a statement, the WEF said that more than 45 significant governmental, corporate, and charitable partners support the Giving to Amplify Earth Action (GAEA).
It also said that the goal of guiding the planet towards a 1.5-degree Celsius warming pathway “hangs in the balance” due to the ongoing energy and cost of living crisis.
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According to the statement, current funding is slow and insufficient, and a fresh strategy is required to keep money flowing, adding that “Philanthropic giving” can address this.
In his reaction, the executive chairman of WEF, Klaus Schwab said: “We are at a tipping point in our efforts to put the planet back on track to meet our climate ambitions. To reach the speed and scale required to heal the Earth’s systems, we need to unlock not only private capital and government funds, but also the philanthropy sector as a truly catalytic force to achieve the necessary acceleration.”
Story was adapted from AA.
