'Philanthropic capital must play a bigger role in driving the systems shift we need': A commentary by Leslie Johnston

All hands on deck: Philanthropy's extraordinary moment

Pressure is on here in Glasgow. Governments are rebalancing commitments so that they are on the right trajectory for alignment with the 2015 Paris agreement's targets. Business and industry are stepping up to do their part in everything from reducing deforestation to tackling methane emissions. And the finance sector is raising its ambition, as we saw with Mark Carney's announcement that $130 trillion in financial assets — 40 percent of the global total — have pledged to reach net zero carbon emissions by mid-century. I have heard from many COP-weary delegates that there is something different about this one. Pledges abound, and there does seem to be (finally) a sense of urgency.

Yet even after this flurry of announcements, there is no certainty that emissions will actually be lower by 2030. The updated United Nations synthesis report on nationally determined contributions continues to show emissions increasing, rather than halving, by 2030. It is also unclear whether we — collectively — are doing enough to address climate injustice and the deepening inequality in our societies. And critical voices are not at the table, with widespread criticism over a lack of representation from the Global South. Once the delegates leave Glasgow, there is also no certainty over how effectively companies, investors, and governments will be held to account for their commitments.

And that's where we need more philanthropic funders to come in. Philanthropy is society's risk capital, enabling business, finance, and industry to move faster. Yet despite our being in a crisis situation, philanthropic foundations still dedicate a minuscule percentage — an estimated 2 percent — of their approximately $750 billion in global giving to climate mitigation. This must change....

Read the full commentary by Leslie Johnston, CEO of Laudes Foundation in Zug, Switzerland.