Generosity key to saving the planet: report

The report by the Australian Environmental Grantmakers Network (AEGN) found that philanthropy enabled climate action is driving job creation, economic growth and emissions reductions.

Analysis contained in The Economics of Giving: The Case for Climate Philanthropy revealed that major funding initiatives have:

• unlocked more than $200 billion in economic activity
• created more than 500,000 jobs
• prevented almost $150 billion in emissions-related damage

The report quantified the economic and social value unlocked with the support of philanthropic investment which has proved critical to achieving breakthroughs that reduce emissions and climate impacts, deliver jobs and grow Australia’s economy.

This ranged from elevating policy ambition and corporate leadership, to supporting clean industry growth, enabling advocacy and mobilising the community.

Advocates said the report demonstrated the "outsized" positive impact climate philanthropy has on the nation’s economy, society and environment as well as its potential to galvanise action in the decade ahead.

AEGN CEO Claire O’Rourke said the landmark report’s findings were a celebration of what has been achieved so far but underlined the need to ramp up philanthropic efforts protect the environment.

“Philanthropy has been instrumental in driving climate action in Australia that will deliver economic and social benefits for decades to come, achieving outcomes essential to securing a thriving economy and a safe climate,” she said.

“However, the urgency of the crisis demands even greater ambition and action.”

The report emphasised that long-term, flexible funding was particularly powerful, providing organisations with the ability to sustain long-term efforts and the agility to act at pivotal moments to make an impact.

In just one example of the power of philanthropy to make a difference, the report found philanthropy accounted for more than 70 per cent of total funding that helped AGL transition from biggest climate polluter to embracing renewables.

O’Rourke said the report reinforced the substantial impact that can be achieved from smart, targeted philanthropic investment and collaboration.

This included the capacity for relatively modest funding to deliver compelling benefits for taxpayers, communities, businesses and the broader economy.

“Climate philanthropy isn’t simply a partner in climate progress, it’s a smart investment in building a stronger, more resilient and prosperous Australian economy.”

With less than four per cent of Australian philanthropy directed toward environmental and climate change initiatives, the report highlighted the potential for funders to make an even greater impact.

O’Rourke said there is both an urgency and an unprecedented opportunity for philanthropy to shape Australia’s economic future, protect communities and accelerate climate progress.

“Through smart investments in backing climate solutions, amplifying grassroots voices and countering disinformation, philanthropy can continue to help drive transformational climate and economic outcomes.”

However, greater investment is needed to seize the opportunities ahead, she said.

“Now is the time to act with even greater urgency and purpose to help deliver the future Australians deserve.”

More information

Philanthropic grants grow to meet environmental threats – but not fast enough