Giving Compass' Take:

• Twenty-nine philanthropists committed billions of dollars over the next five years to battle climate change. The investment will go toward addressing five fundamental climate action changes discussed earlier at the Global Climate Action Summit. 

• As the author mentioned, philanthropists and organizations know that this is the first step toward climate action ("a down payment"), and not the only solution. What more will philanthropists have to commit regarding investment and actionable plans towards battling climate change? 

• Read about profitable climate change solutions for 2018. 

Earlier in September, 29 philanthropists pledged $4 billion over the next five years to combat climate change—the largest-ever philanthropic investment focused on climate change mitigation.

The announcement, made at the Global Climate Action Summit (GCAS) in San Francisco, represents a broad global commitment to accelerate proven climate and clean-energy strategies, spur innovation and support organizations around the world working to protect the air they breathe and the communities they call home.

All told, 29 organizations from the United States and around the globe have committed this funding to advance affordable, low- and zero-carbon solutions to reduce the harmful emissions that cause climate change.  The investments will support a vast array of strategies, with an emphasis on those addressing the five key challenge areas addressed at GCAS—healthy energy systems, inclusive economic growth, sustainable communities, land and ocean stewardship and transformative climate investments.

“Tackling global climate change requires partnership and collaboration – and philanthropy has an important role to play,” said Patricia E. Harris, CEO of Bloomberg Philanthropies. “We’re proud to support efforts that are making incredible local progress around the world, but there’s so much more that needs to be done. This landmark pledge is a key step to making even greater impact, together.”

While the announcement is the largest climate-related philanthropic commitment ever made, we know that it is only a down payment. Everyone has a role to play—and philanthropy must be prepared to invest many billions more.

Read the full article about philanthropists investing in climate change by Sara Elkin at The David and Lucile Packard Foundation