What is the role of philanthropy in climate action?

The climate crisis is one of the most time-sensitive and far-reaching problems affecting society today, requiring the combined action of many groups – including philanthropists. Our Stewardship and Purpose report shows that Climate Change and the Environment are one of the top 5 causes families in our network care about, and whilst we have seen an uptick in the amount of philanthropic capital that is focused on our environment, the sector as a whole remains one of the smaller areas of philanthropy.

In The Philanthropy Centre, one of the most common questions we hear clients ask is for help getting started in environmental philanthropy. As part of our Insights series, BJ Goergen, Global Head of The Philanthropy Centre, recently hosted a webinar on Investing in Our Future: The Role of Philanthropy in Climate Action, where we had the opportunity to learn from David Banks; Chief Conservation Officer at The Nature Conservancy and Nat Simons; Co-Founder of Sea Change Foundation in which they explored impactful areas for those getting started in environmental philanthropy.

In this article we share some of the lessons learnt in that conversation; that we need to work across strategies to recognise philanthropy’s power as a unique tool to protect and prevent suffering for both our planet and human life. If you are interested in listening to the full webcast, a replay is available here.

Mitigation and Adaptation – a balancing act

Work in both mitigation and adaptation is important, and through this balance we come to realise that the more we invest in mitigation now, the less we will need to invest in adaptation strategies in the future – investing today also means making a choice to avoid suffering and harmful impact in the future.

Key opportunities for philanthropy to focus on include accelerating the transition to clean energy, investing in trees – recognising that they are an existing and wonderful tool for carbon capture – and lastly building resilience for people to adapt to climate change, being aware that often more vulnerable communities will be most impacted.

There are of course actionable strategies that straddle both mitigation and adaptation; and Nat highlighted a few of these – such as projects designed to manage forests better which lead to greater carbon capture alongside a reduction in the number and scale of forest fires.

A passion for human life

Both Nat and David emphasised the co-benefits to environmental philanthropy – if you are passionate about human life, then you are also passionate about the health of our planet given how inextricably linked the two often are. By examining your existing giving you will see that climate is almost certainly going to have an impact on areas you are already working on – be it refugee relief, child poverty or healthcare. Acknowledging the inherent interconnectedness of our planet with other areas of philanthropy can help you to identify where you might want to invest given your existing philanthropic work by adding a climate sensitive lens.

Philanthropy’s unique power

David reminded us that the amount of capital needed to be dedicated to the climate crisis is in the trillions, and of course we recognise that philanthropy alone cannot raise this funding. However, as flexible and patient risk capital, philanthropy can be used in part as catalytic capital to support and leverage policy change – creating long-run, systemic shifts to our trajectory.

But where to get started?

We know that whilst many of our network care about climate, the scale of the problem can feel overwhelming. We work alongside philanthropists to provide thought leadership, actionable strategies such as introducing a climate lens to existing giving, and peer to peer connections to facilitate shared learning.

At such a critical time, working in climate philanthropy can be extremely rewarding, and your support can make a meaningful difference to the future of our planet. Both of our speakers and our philanthropy advisors have often commented on the high level of collaboration in the sector. Get going – and enjoy learning along the way, there are many straightforward projects such as supporting regranting organisations that you can start with and move onto more sophisticated projects as you gain knowledge and confidence. We also encourage philanthropists to consider joining donor networks, such as the Environmental Funders Network and the Climate Leadership Initiative – of which Nat is a founding member – to learn from dedicated groups of philanthropists who are already on their climate journey.

Want to learn more about Climate Change Philanthropy? We can help

JP Morgan Private Bank is committed to helping you enhance your philanthropic impact by offering advice, thought leadership and learning opportunities as well as grant making expertise. If you would like to learn more about how to address climate change within your philanthropy, business or investments, please contact your J.P. Morgan team.