Today’s 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 we breathe and the communities we call home.

This increased investment and ambition are critical, as each day brings new evidence of climate change affecting lives—from extreme weather events, to increased food insecurity, to tragic impacts on human health. We see the suffering that a steadily warming planet is causing to people around the world.

But we also see hope. And we see the real actions that are being taken to address one of the biggest challenges our planet and its people have ever faced. Clean energy markets are scaling, governments are stepping forward, and people across the globe are mobilizing to solve this problem.

While this 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 the philanthropic sector must be prepared to invest billions more.

At the ClimateWorks Foundation, we bring foundations and other partners together so that, together, we can be more effective in our work to address climate change. We believe philanthropists must work collaboratively to have impact at scale, and this announcement is an important example of that shared spirit.

The investments announced today will help hasten proven climate strategies and spur the innovation and adoption of promising climate solutions. They will also catalyze action at the national and local levels, and support the millions of people fighting for climate action.

We know that the fight to solve climate change will take decades of bold, sustained, and collaborative action, and that the next few years are critical to putting the planet on a course to avoiding the worst impacts of a warming planet. At ClimateWorks, we believe that every moment, and every dollar, counts, and we are committed to doing our part to going further, faster, and together to solve the climate crisis.