Funding trends 2024: Climate change mitigation philanthropy

People enjoying a beautiful day in Ibirapuera Park in Sao Paulo, Brazil

Funding trends 2024: Climate change mitigation philanthropy

The report traces the evolution of climate philanthropy and highlights ways to support bold climate action.

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By Narine Esmaeili, Karolina Janik, Tim Lau, Surabi Menon, Hannah Roeyer, Megan Turnlund

Our fifth annual report on funding trends in climate philanthropy reveals both encouraging progress and persistent funding gaps.

Philanthropic funding for climate mitigation increased significantly in 2023, outpacing the overall growth in global philanthropic giving for the first time since 2020. There is no time to waste: preventing and reducing irreversible climate damage will require dramatically cutting global greenhouse gas (GHG) emissions.

Every breakthrough in lowering emissions can help save lives, limit costs, and protect biodiversity. However, sustained progress will require much more immediate action and funding — including from philanthropy, which has the agility to take risks, act boldly, and catalyze investments from the public and private sectors.

To highlight key opportunities for philanthropy, the report spotlights work in Brazil as the country prepares to host the UN Climate Change Conference (COP30) in November 2025. Additional spotlights focus on efforts to decarbonize the industrial sector, which produces more than one-third of all global greenhouse emissions, and initiatives to help communities adapt and build resilience to growing climate impacts.

Many investible climate solutions are available and ready to scale, and philanthropy can play a critical role in activating new sources of climate funding. Read the report to learn more, and contact us to get involved.

Use this report to:

Track the evolution of climate philanthropy
Understand sectoral and geographic trends
Learn about emerging trends in climate philanthropy
Identify opportunities for learning and collaboration
Make informed decisions on climate strategies

Three ways philanthropy can drive climate action now:

Work collaboratively

Participate in collaborative giving platforms that allow funders to amplify existing initiatives and accelerate solutions that already exist.

Back grantees to win

Invest deeply in grantee capacity development and multi-year flexible, core support, especially in low-to-middle-income countries.

Think holistically

Embrace integrated climate solutions at the intersection of societal issues such as human rights, public health, and economic development.

What climate philanthropy leaders are saying:

“The growth in climate funding is a positive step, but the stakes couldn’t be higher. As the global landscape becomes more complex and the planet continues to overheat, philanthropy has a critical role to play in catalysing transformative climate action in a way that is resilient to political shifts and focused on what people need most: economic and development opportunities, health and security, and a livable planet. By acting boldly and collaboratively, philanthropy can bridge divides and help build a sustainable and equitable future for all.”

Helen Mountford

| President and CEO, ClimateWorks Foundation

“The time is now for ambitious, strategic funding. Philanthropy must seize this moment to accelerate progress toward 2030 climate goals. With countless investable solutions ready to scale, the field is ready to absorb significantly more funding right now. Collaborative platforms and resources are in place to guide funders toward maximizing impact for people and the planet.”

Surabi Menon

| Vice President of Global Intelligence, ClimateWorks Foundation

“Collaboration is the heartbeat of effective climate solutions that amplify impact and transcend individual efforts. Philanthropic efforts are critical to driving ambitious collective climate action in pivotal sectors to create massive benefits for people and the planet.”

Marcelo Mena

| CEO, Global Methane Hub

“Philanthropy is uniquely positioned to catalyze transformative change by fostering collaboration, convening diverse stakeholders, and mobilizing larger pools of public and private capital to accelerate climate solutions with the urgency this moment demands.”

Jess Ayers

| CEO, Quadrature Climate Foundation (QCF)

“It’s not a matter of ‘if’ or ‘why’ to enter climate — it’s ‘when and how.’ In getting started, it was fascinating to find so many existing ready-made collaborative solutions and funder initiatives that were already set up. There is so much to contribute to and thanks to the work of many who came before us, it’s not hard to get going.”

Connie Ballmer

| Co-founder, Ballmer Group

“When philanthropy invests in the infrastructure of the field — convening grantees, providing general support and enabling collaborative efforts and productive networks — we help create the space for the bold ideas we need so urgently to emerge and flourish.”

Nancy Lindborg

| President and CEO, the David and Lucile Packard Foundation

“The biggest risk in climate philanthropy is sitting on the sidelines. You don’t have to be an expert to begin giving—pick a path that interests you, get started, and iterate along the way. And by committing multi-year, core support, donors empower organizations to respond, pivot, and move as needed to achieve their goals.”

Kristian Parker

| Vice-Chair of the Board of Trustees, Oak Foundation

About ClimateWorks insights and data

ClimateWorks equips philanthropy with insights and data that turn complexity into clarity — enabling funders to act with agility, collaborate more effectively, and develop high-impact climate strategies that benefit people, their communities, and the planet.

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