Before the Paris Agreement in 2015, the projected global temperature increase was expected to be about 3.5 degrees Celsius over pre-industrial levels but today it has been reduced to about 2.7 C. But that is nowhere near the progress needed and time is running out.
While there is plenty of money going into tech innovations such as renewables, carbon capture and storage, and electric modes of transport, the greatest barriers to climate mitigation nowadays are political, cultural, and economic. This is where philanthropic funding can meet that demand. But first, philanthropy must address its innovation challenge.
Philanthropy has long supported various efforts in tackling the climate challenge and there are plenty of wins to celebrate. But climate change is a wicked problem that cannot be resolved only through a linear logic model, and philanthropy needs to overcome two structural issues to create a greater impact there.
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