Innovative Finance

credit: pasadenanow

The UN has set a goal of securing $10 billion in "transformative financial solutions" by 2030and the Rockefeller Foundation is going to do its part.

The New York Times reports on the group's new Zero Gap Fund, which aims to close a $3.5 trillion funding gap in the areas of health, food security, energy access, and equity around the world by 2030.

The fund, which was launched in 2016 and has so far raised more than $7 billion, will invest in projects in Africa, Asia, and Latin America that have the potential to meet the UN's Sustainable Development Goals, which include reducing greenhouse gas emissions and promoting inclusive global growth.

"To meet our mission today, we must directly confront climate change," the Times quotes a statement from the foundation as saying.

The Zero Gap Fund was created by the foundation's billionaire founder, David Rockefeller, who wanted to create a fund that would help bridge the funding gap in areas like health and food security, as well as address the lack of private capital in some of the world's most vulnerable countries.

The Times notes that the fund's first investment, in South Africa, focused on fighting HIV/AIDS.

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