Google has made its first major donation to fight climate change.
The company has pledged $100 million to the Climate Action Fund, which aims to raise $1 billion by the end of 2023, reports the Guardian.
The money will go to groups that work to reduce greenhouse-gas emissions and help developing countries reduce their own, reports the New York Times.
"Climate change is a global issue, and we want to be part of the solution," Google's philanthropic head, Eric Schmidt, said in a blog post announcing the donation.
The money will go to groups including Google, the University of California-San Francisco, and the Bill and Melinda Gates Foundation.
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Senay Ataselim-Yilmaz, Chief Operating Officer, Turkish Philanthropy Funds, writes that philanthropy often solves the very problems that stems from market failure. Some social issues, however, cannot be tackled by questioning the return on investment.