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George Soros is putting his money where his mouth is in a bid to fight climate change.
The billionaire philanthropist has committed $25 million to Allied Climate Partners, a new fund that aims to increase financing for green projects in developing countries, the New York Times reports.
"The scale of investment needed to drive climate transition and adaptation in Global South economies clearly goes far beyond the capacities of private philanthropic funding," Mark Malloch-Brown, president of Soros Economic Development Fund, said in a statement.
"We urgently need innovative blended finance solutions that can operate at scale."
The fund will initially focus on Southeast Asia, Africa, Latin America and the Caribbean, and India, but it hopes to raise $600 million from multilateral development banks, development finance institutions, and private investors before the end of the year.
Allied Climate Partners says that without this support, many projects and businesses struggle to attract the necessary capital to achieve their climate-related goals.
"Without this support, many projects and businesses struggle to attract the necessary capital to achieve their climate-related goals," the firm says.
"Even though 5% of the capital can unlock 95%, this early-stage capital is the hardest to raise for critical activities like technical and environmental assessments, modeling, permitting, and land acquisition," the firm says.
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