Scaling Up for Impact – How Philanthropy is Rising to the Climate Challenge in 2024

The ClimateWorks Foundation’s 2024 Funding Trends Report is a compelling read for Philanthropy Ireland members and the wider grant making community. As the climate crisis accelerates, this report provides timely insights and bold direction on how philanthropy can rise to meet one of the greatest challenges of our time. While climate philanthropy is growing, it still accounts for just 2% of global giving—far short of what’s needed to drive real, systemic change. 

This report not only highlights emerging trends and regional disparities but also offers concrete, inspiring recommendations for funders. The report showcases examples for any potential interested philanthropists, by highlighting some already successful partnerships in the area already. With Brazil set to host COP30, the global spotlight is shifting—now is the moment for more strategic, inclusive, and impactful climate giving. 

Philanthropy is Growing—But More is Needed 

In 2023, global philanthropic giving reached approximately $885 billion USD, of which an estimated $9.3 to $15.8 billion supported climate mitigation efforts. Encouragingly, this marks a 20% increase over 2022 levels, outpacing overall philanthropic growth for the first time since 2020. 

Foundation funding for climate mitigation nearly tripled in five years—rising from $1.7 billion in 2019 to $4.8 billion in 2023. Despite this upward trend, climate causes still received less than 2% of total global giving, highlighting a significant gap between funding levels and the urgency of the crisis. 

Funding Trends Across Sectors and Strategies 

The top-funded sectors between 2019 and 2023 included clean electricity, forests, food and agriculture. These align with proven, scalable climate solutions. Public engagement emerged as the most heavily funded enabling strategy—recognising the critical role of communications, mobilisation, and public will-building. 

Some of the fastest-growing funding areas included: 

• Super pollutants (such as methane): Targeting these offers immediate climate benefits and has seen a rapid increase in investment. 

• Sustainable finance: A key strategy for transforming markets and increasing climate accountability in the private sector. 

• Cross-sectoral approaches: An increasing number of funders are investing in integrated initiatives that link climate action with public health, equity, and economic development. 

Geographic Disparities and Opportunities 

While funding to Africa, Latin America, and Other Asia and Oceania grew significantly—by 160% to 220%—these regions still received only around 20% of geographically targeted foundation funding. In contrast, over 60% went to the United States and Europe. 

More concerning is the disparity in flexible, multi-year funding. Only 14% of climate funding to low- and middle-income countries was in the form of core support, compared to nearly one-third in wealthier regions. This limits the ability of local organisations to grow, adapt, and lead climate solutions on their own terms. 

Spotlights on Brazil and Industry 

Brazil, which will host COP30 in 2025, has seen increased philanthropic attention, particularly in forest and land-use sectors. However, funding growth has not kept pace with global trends, and there is a need for more diversified and strategic support. 

Similarly, while industrial decarbonisation is vital—given industry’s contribution to a third of global emissions—it currently receives just 2–3% of total climate funding. There is significant scope for greater philanthropic leadership here. 

Adaptation on the Rise 

In light of intensifying climate impacts, funding for adaptation and resilience has begun to gain traction. At least $600 million was invested in this area in 2023, with the formation of collaborative efforts such as the Adaptation and Resilience Collaborative for Funders (ARC) marking an important step towards scaling this work. 

Collaborative Success Stories 

The report also showcases high-impact collaborations, such as: 

• The Drive Electric Campaign, which supports transport electrification across global regions. 

• The Global Methane Hub, catalysing rapid reductions in powerful greenhouse gases. 

• The Tenure Facility, supporting Indigenous and local communities to secure land and forest rights—essential for both justice and climate stability. 

  
  

Key Recommendations for Philanthropy 

1. Be catalytic and collaborative 

   Philanthropy can unlock public and private investment by being a flexible, first-mover source of funding. Collaborative platforms are an effective way to amplify impact. 

2. Invest in capacity and core support 

   Long-term, unrestricted funding enables local organisations to scale, lead, and adapt. This is especially vital in regions most affected by the climate crisis. 

3. Embrace holistic, systems-based approaches 

   Funders should integrate climate action with other issues they support—such as health, human rights, and economic justice—to maximise co-benefits and resilience.