New report shows climate philanthropy adding up to $200bn to Australia’s economy
- Emily Ray
- 6 days ago
- 2 min read
A new report by the Australian Environmental Grant Makers Network (AEGN) delves into the economic benefits of climate change initiatives that have been advanced through philanthropic and civil society contributions, demonstrating the critical role these efforts play in driving Australia’s climate transformation and adding $200 billion to the nation’s economy.
The report, The Case for Climate Philanthropy, examines four major initiatives that have delivered significant social, environmental, and economic outcomes, sparked by philanthropic investment including:
The Federal government’s Future Made in Australia legislation
AGL’s Transition to renewable energy,
Queensland’s energy and jobs transition, and
Saving Australia’s Renewable Energy Target (RET).
Collectively, these initiatives will contribute over $200 billion to the Australian economy and generate hundreds of thousands of jobs over the next two decades and avoid close to $150 billion in emissions-related damages.
Philanthropy has been instrumental in providing the initial funding needed to support these outcomes, yet it operates within a larger ecosystem of influence and action. Philanthropy’s unique strength lies in its ability to empower this larger ecosystem — supporting diverse actors such as NGOs, trade unions, and local communities — to drive transformative change. In recent years, Australia has experienced the profound impacts of climate change, including devastating floods and bushfires, occurring alongside other societal pressures such as the rising cost-of-living. In this confronting context, there is an increasing need to advance initiatives that safeguard the environment while also addressing broader societal issues, generating social and economic co-benefits.
The report presents a set of recommendations for funders on how to fund climate initiatives to achieve outsized outcomes, including a range of interventions that can accelerate impact. These recommendations advocate for giving boldly and with urgency, providing core, multi-year and flexible funding, and trusting the expertise on the ground. Recommendations also encourage funders to collaborate, share knowledge, and redefine reporting expectations to maximise the collective impact of individual contributions.
Australia has the potential to leverage its unique strengths — abundant renewable energy resources, innovative industries, and an engaged civil society — to secure environmental and economic resilience. However, realising this potential requires overcoming barriers, including the influence of fossil fuel lobbyists and the risks of delayed action. By championing climate solutions and countering misinformation, philanthropy can continue to pave the way for Australia’s climate transformation — building on past achievements to seize the unprecedented opportunities ahead and tackle the pressing challenges of our time.
Find out more about the work of the AEGN and how to become a member.
