Economic

Jeff Bezos announces first beneficiaries of his $10 billion climate fund

Jeff Bezos named 16 environmental organizations that will get the first chunk of his $10 billion fund for climate action on Instagram recently. Collectively, they’ll get $791 million from the richest man on Earth, although Bezos did not specify how much would go to each group.

“I’ve spent the past several months learning from a group of incredibly smart people who’ve made it their life’s work to fight climate change and its impact on communities around the world,” Bezos said on Instagram. “I’m inspired by what they’re doing, and excited to help them scale.” The Amazon CEO announced the creation of his personal $10 billion Bezos Earth Fund in February.

His fund is equivalent to more than 7 percent of his net worth. It’s also 10 times as much as philanthropic foundations gave globally in 2018 to efforts to slow climate change. For his first round of funding, Bezos chose to back a handful of legacy organizations with an established history of advocacy on behalf of the planet. His choice in recipients so far signals support for mainstream environmental groups rallying for new policies and research on climate change.

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