India Climate Collaborative (ICC) has launched Earth Exponential, a platform that aims to increase corporate grant funding for climate action and support India’s ambitious climate goals. The platform brings together funders and non-profit organizations to scale up high-impact climate change programs and improve the efficiency of climate funding.
According to the ICC, Corporate Social Responsibility (CSR) funding in India allocated a total of Rs 67,193.41 crores over the past seven years (2015-2021). Shockingly, only Rs 6,183.04 crore went toward environmental issues. The statement also pointed out that climate funding, which focuses on greenhouse gas emissions and climate change impacts, lacks clear tracking. This issue becomes more crucial as climate change takes center stage globally for the next decade.
The disparity in funding becomes evident when considering regions like Northeast India, which are highly vulnerable to climate change. Despite their vulnerability, they have only received a meager 1.78% (Rs 110.6 crore) of the CSR funds allocated to environment-related issues.
The ICC’s engagement with over 40 mid-sized corporations in India showed a positive trend. More than 80% of them expressed interest in funding climate projects. However, the actual allocation towards the environment sector remains at a mere 9.2%. This significant disparity emphasizes the urgent need to bridge the gap between the willingness to fund climate action and the actual funding of projects with a climate focus in India.
The India Climate Collaborative recognized through extensive interactions within the climate ecosystem that non-profit organizations across the country are pioneering community-focused and cost-effective climate solutions that address socio-economic priorities. However, to make a substantial impact, these solutions require increased visibility and funding support.
The launch of Earth Exponential is a step towards addressing the funding gap and supporting meaningful climate action in India. By bringing together funders and non-profit organizations, the platform aims to amplify the impact of climate change programs. This collaborative approach seeks to enhance the efficiency and effectiveness of climate funding, ensuring that resources are directed towards projects that can deliver tangible results.
The platform’s launch comes at a crucial time when the world is grappling with the urgent need to combat climate change. India, as one of the largest greenhouse gas emitters globally, has set ambitious climate goals to reduce emissions and transition to a more sustainable future. To achieve these goals, increased funding for climate action is essential.
Earth Exponential not only provides a platform for collaboration but also offers an opportunity for businesses to align their corporate philanthropy efforts with India’s climate goals. By engaging with the platform, businesses can contribute to impactful climate initiatives and support sustainable development in the country.
Overall, the launch of Earth Exponential by the India Climate Collaborative signifies a significant step towards boosting climate funding in India. By encouraging collaboration between funders and non-profit organizations, the platform aims to drive impactful climate action and bridge the gap between funding willingness and actual allocation. In doing so, it contributes to India’s ambitious climate goals and addresses the pressing issue of climate change.
