Climate giving

Green banks are starting to draw attention in the U.S., particularly since the federal government announced its first grant competitions under a national green bank program to bring clean technology and more affordable energy to low-income communities. But installing more solar and wind electricity generation isn’t the only way green banks can help. Massachusetts is launching an innovative new green bank that could become a model as states try to manage two crises at once: lack of affordable housing and climate change. While most green banks focus on clean energy, the Massachusetts Community Climate Bank is specifically designed to boost the state’s stock of sustainable, affordable housing. It comes at an opportune time: States can now tap into billions of dollars in new federal funding for green banks under the Inflation Reduction Act. So what exactly is a green bank, and how might it work for sustainable housing? What is a green bank? Despite the name, green b...

Heavy downpours and a thick snowpack in the Western mountains and Upper Midwest have put communities in several states at risk of flooding this spring – or already under water. Flooding is the costliest type of natural disaster in the U.S., responsible for about 90% of the damage from natural disasters each year. It happens almost every day somewhere in the country. Yet, much of the aging infrastructure meant to protect U.S. communities is in bad shape and, in some cases, failing. The American Society of Civil Engineers gave the nation’s dams, levees and stormwater infrastructure a D grade in its latest report card, in 2021. Help is coming. Congress authorized billions of dollars for infrastructure projects under the Infrastructure Investment and Jobs Act in 2021. But there’s a problem: New infrastructure planning frequently relies on historical flood patterns for its benchmarks rather than forecasts of changing risks as the climate warms. We study flood ris...

Patagonia founder Yvon Chouinard, his wife and their two adult children have irrevocably transferred their ownership of the outdoor apparel company to a set of trusts and nonprofit organizations. From now on, the corporation’s profits will fund efforts to deal with climate change, as well as protect wilderness areas. It will, however, remain a privately held enterprise. According to initial reports about this unusual approach to philanthropy that ran on Sept. 14, 2022, Patagonia is worth about US$3 billion and its profits that will be donated in perpetuity could total $100 million every year. The Conversation U.S. asked Indiana University’s Ash Enrici – a scholar who studies how philanthropy affects the environment – to explain why this arrangement is so significant. 1. Is this move part of a trend? The biggest donors, those giving away billions of dollars, are increasingly making climate change a priority. Amazon founder Jeff Bezos, for example, announ...