Today, McKnight Foundation president Tonya Allen joins fellow impact investing leaders in a joint statement to urge major financial institutions leaving Climate Action 100+ to recommit to their climate pledges and to their engagement with the corporate sector.
We have seen the benefits of investments in climate solutions show up powerfully in the lives of people, communities, and the economy—from reducing pollution and improving quality of life to creating jobs and economic prosperity for more people. The climate crisis poses systemic risks that threaten the economy at large and, most importantly, our communities. If left unchecked, climate change could cost the global economy $178 trillion over the next 50 years.
“This is not a time for backing down in the face of climate change. It’s a time for stepping up and stepping together,” says president Tonya Allen. “Every sector in our society has a role to play in building a future where people have access to the jobs, safety, health, and wealth created by a just and equitable clean energy economy. We can harness our collective power, our innovation, and our ambition to manage climate risks, shape markets, and create a thriving economy for all on a livable planet.”
That’s why we call on financial institutions to demonstrate how they are addressing climate risk and acting on their commitments to tackle climate risks from the largest corporate greenhouse gas emitters.
“McKnight was the nation’s first of the 50 largest private foundations to commit to net zero, engaging companies and managers to reduce climate risk and exposure as we build on our $500 million climate solutions portfolio,” says director of investments Elizabeth McGeveran. “And we’re not looking back—we can’t afford to, and neither can the broader investment community.”
Tonya and Elizabeth stand with Don Chen at Surdna Foundation, John Palfrey at MacArthur Foundation, Rey Ramsey with Nathan Cummings Foundation, Jim Sorenson at Sorenson Impact Foundation, Stephen Heintz with Rockefeller Brothers Fund, and Georgia Levenson Keohane at Soros Economic Development Fund in the statement in collaboration with Fran Seegull and the U.S. Impact Investing Alliance because we know that climate risk is financial risk, and the opportunities are even greater than the threats.
