Open Society Foundations (OSF), led by Kenyan human rights lawyer Binaifer Nowrojee, has announced a significant $400 million (Sh51.85 billion) investment for global projects aimed at promoting economic prosperity and addressing climate change. This initiative underscores OSF’s commitment to tackling pressing global challenges through its Economic and Climate Prosperity programme.
The funds will be strategically channeled to finance projects and advocate for policies that advance economic prosperity while mitigating the impacts of climate change. Targeted regions include America, Africa, the Middle East, and Southeast Asia, each facing unique challenges exacerbated by economic and environmental stresses.
Africa, in particular, has been severely affected by adverse climate change, experiencing extreme weather events such as droughts and floods. These climatic conditions compound the longstanding economic difficulties that many African nations face, making the OSF’s investment especially crucial for the continent’s development.
Ms. Binaifer Nowrojee emphasized the need for new economic systems that allow developing countries to grow while combating climate change. “The current economic system is failing developing countries. It stops them from growing economically and fighting climate change at the same time. We need new ideas to create fairer, more just societies. That’s why Open Society is committing $400 million to help achieve this goal,” she stated.
The investment will support green and equitable economic agendas, aiming to create jobs and reduce inequalities in developing countries. Additionally, it will explore the impact of international taxation and financing on these countries’ ability to invest in sustainable initiatives, ensuring a comprehensive approach to economic and environmental resilience.
Laura Carvalho, Director of Economic and Climate Prosperity at OSF, highlighted the struggle of developing countries with international systems that prioritize climate change mitigation over economic growth. She underscored the importance of fostering economic growth through green-friendly innovations, aligning with OSF’s mission to build fairer and more just societies.
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