Unlock free Digest editor
Roula Khalaf, editor of FT, chooses her favorite story in this weekly newsletter.
Jeff Bezos’s Filantropic Fund in the amount of $ 10 billion stopped supporting the world’s leading voluntary climate standard, after increasing his body’s impact on the body, in a move seen as the latest effort of a billionaire to twist US President Donald Trump.
According to the three people familiar with the decision, the Semos Earth Fund ended its support initiative to go to science, a globally known body holding that companies like Apple and H&M can achieve a credible “Net zero” mark.
This move comes after SBTI employees have caused concern last year because of the influence of the Bezos Fund, and after the Financial Times report to the Fund and advisers Former US climatic envoy John Kerry supported an incentive to organize to enable a wide use Controversial carbon loans by companies.
The Bezos Fund earlier told the FT that he did not “make decisions” with SBTI or to engage in his view of deviations.
Two people familiarized with financial relations said that they believe that the move to pause SBTI financing after December 2024 was partly lowered to the Bezos who did not want to renew Trump, who had previously described climate change as a fraud.
Bezos, along with other large technological bosses, like Marko Zuckerberg’s Meta, rushed to build ties with Trump’s administration as their companies to seek relief From the pressure around the antitrust, offers and artificial intelligence.
“Once upon a time, a technological billionaire regularly started the Foundation and many were interested in the climate,” one person said. “I can’t imagine anyone losing three times with anything that he is currently doing anything about climate change in the US.”
The global setter club standard also separately decided to deviate from the notice of the Semos Foundation, people said to be introduced to it. SBTI “worked on the diversification of their funds. . . They think about other sources, “said a third person familiar with the funding relationship.
The Bezos Fund said he remained dedicated to his work and mission. SBTI said, “Our donors do not intervene in our processes to develop standards – nor would they ask for it.”
Climate non -profit organizations in recent years have become increasingly relying on grants from technological billionaires. The Bezos Fund was founded by the founder of Amazon five years ago to help “scientists, activists, non -governmental organizations” to find solutions to climate and nature issues. It was one of SBTI’s largest funds, to which he extended $ 18 million in 2021.
“Obviously Jeff SonsiderWith and technological companies, they changed compared to 8 years ago. . . At the time, they were more opposite and now at least they are trying to work closely with (Trump’s current) administration, “said the other person.
Pause comes as president of the Bezos Fund Andrew Steer said On Saturday he left as the head of the body after almost four years. Steer said Semos and his partner Lauren Sánchez were “a consistent source of ideas, insights and support.”
Last month, Steer said on cleaning, an energy transition podcast, that the Fund has paid $ 2.5 billion so far, in part to help professionalize climate bodies. “There is still a rather strong legacy in some major environmental organizations against capitalism, including opposition to carbon markets as a climate solution, he said.
The SBTI CEO of Luiz Amarol left last year after months of disagreement within the organization on the issuance of a carbon loan. David Kennedy, a partner in Ey, should replace him in the second quarter of this year. A person close to the SBTI -she said that Kennedy would evaluate the size of the organizations and from whom she would take funds in the future.
Since its creation, the Bezos Fund has become one of the most fertile supporting climate groups, including the World Resources Institute, which managed.
Bezos’s fund and companies, including Amazon, Meta and Google All previously funded The greenhouse gas protocol, the volunteer supervisory body for the carbon monitoring that was operated by the WRI.
Wri said he would continue to deal with the Bezos Fund “in accordance with the usual scenario”. A person close to WRI said he assessed the broader effects on the climate philanthropy of freezing to the side of help in the US. “The world turns upside down.. We try to figure it out.”