Jeff Bezos Allocates $10 Billion For a Decade Long Climate Change Battle

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According to the fund's new CEO, Amazon CEO Jeff Bezos plans to invest the $10 billion in the Bezos Planet Fund by 2030.

A little to no information has been revealed on how the fund will be used to tackle the climate crisis after Bezos unveiled it in February 2020.

On Tuesday, Andrew Steer was appointed the fund's CEO, and he disclosed a few specifics in a series of tweets, including that Bezos' "target is to invest it down between now and 2030." This will translate to an annual income of more than $1 billion.

"To further accelerate emerging technology, investments, policy reform, and attitudes, the Earth Fund will invest in academics, NGOs, campaigners, and the private sector," Steer tweeted. "We would put a heavy focus on social inequality, while climate change overwhelmingly impacts the vulnerable and marginalized."

Steer is the first president and CEO of the Bezos Earth Fund, having previously served as president and CEO of the environmental nonprofit World Resources Institute.

Bezos wrote in an Instagram post, "Lauren and I are excited to have Andrew on board and really energized for what lies ahead for the Fund and our partners," referring to his girlfriend, journalist Lauren Sanchez.

Steer's decades of expertise in environmental and climate science, as well as his environmental work with the World Resources Institute, which earned a grant from the Earth Fund in November, were cited by Bezos, who revealed plans to step down as Amazon's CEO last month to concentrate on philanthropic and science priorities.

Andrew Steer

Dr. Andrew Steer, WRI's President, and CEO will leave the company to become President and CEO of the Bezos Earth Fund. Steer leaves WRI after more than eight years at the helm, during which time the company increased in scale, breadth, and impact. Between 2012 and 2021, the institute's workforce expanded fivefold, and its budget quadrupled due to Steer's ambition and leadership.

Steer said he feels "incredibly lucky" to be a member of the fund in a message.

"With an emphasis on individuals, I would focus on pushing a structural change to resolve the environment and natural crises," he added. "Too many of the most innovative ideas are hampered by a lack of funding, risk management, or appropriate collaborations. The Planet Fund will come in handy here."

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Bezos Earth Fund

The Earth Fund, which was founded in February, seeks to fight climate change by offering grants to scientists, environmentalists, and other groups working to "preserve and conserve the natural world." Bezos named the first winners of the Earth Fund in November, with organizations raising $791 million in grants. The Nature Conservancy, the Natural Resources Defense Council, the International Wildlife Foundation, and the World Resources Institute were among the winners.

According to the Earth Fund, Bezos personally engaged in the interview process and recruited Steer. Steer, who formerly held executive positions at the World Bank and now leads the World Resources Institute, has strong links to national environmental and economic advocacy organizations.

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