American multinational technology conglomerate Cisco has announced that it will be investing $100 million over ten years to address climate change.
The investment will be made through Cisco Foundation to fund non-profit grants and impact investments that support bold climate solutions as well as community education and activation.
The huge impacts of climate change on the environment, politics, economies and social aspects of life is reducing the confidence amongst global citizens on the role each and every person can individually play to address the climate crisis, according to Cisco. Moreover, the lack of adequate financing has also resulted in many bold climate solutions being left undeveloped.
“Less than two per cent of all philanthropic dollars are being spent to address the fight against climate change,” according to a statement.
Cisco Foundation will direct the $100 million towards:
- Innovative and/or imaginative climate solutions that drive forward net-zero or circular/regenerative economies.
- Community education and engagement around climate, eco-awareness, and working toward individual habit change and effective collaborative action.
Projects to be funded will be shortlisted according to their ability to:
- Reducing, capturing and/or sequestration of greenhouse gas and carbon emissions
- Increase energy efficiency
- Creation of, and increase in, access to green jobs
- Change in community behavior that leads to carbon footprint reduction, community climate resilience, and creation of local/regional vision of the shared climate future that we all want
Peter Tavernise, executive director of the Cisco Foundation, said: “Today’s commitment will build on the Foundation’s approach to funding that drives meaningful impact by supporting early-stage, technology-based solutions with the potential to scale and be sustainable.”
Cisco has to date achieved 100% renewable energy in several markets the company operates in and is on track to reach its goals to use electricity generated from renewable sources for at least 85% of Cisco’s global electricity in 2022 and to reduce its Scope 1 and 2 GHG emissions by 60% in 2022 (compared to 2007). Cisco is also working with its suppliers to reduce emissions throughout the supply chain.