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Deforestation in south-east Asia could slash the region's GDP by 35%, according to a new report from Reuters.
And that's not all.
The report also finds that $100 billion pledged to fight climate change in 2015 has been used to open ice-cream parlors in Asia, build a coal plant in Bangladesh, and make a love story out of a rainforest in Argentina.
It's all thanks to what Reuters calls a "new generation of philanthropists" who are frustrated by a lack of progress on climate change.
"If we don't address climate change at a local level and make it beneficial for communities, we aren't going to solve the crisis," Tom Hall, Global Head of Social Impact and Philanthropy at UBS, tells Reuters.
That's why UBS launched the UBS Climate Collective in 2021 to bring together like-minded philanthropists to find sustainable solutions.
"Climate change can't be solved by individual organizations alone," Hannah Wood, Program Director for Climate & Environment at the UBS Optimus Foundation, tells Reuters.
" Collective Philanthropy provides the mechanisms to do this."
One example of collective philanthropy is the development of an app called KarbonMap, which allows anyone to collect data on the regeneration of mangrove forests and upload it to the
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Social Entrepreneurship
Spotlight
Philanthropy as Key Enabler to Work on ‘Wicked Problems’
Australia’s Melbourne City Mission Chief Executive Officer Ric Holland writes how philanthropy can act as an enabler on many levels.