Open Society Foundations (OSF), headed by Kenyan human rights lawyer Binaifer Nowrojee, has announced a $400 million (Sh51.85 billion) investment for global projects targeted at economic property and climate change.
The funds, to be channeled through the Economic and Climate Prosperity programme, will finance projects and promote policies that advance economic prosperity, while addressing shocks tied to climate change in America, Africa, the Middle East, and Southeast Asia.
Africa is one of the continents hardest hit by adverse climate change in the form of droughts and floods, adding to the decades-long economic challenges facing a majority of the population.
“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,” Ms Nowrojee said.
Ms Nowrojee was appointed the president of OSF in a unanimous decision by the Board of Directors for the organisation to replace Mark Malloch-brown who stepped down last month.
The funds will finance green and equitable economic agendas to create jobs and reduce inequalities in developing countries, besides exploring the impact of international taxation and financing on developing countries’ investment in green initiatives.
Laura Carvalho, Director of economic and climate prosperity at OSF added that developing countries are grappling with international systems that enforce climate change at the expense of prosperity, underscoring the need for economic growth founded on green-friendly innovations.
