UPFRONT / Philanthropy
Rising temperatures, melting glaciers and extreme
weather conditions—climate change is undoubtedly
thebiggestexistentialcrisisfacingourplanettoday.
ArecentUnitedNationsIntergovernmentalPanelon
ClimateChangereportsuggeststhattheworldneedsto
reduceitscarbonemissionstonetzeroby2050.
ForEileenRockefeller Growald, great‑granddaughter of
oil magnate John D Rockefeller, who was the first
American billionaire, “Climate change is the greatest
threat to our planet. Our survival is at risk and without it,
supporting other issues is futile.” The daughter of banker
and philanthropist David Rockefeller and his wife, Peggy,
shares, “Humans are part of something much larger in the
natural world. We have an obligation to care for the earth
becauseitisthefoundationoflifeforall.”
Withthebeliefthatphilanthropyplaysanimportant
roleinde‑risking the market for investing in environmental
protection, Rockefeller Growald, together with her
entrepreneur husband, Paul Growald, founded the Growald
Family Fund more than a decade ago to help reduce the
effects of climate change. The fund focuses its grantmaking
on the global energy transition. Growald explains, “When
we talk about decarbonising the global economy, there
are already technologies out there to address this, and
more will emerge over time. We are convinced that there
are opportunities on both the business and philanthropic
fronts, but it would depend on financial institutions and
individuals making investments in these areas.”
The Growald Family Fund evaluates potential and
existinggranteesbasedonaventurephilanthropymodel
thatlooksatfactorssuchasinnovativeapproaches
withhigh‑impact potential, measurable results and
scalability. “In the same way investors look at early‑stage
companiesthathavethepotentialtogrowinprofits,we
lookatorganisationsthathavethepotentialtogrow
philanthropicallywithhighimpact.Wehaveseenfirst‑hand
how we can achieve huge impacts with relatively small
grant dollars paired with technical assistance. It is very
rewarding,”saysGrowald.
RichardDitizio,presidentandCOOofthe
MilkenInstitute,aUS‑basednon‑profitandnon‑partisan
thinktank, agrees that “venture philanthropy makes
great sense as a tool for donors in setting the strategies
of their philanthropic portfolios, and I very much like the
notion of the recyclability of capital which many venture
philanthropy models seek to achieve. By marrying the
expectations of social and financial return, a clearer set of PHOTOGRAPHY: BENNY LOH; ART DIRECTION: JANA TAN; HAIR AND MAKE-UP: BENEDICT CHOO, USING GIORGIO ARMANI BEAUTY; LOCATION: NATIONAL GALLERY SINGAPORE
accountability metrics tends to emerge, and you can attract
poolsofcapitalfromvaryingsourcestowardthecause”.
OneoftheGrowaldFamilyFund’sfirstseedgrantsisthe
BeyondCoalcampaignrunbythenon‑profitSierraClub,
which advocates for the closure of coal plants, while
halting new plants from being built across the US,
Europe and Asia. Former New York mayor and billionaire
philanthropist, Michael Bloomberg, has also pledged his
support since 2011, and recently announced a US$500m
investment in a new Beyond Carbon initiative, extending
the cause to other fossil fuels.
Recognising that climate change is an issue beyond one
individualorinstitution,theGrowaldFamilyFundsees
theimportanceofcollaborationswithotherfoundations
andnon‑profitorganisationsonthepathtowardsaclean
energyfuture.AttheGlobalClimateActionSummitheld
inSanFrancisco last September, it committed US$25m—
specifically to the electricity sector—to address global
climate change, alongside 28 other foundations and
philanthropists including the Hewlett Foundation.A LEGACY OF GIVING
Now entering its seventh generation, the Rockefellers are
known for their philanthropic work undertaken
throughthevariousfamilyfoundations,includingthe
RockefellerFoundation,RockefellerBrothersFundand
DavidRockefellerFund.Thismindsetofgivinghasbeen
shapedsincetheearlydays.RockefellerGrowaldshares,
“Myfatherusedtogiveusanallowanceeveryweek.We
weretaughttospendone‑third,saveone‑third,andgive
awayone‑third—that really was the beginning.”
Growald offers this insight, “The glue that holds the
family together is this common interest in helping to
improve the world, and being stewards of preserving the
family’s wealth in order to make a difference. It’s not just
aboutgivingmoney,buthavingalargerideaofpurpose.”
TheGrowaldsarewalkingthetalkwhenitcomesto
climateaction.Formorethan 20 years now, they have
been living on an organic farm in Vermont, Massachusetts,
and supporting various sustainable and environmental
protectionendeavoursintheircommunity.
Onthelegacythattheyhopetoleavebehind,
RockefellerGrowald reveals, “I want to be remembered
for having done my best at protecting our world—with
nature and the environment.” Growald, meanwhile, is
philosophical: “That I used my life for something that
outlasted it.” Surely, everyone will thank them for that.Second Nature
Venture philanthropists Paul Growald and Eileen Rockefeller Growald share how
they are tackling climate change through strategic investments in renewable energy sources
BY HASHIRIN NURIN HASHIMI70 singapore tatler. october 2019