$400 million to support economic and climate prosperity in the Global South from Alexander Soros- led foundation
The Open Society Foundations announced that they will commit $400 million over eight years to support the development of green industrial policies that contribute to economic growth in the Global South—significantly scaling up their support of economic development.
The new Economic and Climate Prosperity program will fund efforts in the Americas, Africa, the Middle East and North Africa region, and Southeast Asia to promote policies that advance economic prosperity for all, while addressing the climate emergency. The work will include supporting civil society organizations and independent economic think tanks working on policy issues in countries including Brazil, Mexico, South Africa, Senegal, Malaysia, and Indonesia. The first grants are expected to be made later this year.
The initiative will support green and equitable economic agendas that aim to create jobs and reduce inequalities in developing countries. It will also explore the impact of international taxation and financing on developing countries’ investment in green initiatives.
This is the first major new program to be announced following a two-year organizational transformation at Open Society that was completed earlier this year.
Binaifer Nowrojee, president of the Open Society Foundations, said: “The current economic system is failing developing countries. It stops them from being able to grow economically and fight 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.”
Laura Carvalho, director of Economic and Climate Prosperity at the Open Society Foundations, and based in Rio de Janeiro, said: “Developing countries are constrained by top-down international systems that enforce climate change agendas at the expense of prosperity. We will encourage and promote new models of green economic growth that are shaped by the Global South.”
The new program will foster new approaches to address the developmental challenges posed by the reliance on fossil fuels and land use, as well as the opportunities to move up the value chain through the use of critical minerals and the transition to new green sectors.
This program builds on Open Society’s previous work. Open Society has a long history of supporting economic and social rights, such as the right to housing, health care, education, and food, alongside its commitment to civil and political rights. It is a recognition that economic failures and inequities pose a direct threat to the political conditions needed for open and democratic societies to thrive.
Open Society’s previous work has included advocating for a more just system of global economic governance and fairer international taxation, and funding economic consultancy and advisory services. The new program represents a significant, more focused expansion of this work—reflecting both the deepening economic and political challenges facing lower- and middle-income countries, and the urgency posed by the need to reconcile climate transition and socioeconomic development.
Alexander Soros Ph.D., is chair of the Board of Directors of The Open Society Foundations. He is the founding chair of Bend the Arc Jewish Action, and sits on the boards of Bard College, the Center for Jewish History, Central European University, the European Council on Foreign Relations, and International Crisis Group.
Soros’s writing has appeared in the New York Times, the Guardian, the New York Daily News, Reuters, and Politico, among other publications.
Soros graduated from New York University in 2009 with a BA in history and received his PhD in 2018 from the University of California, Berkeley. He was a post-doctoral fellow at the Hannah Arendt Center for Politics and the Humanities at Bard College, an honorary fellow at the Institute for Advanced Study at Central European University in Budapest, and a visiting fellow at the Institute for Human Sciences in Vienna.