Packard Foundation Invests $5mm for Climate Change
The David and Lucile Packard Foundation is making a $5 million equity investment in the Althelia Carbon Fund to support REDD (reducing emissions from deforestation and forest degradation) and agroforestry projects that reduce greenhouse gas emissions, protect natural ecosystems, support best practices to combat climate change and benefit local communities in Latin America, Africa and Asia.
The Foundation joins a cadre of European investors bringing the total commitments for the Fund to over $110 million USD.
In addition to the direct impacts, the Foundation’s equity commitment is aimed at helping to build Althelia’s investor base in the U.S. over the remaining subscription period, which remains open until December 2014. The investment is aimed at materially supporting land-based carbon reduction projects, building the investment ecosystem for these projects, and supporting over the longer term the viability of forest carbon markets and best practices as tools to combat climate change while delivering measurable livelihood and biodiversity benefits.