The grant is the second largest single donation ever made by the charitable arm of retail giant IKEA. Launched ahead of the 2015 Paris Climate Summit, We Mean Business brings together the world's leading green business groups, including BSR, CDP, Ceres, the B Team, the Climate Group, the Prince of Wales's Corporate Leaders Group, and the World Business Council for Sustainable Development, to take action in cutting emissions that cause or affect climate change. According to We Mean Business, its partners represent more than $8 trillion in revenue. Since the Paris Summit, the group has actively promoted corporate climate initiatives, such as the RE100 campaign to encourage the sourcing of renewable power and the Science-Based Targets initiative to promote ambitious emissions goals.
While the coalition has not indicated how the new funding will be invested, We Mean Business is expected to play a significant role in highlighting corporate support for bolder decarbonization policies as national governments review their climate action plans under the Paris Agreement over the next few years.
"Less than 2 percent of all philanthropic funding is allocated to climate-related issues," said We Mean Business in a statement. "With bold, long-term support for the We Mean Business coalition the IKEA Foundation has sent a powerful signal to the broader philanthropic community, encouraging further, faster commitment to support action on climate change to create a more prosperous future for children and families living in some of the world's poorest communities."