The Bezos Earth Fund has ceased its financial support for the Science Based Targets initiative (SBTi), a move first reported by the Financial Times. This decision aligns with a broader trend among wealthy individuals distancing themselves from causes that conflict with former President Donald Trump's views. The Bezos Earth Fund had initially committed an $18 million grant to SBTi in 2021 for a three-year capacity-building program, which concluded in December 2024 as planned. While no final decision has been made about future support, this development raises concerns about the potential impacts on green investments and energy transitions.
The withdrawal of support comes amid a shift in the U.S. political climate under Trump's influence, who has famously labeled climate change a hoax. The U.S.'s six major banks have also exited the global banking industry's net zero target-setting group, further highlighting the pressure faced by financial institutions. The Bezos Earth Fund was one of the two principal funders of SBTi, alongside the Ikea Foundation, collectively accounting for 61% of the initiative’s funding last year.
Researchers and advisors at SBTi have expressed concerns that this decline in funding is indicative of a larger corporate trend of retreating from green initiatives. Kelly Stone, a senior policy analyst at ActionAid USA, characterized the situation as "really disappointing, but not especially surprising."
"Really disappointing, but not especially surprising at this point" – Kelly Stone
Stone further noted that this move is "part of a corporate wave" of abandoning environmental goals.
"Part of a corporate wave" of abandoning green ambitions – Kelly Stone
Moreover, Peter Riggs voiced apprehension about how this decision could broadly influence investments in renewable energy and other low-carbon solutions.
"About how this will impact green investment generally, and investments in energy transitions, because obviously the signal from Washington right now is very strong that renewable energies and other kinds of zero-carbon or low-carbon approaches are actively discouraged" – Peter Riggs
The implications of such shifts are profound, given Trump’s strong anti-climate action stance. Prof Doreen Stabinsky pointed out that for Trump, climate issues are highly visible and integral to his messaging.
"Climate for Trump is just one of those things that is very visible, very on his radar, very part of his messaging – anti-climate action, anti any corporate that is doing something that is visibly about climate change" – Stabinsky
Stabinsky also remarked on the broader context, suggesting that Bezos's decision reflects more extensive trends among affluent circles.
"You look at Bezos and the folks he's hanging out with in the billionaires club, and you realise this is about more than SBTi" – Prof Doreen Stabinsky