1 00:00:00,080 --> 00:00:02,279 Speaker 1: This time now for our Wall Street Week daily segment. 2 00:00:02,360 --> 00:00:04,680 Speaker 1: David Weston, the host of Wall Street Week, joins us 3 00:00:04,680 --> 00:00:06,600 Speaker 1: as he does every day at this time, and David, 4 00:00:06,800 --> 00:00:08,160 Speaker 1: a lot of talk about next week. 5 00:00:08,200 --> 00:00:08,840 Speaker 2: You're in New York. 6 00:00:08,880 --> 00:00:11,160 Speaker 1: It is New York Climate Week, and I'm learning that 7 00:00:11,200 --> 00:00:13,440 Speaker 1: our next guest is actually a pretty big announcement here 8 00:00:13,600 --> 00:00:15,200 Speaker 1: about their commitment to fighting climate. 9 00:00:15,040 --> 00:00:17,080 Speaker 2: Chap being announcement exactly right, and part of a larger 10 00:00:17,120 --> 00:00:18,960 Speaker 2: campaign he's been part of for a good long time. 11 00:00:19,000 --> 00:00:22,560 Speaker 2: He's doctor Rodshaw, Rockefeller Foundation President, and he's the author 12 00:00:22,600 --> 00:00:24,400 Speaker 2: of a book that's coming out next month. It's called 13 00:00:24,440 --> 00:00:26,360 Speaker 2: Big Bet. So, doctor Shaw, thank you so much for. 14 00:00:26,320 --> 00:00:27,920 Speaker 3: Being here, Thank you for having me so. 15 00:00:28,040 --> 00:00:30,520 Speaker 2: As Ronie said, a billion dollars from the rock filler federtion. 16 00:00:30,600 --> 00:00:33,120 Speaker 2: That's a big round number that you've got going. You've 17 00:00:33,159 --> 00:00:35,280 Speaker 2: been in climate before, but this is a bigger commitment 18 00:00:35,280 --> 00:00:37,680 Speaker 2: than you've had before. What count you do? Is this 19 00:00:37,680 --> 00:00:40,200 Speaker 2: a reflection ef fact we're not making enough progress fast enough. 20 00:00:40,440 --> 00:00:43,240 Speaker 3: Absolutely. In fact, everyone's coming to New York for Climate 21 00:00:43,280 --> 00:00:45,400 Speaker 3: Week next week, but they're coming in the context of 22 00:00:45,440 --> 00:00:48,280 Speaker 3: having just done a big global assessment on what's actually 23 00:00:48,320 --> 00:00:51,479 Speaker 3: going to happen, and most scientists now believe we're going 24 00:00:51,520 --> 00:00:54,520 Speaker 3: to blow past the one point five degrees celsius Paris 25 00:00:54,560 --> 00:00:56,960 Speaker 3: agreement end up at two and a half for even 26 00:00:57,040 --> 00:01:00,400 Speaker 3: higher degrees of warming. And at that level, you know, 27 00:01:00,560 --> 00:01:03,680 Speaker 3: one point four billion people are hungry, Dozens of countries 28 00:01:03,720 --> 00:01:07,560 Speaker 3: will have conflict, strife, migration, Billions of people on coastal 29 00:01:07,560 --> 00:01:10,920 Speaker 3: communities will have their communities washed out, their fisheries destroyed, 30 00:01:10,920 --> 00:01:13,680 Speaker 3: and their ability to care for themselves will be gone. So, 31 00:01:14,319 --> 00:01:16,520 Speaker 3: as an institution that for more than one hundred years 32 00:01:16,520 --> 00:01:19,720 Speaker 3: has worked to serve vulnerable populations, we thought now is 33 00:01:19,760 --> 00:01:21,600 Speaker 3: the time to go big, and we're making a billion 34 00:01:21,640 --> 00:01:26,000 Speaker 3: dollar commitment to bring public and private partners together to 35 00:01:26,080 --> 00:01:28,440 Speaker 3: get the kind of leverage and scale of investment we 36 00:01:28,520 --> 00:01:30,039 Speaker 3: need to help protect our climate. 37 00:01:30,120 --> 00:01:31,800 Speaker 2: Yeah, we want to talk about that private equitment. But 38 00:01:32,120 --> 00:01:34,080 Speaker 2: this is a continuation of things you've done. This is 39 00:01:34,080 --> 00:01:37,440 Speaker 2: a big step forward. But you had the Global Energy 40 00:01:37,480 --> 00:01:41,679 Speaker 2: Alliance for Planet and People. I believe it's called how 41 00:01:41,680 --> 00:01:43,320 Speaker 2: did that work? That was announced in twenty one? Did 42 00:01:43,319 --> 00:01:45,080 Speaker 2: you make progress with that? Is this showing that you 43 00:01:45,120 --> 00:01:47,120 Speaker 2: think it's going in the right direction or you need 44 00:01:47,160 --> 00:01:48,360 Speaker 2: to have a course correction. 45 00:01:48,880 --> 00:01:50,760 Speaker 3: Well, you know, this is actually a doubling down on 46 00:01:50,840 --> 00:01:53,760 Speaker 3: that commitment in some ways. We announced a five hundred 47 00:01:53,760 --> 00:01:57,440 Speaker 3: million dollar commitment to create a partnership that ultimately attracted 48 00:01:57,440 --> 00:02:00,320 Speaker 3: more than eleven billion dollars in capital from government and 49 00:02:00,360 --> 00:02:04,320 Speaker 3: other philanthropies. But more importantly, we've actually shown that you 50 00:02:04,360 --> 00:02:08,160 Speaker 3: can bring renewable energy to some places that most people 51 00:02:08,200 --> 00:02:10,959 Speaker 3: thought we should just ignore. You know, we're rolling out 52 00:02:11,000 --> 00:02:15,080 Speaker 3: solar grids in eastern Congo, serving up to seven million 53 00:02:15,080 --> 00:02:18,680 Speaker 3: people over time with solar energy that's replacing a lot 54 00:02:18,720 --> 00:02:21,160 Speaker 3: of diesel generators and a lot of heavy fuel oil 55 00:02:21,200 --> 00:02:23,760 Speaker 3: that are the other options for them. So we're doing 56 00:02:23,760 --> 00:02:25,880 Speaker 3: that in more than twenty five countries around the world 57 00:02:26,160 --> 00:02:29,440 Speaker 3: and showing that actually the fight against climate and the 58 00:02:29,440 --> 00:02:33,000 Speaker 3: fight against emissions can actually be the vehicle that lifts 59 00:02:33,080 --> 00:02:35,000 Speaker 3: up some of the world's most vulnerable people. 60 00:02:35,200 --> 00:02:37,240 Speaker 1: As you try to deploy this money into those types 61 00:02:37,280 --> 00:02:39,160 Speaker 1: of regions, those types of countries here, how do you 62 00:02:39,320 --> 00:02:42,720 Speaker 1: ensure that the execution is done properly in a way 63 00:02:42,720 --> 00:02:44,360 Speaker 1: that makes sure that money isn't wasted. 64 00:02:44,680 --> 00:02:47,240 Speaker 3: Well, you know, we and our partners, we do everything 65 00:02:47,280 --> 00:02:50,480 Speaker 3: through partners really do that when we have the energy 66 00:02:50,520 --> 00:02:52,560 Speaker 3: program and some of the food and health things that 67 00:02:52,600 --> 00:02:54,760 Speaker 3: we're going to be doing with this new commitment. They're 68 00:02:54,800 --> 00:02:58,000 Speaker 3: often run by commercial partners, so almost all of those 69 00:02:58,040 --> 00:03:01,520 Speaker 3: projects are commercial developers. Will work with governments to make 70 00:03:01,520 --> 00:03:04,720 Speaker 3: sure there's no corruption, to make sure that the regulatory 71 00:03:04,760 --> 00:03:07,680 Speaker 3: framework allows them to be successful. But we really use 72 00:03:07,720 --> 00:03:11,280 Speaker 3: our money as philanthropic risk capital. I think in that 73 00:03:11,720 --> 00:03:14,400 Speaker 3: DRC deal will put maybe seven million dollars in, but 74 00:03:14,440 --> 00:03:18,640 Speaker 3: we've unlocked seventy million from others, including private investors, because 75 00:03:18,680 --> 00:03:20,840 Speaker 3: by taking a little bit of risk off the top, 76 00:03:21,280 --> 00:03:24,080 Speaker 3: you can actually attract different types of commercial investment. And 77 00:03:24,160 --> 00:03:27,120 Speaker 3: in fact, the world actually needs up to two trillion 78 00:03:27,160 --> 00:03:29,440 Speaker 3: dollars a year for a decade in order to make 79 00:03:29,480 --> 00:03:33,320 Speaker 3: the energy transition available to everyone. So that's the kind 80 00:03:33,320 --> 00:03:34,840 Speaker 3: of leverage we seek to deliver. 81 00:03:35,000 --> 00:03:37,640 Speaker 1: So with this new investment or this new announcement here, 82 00:03:38,000 --> 00:03:42,520 Speaker 1: I mean, what percentage now of the Rockefeller Foundation's investments 83 00:03:42,560 --> 00:03:45,760 Speaker 1: now are directly tied to fighting climate change? 84 00:03:45,920 --> 00:03:48,600 Speaker 3: Well, you know, the Rockefeller Foundation, no surprise to anyone, 85 00:03:48,720 --> 00:03:51,800 Speaker 3: started with a lot of oil wealth, right and comes 86 00:03:51,800 --> 00:03:54,400 Speaker 3: out of the fossil fuel industry, and it's very origins 87 00:03:54,960 --> 00:03:57,160 Speaker 3: for the last five years, we've spent just under twenty 88 00:03:57,200 --> 00:04:00,200 Speaker 3: five percent of our resources on climate Thanks to this 89 00:04:00,240 --> 00:04:02,360 Speaker 3: new direction, we're going to spend more than seventy five 90 00:04:02,400 --> 00:04:05,000 Speaker 3: percent of our future resources on climate change. And we 91 00:04:05,120 --> 00:04:08,240 Speaker 3: really do believe that if we can bring together public 92 00:04:08,240 --> 00:04:12,080 Speaker 3: and private actors in fields like energy and health and food, 93 00:04:12,560 --> 00:04:15,480 Speaker 3: we can make a huge dent in the degrees of 94 00:04:15,520 --> 00:04:19,880 Speaker 3: warming and the growth in moving towards a climate catastrophe. 95 00:04:19,920 --> 00:04:21,000 Speaker 3: We can prevent that. 96 00:04:21,520 --> 00:04:24,120 Speaker 2: Roger, explain that unlocking the private sector, because you said 97 00:04:24,120 --> 00:04:25,880 Speaker 2: it's trillions of dollars. A billion dollar is a lot 98 00:04:25,880 --> 00:04:28,200 Speaker 2: of money, but we need trillions of dollars to the 99 00:04:28,200 --> 00:04:30,760 Speaker 2: people who may be watching out there, who run big businesses, 100 00:04:30,760 --> 00:04:34,039 Speaker 2: who run the financial committee community. Why hearing what you're 101 00:04:34,040 --> 00:04:36,520 Speaker 2: doing with the one billion dollars tells me, you know what, 102 00:04:36,600 --> 00:04:39,040 Speaker 2: I should unlock some of the private funds to really 103 00:04:39,040 --> 00:04:40,280 Speaker 2: support this. Yeah. 104 00:04:40,360 --> 00:04:43,359 Speaker 3: Well, look, every big company out there should be a 105 00:04:43,400 --> 00:04:46,080 Speaker 3: big part of this transition. If you run a food company, 106 00:04:46,440 --> 00:04:49,120 Speaker 3: you should join a coalition we're helping to establish that 107 00:04:49,200 --> 00:04:51,560 Speaker 3: wants fifty percent of your supply chains to be from 108 00:04:51,640 --> 00:04:56,719 Speaker 3: regenerative agriculture. Agriculture that actually sequesters carbon and avoids releasing 109 00:04:56,800 --> 00:05:00,440 Speaker 3: unnecessary carbon into the atmosphere, and those types of transitions 110 00:05:00,480 --> 00:05:03,599 Speaker 3: are going to be fundamentally commercial transitions. So our money 111 00:05:03,640 --> 00:05:06,159 Speaker 3: is designed to invest in the science, to show people 112 00:05:06,160 --> 00:05:08,400 Speaker 3: how to do it, to create a little bit of 113 00:05:08,440 --> 00:05:12,279 Speaker 3: peer pressure across companies, and to inspire people to aim 114 00:05:12,400 --> 00:05:14,800 Speaker 3: higher as they fight climate change, and do it in 115 00:05:14,800 --> 00:05:17,160 Speaker 3: a way that lifts up those who are otherwise vulnerable 116 00:05:17,520 --> 00:05:20,160 Speaker 3: and in health, in food, and energy. I think we 117 00:05:20,240 --> 00:05:23,960 Speaker 3: have very strong examples of public private collaborations where you know, 118 00:05:24,000 --> 00:05:26,680 Speaker 3: for every dollar of philanthropic money, you should be able 119 00:05:26,680 --> 00:05:29,360 Speaker 3: to unlock anywhere from ten to one hundred dollars of 120 00:05:29,400 --> 00:05:30,200 Speaker 3: private capital. 121 00:05:30,520 --> 00:05:32,440 Speaker 2: What about other philanthrop views and rock Layer is a 122 00:05:32,440 --> 00:05:34,640 Speaker 2: big fulanthry, there are other big ones out there, maybe 123 00:05:34,640 --> 00:05:36,919 Speaker 2: even something are a little bit bigger. Frankly, are you 124 00:05:37,000 --> 00:05:39,120 Speaker 2: working together? How do we make sure that we're not 125 00:05:39,160 --> 00:05:40,560 Speaker 2: sort of going at cross purposes? 126 00:05:40,839 --> 00:05:42,839 Speaker 3: Well, we try to partner whenever we can. You know, 127 00:05:42,880 --> 00:05:44,800 Speaker 3: this is way too big of a challenge to go 128 00:05:44,880 --> 00:05:47,920 Speaker 3: at it alone. So our biggest projects we do together. 129 00:05:48,279 --> 00:05:50,680 Speaker 3: Our energy program we do with the Bezos Earth Fund. 130 00:05:50,720 --> 00:05:54,200 Speaker 3: Jeff Bezos created a ten billion dollar fund to fight climate. 131 00:05:54,279 --> 00:05:56,440 Speaker 3: So we're literally doing that together with him and with 132 00:05:56,920 --> 00:06:01,160 Speaker 3: the Ikia Foundation. Our energy program, our health programs, and 133 00:06:01,160 --> 00:06:03,600 Speaker 3: our food programs are all done with other partners. So 134 00:06:04,080 --> 00:06:06,440 Speaker 3: we do think though, if you look at American philanthropy, 135 00:06:06,440 --> 00:06:08,720 Speaker 3: it's about four hundred and fifty billion dollars a year 136 00:06:08,720 --> 00:06:12,039 Speaker 3: of philanthropy in this country, which is pretty amazing, but 137 00:06:12,760 --> 00:06:15,760 Speaker 3: less than two percent of that is focused on climate. 138 00:06:15,839 --> 00:06:18,920 Speaker 3: So we're hoping that by going first and going big, 139 00:06:18,960 --> 00:06:21,120 Speaker 3: maybe not going first, others have gone, but by going 140 00:06:21,200 --> 00:06:24,120 Speaker 3: big when we go, that we can inspire others to 141 00:06:24,200 --> 00:06:24,760 Speaker 3: join the fight. 142 00:06:25,880 --> 00:06:28,000 Speaker 2: Okay, thank you so much, doctor Shaw. It's really good 143 00:06:28,000 --> 00:06:30,240 Speaker 2: to have you. That's Rod Shaw. He's the president of 144 00:06:30,320 --> 00:06:32,919 Speaker 2: the Rockbat Foundation and author of Big Bets coming up 145 00:06:33,000 --> 00:06:34,840 Speaker 2: next month. You want to make sure you will get it.