Ivey Foundation to distribute $100 million endowment over next five years
In an effort to combat climate change, the Ivey Foundation will be distributing its $100 million endowment to supporting partner organizations over the next five years.
According to a press release, Canada’s sixth oldest private family foundation, the Ivey Foundation announced Tuesday that it will wind up operations by the end of 2027 and disperse its entire $100 million endowment over the next five years, beginning in 2023.
The decision comes as the foundation marks its 75th anniversary, with over $100 million donated to charity since 1947, and is aimed at improving “the well-being of Canadians and Canada's natural environment."
The new funding announced on Tuesday will enhance the Ivey Foundation’s effort to combat climate change and advance Canada’s low-carbon economy.
According to the release, this will “double the Foundation's lifetime grantmaking and increase the capabilities of the Foundation's core partners on the front lines of Canada's climate and energy transition.”
Also impacting the foundation’s decision was the realization that philanthropic resources can – and in some cases should – be fully utilized to address the most pressing issues of our time.
“After careful consideration, Ivey Foundation's board of directors reached their decision based on the recognition that foundations need not continue in perpetuity for perpetuity's sake,” according to the release. “For example, Ivey Foundation's singular focus on a current, urgent issue of vital importance to Canadians – climate change – makes it well-suited to a timely capital distribution to achieve maximum impact.”
The foundation’s announcement comes at a time where Canada has less than 30 years to achieve net zero and eight years to reach 2030 climate targets.
"Addressing climate change and securing Canada's long-term economic competitiveness in a decarbonized global economy are intertwined problems that require in-depth understanding, coordination, and action today," said President of the Ivey Foundation, Dr. Bruce Lourie.
According to the Lourie, funneling all of the foundation’s resources to the clearest solutions to achieve net-zero will have the “greatest impact” to helping Canada address climate change.
“Ivey Foundation will continue granting through its Economy and Environment Program to support initiatives that accelerate a prosperous future. These initiatives, in partnership with governments, NGOs, academics, and industry, are designed to set Canada up for success as the world moves to decarbonize,” the release reads.
Funding will be distributed to the strong partner organizations the foundation currently partners with, including the Canadian Climate Institute and Farmers for Climate Solutions, among others.
A detailed wind down business plan is currently under development.
CTVNews.ca Top Stories
They were from different countries and barely spoke each other's languages. More than 20 years later, they're still happily in love
He decided to spend Christmas somewhere that wouldn't involve snowstorm disasters. She was spending the holidays with family, travelling for the first time outside of her native country of Venezuela. 23 years later, they're still in love.
Man who set himself on fire outside Trump trial dies of injuries, police say
A man who doused himself in an accelerant and set himself on fire outside the courthouse where former U.S. President Donald Trump is on trial has died, police said.
12 students and teacher killed in Columbine school shooting remembered at 25th anniversary vigil
Thirteen victims of the Columbine High School shooting were remembered during a vigil Friday on the eve of the 25th anniversary of the shooting that was the worst the nation had seen at the time.
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Israeli airstrike in southern Gaza city of Rafah kills at least 9 Palestinians, including 6 children
An Israeli airstrike on a house in Gaza's southernmost city killed at least nine people, six of them children, hospital authorities said Saturday, as Israel pursued its nearly seven-month offensive in the besieged Palestinian territory.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Iraq investigates a blast at a base of Iran-allied militias that killed 1. U.S. denies involvement
Iraqi authorities said Saturday that they were investigating an explosion that struck a base belonging to the Popular Mobilization Forces, a coalition of Iran-allied militias, killing one person and injuring eight.
The House is on the brink of approving aid for Ukraine and Israel after months of struggle
The House is preparing in a rare Saturday session to approve US$95 billion in foreign aid for Ukraine, Israel and other U.S. allies.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.