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
Three dead, two hospitalized, following collision in Fredericton: police
Three people have died and two have been hospitalized after a speeding car struck a tree and landed on another vehicle in Fredericton Sunday morning.
Amid climate change warnings, Canadians lukewarm on electric vehicles
Amid scientists' warnings that nations need to transition away from fossil fuels to limit climate change, Canadians are still lukewarm on electric vehicles, according to a study conducted by Nanos Research for CTV News.
Montreal man on the hook for thousands of dollars after a feature on his Tesla caused an accident
A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
Madonna's biggest-ever concert transforms Rio's Copacabana beach into a massive dance floor
Madonna put on a free concert on Copacabana beach Saturday night, turning Rio de Janeiro's vast stretch of sand into an enormous dance floor teeming with a multitude of her fans.
1 person killed and 23 injured in a bus crash in northern Maryland, police say
One person was killed and 23 others were injured when a bus crashed early Sunday on Interstate 95 in northern Maryland, police said.
Nylander defends Leafs' core after playoff exit, Toronto again picks up the pieces
William Nylander stood in a solemn visitors locker room at TD Garden just before midnight. The Maple Leafs had battled back from a 3-1 series deficit against the Boston Bruins with consecutive 2-1 victories - including one that required extra time - in their first-round playoff series to push the club's Original Six rival to the limit before suffering a devastating Game 7 overtime loss. Nylander's message was emphatic.
El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
‘Love has no boundaries’: Sask. couple in their 90s and 80s get married
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Video shows gaggle of geese stopping traffic on Highway 1 near Vancouver
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.