Wall Street Greens: The Top Givers to Environmental Causes from Finance
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A striking number of leaders from the financial sector have become big players in environmental philanthropy. While we write all the time about these funders, I can’t say we yet have a grand theory of “why Wall Streeters care about nature.”
And maybe no theory is needed. Given the vast fortunes accumulated in recent years and that environmental issues keep getting hotter (along with the Earth itself), it's not surprising that more Wall Street money is flowing into this space. The result has been a transformation of the environmental funding landscape in recent years that has helped to dramatically expand leading green groups like the Environmental Defense Fund and the Sierra Club.
Climate change has been the central focus of many of the top finance givers. And the infusion of resources into this space from these donors has been critically important, given the finite number of top legacy foundations that work on climate. But Wall Street winners have also given a boost to conservation efforts, both domestically and internationally, as well as bankrolling growing efforts to protect the oceans.
If all this is new to you, you've clicked on the right article, because here, I offer a quick rundown of the leading environmental philanthropists from finance. This list expands on an earlier list we published in 2014. Since then, a number of new green donors from Wall Street have emerged. Collectively, the top dozen or so of these donors have given more than $2 billion to environmental causes since 2003. Here are they are, roughly in order of their lifetime giving to environmental causes.
1. NATHANIEL SIMONS
Nat Simons is the guy behind the Sea Change Foundation, which he runs with his wife Laura Baxter-Simons. It’s one of the biggest funders in the climate and energy space, giving out over $500 million in grants to climate and clean energy initiatives to date.
Nat is the son of Jim Simons, the math whiz who founded Renaissance Technologies and built a hedge fund fortune that now stands at $21 billion. The Simons family is deeply involved in philanthropy; Jim and his wife Marilyn oversee the Simons Foundation, which focuses on science research, and Nat’s sister Liz also runs a foundation with her husband Mark Heising—the Heising-Simons Foundation (which also works on climate change, among other issues). Even as Sea Change has tapped the family fortune, it would be wrong to view Nat Simons as merely an heir, since he’s also spent most of his career in finance—both at his dad’s operation and running his own investments.
Last year, as we reported, Nat and Baxter-Simons went public about their giving through the Sea Change Foundation. The couple said then that they aim to give between $50 and $75 million per year toward climate mitigation and clean energy work. According to tax data, Sea Change had given over $477 million to environmental causes through 2017. The figure is almost certainly over $500 million today.
2. SIR CHRISTOPHER HOHN
Chris Hohn is a billionaire hedge fund investor worth an estimated $3.1 billion. In 2002, Hohn and now ex-wife Jamie established the Children’s Investment Fund Foundation (CIFF), which, according to the foundation website, is the largest philanthropy to focus exclusively on improving children’s lives. That mission has since been expanded to encompass environmental action, as Hohn has come to believe the issue is an existential one that, if left unaddressed, will adversely affect today’s children. As CIFF notes on its website: “Climate change poses the single biggest threat to the future of today’s children.”
With that in mind, CIFF pledged $500 million over a five-year period to combat climate change. The funding was announced as part of a $4 billion global commitment—the largest-ever philanthropic fundraise for the issue of climate change—by funders at the Global Climate Action Summit in San Francisco last year. This follows CIFF’s previous grantmaking in the environmental space, totaling more than $400 million in support of initiatives such as renewable energy, reforestation, improving air quality and others.
Chris Hohn may not be the most well-known name on this list, but he is an extremely active environmental giver and definitely worth keeping an eye on as his giving ramps up. For more on Hohn, visit his IP profile.
3. JULIAN ROBERTSON
Robertson was once known as the “Wizard of Wall Street,” back when he ran the world’s biggest hedge fund. Now in his late 80s, Robertson is well along in life and in philanthropy. His two foundations give out over $100 million a year, and the Robertson Foundation is engaged in large-scale environmental philanthropy, with grantmaking focused on climate change as well as marine conservation. The foundation also actively promotes comprehensive federal regulation of greenhouse gases and the reduction of near-term coal emissions.
Along with other Wall Street heavyweights, Robertson serves on the board of the Environmental Defense Fund and is the group’s single largest donor—giving EDF at least $136 million in grants over the past decade or more. The Robertson Foundation has also given at least $32 million to the National Parks Conservancy and more than $10 million to such environmental groups as Earth Justice, the Wildlife Conservation Society and the Nature Conservancy. Overall, the foundation gave at least $271 million to environmental causes through 2017, according to tax data.
Robertson’s giving is opaque, but we offer a good overview of what he's up to here, with links to a more detailed analysis of his environmental giving.
4. MICHAEL BLOOMBERG
The inventor of the Bloomberg terminal and three-term mayor of New York is one of the world’s richest men. Bloomberg has a range of philanthropic passions, and climate change is high up on the list. Through his Bloomberg Family Foundation, Bloomberg has given tens of millions to the Sierra Club to bankroll its work to close coal-fired power plants. Bloomberg and his foundation have also played a leading role in mobilizing city and state leaders to take action on climate change, work that is global in scope and accelerated in the wake of the Trump Administration’s move to withdraw from the Paris Agreement. Bloomberg serves as the U.N. Secretary General’s Special Envoy for Climate Action and Chair of the Task Force on Climate-related Financial Disclosures.
Beyond climate change, Bloomberg Philanthropies has given high priority to protecting the oceans and combating overfishing, giving millions to Oceana and other grantees in this space through its Vibrant Oceans program. All told, Bloomberg had given at least $227 million to environmental causes through the end of 2017, according to tax data. Click here for more on Bloomberg’s foundation and philanthropy.
5. JEREMY GRANTHAM
Robert Jeremy Grantham is a British investor who founded Boston-based Grantham, Mayo, van Otterloo and Company. A prominent investor, he established one of the first index funds in the early 1970s. Grantham is perhaps an equally prominent environmental giver, having formed the Grantham Foundation for the Protection of the Environment together with his wife Hannelore in 1997. The foundation gives over $30 million per year to dozens of nonprofits in the space, including the European Climate Foundation, the Environmental Defense Fund and the London School of Economics (to support climate research and policy projects). In total, it gave at least $163 million to environmental causes through 2017, according to tax records.
As an octogenarian, Grantham is stepping up his giving. Earlier this year, Grantham announced that he plans to donate $1 billion—or roughly 98 percent of his current wealth—to fight the effects of climate change. So we expect the foundation’s level of giving to increase dramatically. Grantham has a number of recipient organizations that bear his name, including the Grantham Institute for Climate Change at Imperial College London, the Grantham Research Institute on Climate Change and the Environment at the London School of Economics, and the Grantham Centre for Sustainable Futures at his alma mater, the University of Sheffield. So it’s worth keeping an eye on these organizations—as well as numerous others on Grantham’s grantee list—to see if additional dollars begin to flow their way. See our profile of the billionaire environmentalist here.
Top Finance Givers to Environmental Causes Through 2017, in Millions of Dollars
6. RAY DALIO
Dalio runs the world’s largest hedge fund, Bridgewater Associates. With a well-established passion for protecting the environment, Dalio serves on the board of the National Fish and Wildlife Foundation, where he has donated more than $10 million. He’s also given to a variety of conservation and parks organizations over the years.
Dalio also established the Dalio Explore Fund to bankroll environmental and scientific research projects, including a $10 million grant to the National Geographic Society and a $7.5 million donation to Johns Hopkins. Much of the Dalio Explore Fund’s focus is on marine and ocean conservation. Through his Dalio Foundation, Dalio has given separately to Woods Hole Oceanographic Institute, a nonprofit research and higher education organization in Mississippi that studies marine science and engineering.
According to the Dalio Philanthropies website, Dalio has given in excess of $149 million to environmental causes in aggregate. Look for much bigger giving to come from this environmentalist and Giving Pledge member.
7. HANK PAULSON
After he helped save the global economy and retired as U.S. Treasury Secretary, Paulson was able to focus more time on what he really loves to do: bird watching and hiking. Of course, he also has a big pile of money from his years at Goldman Sachs.
Paulson and his wife, Wendy, have a foundation, the Bobolink Foundation, which gives between $3 million and $8 million in most years primarily to wildlife protection with a focus on birds. With a $100 million influx of capital from Paulson, the foundation has made grants to the Rainforest Alliance, American Bird Conservancy and Rails to Trails. Boblink has awarded eight-figure grants to the Goldman Sachs Philanthropy Fund and St. Simons Land Trust, which seeks to preserve the Georgia locale’s natural and scenic character. In 2013, Paulson also co-founded, with Michael Bloomberg and Tom Steyer, the Risky Business Project—a group that “examined the economic risks presented by climate change and opportunities to reduce them.” (See our coverage here.)
According to tax data, Bobolink has given nearly $90 million to environmental causes through 2017. But given the large gifts to the Goldman Sachs donor-advised fund, which can’t be tracked further, that figure could be higher. Wendy Paulson is actually the main decision-maker for the couple’s philanthropy. We have a full profile of Hank here, and take a close look at the Bobolink foundation here.
8. ROBERT SMITH & BRIAN SHETH
The founders of private equity shop Vista Equity Partners are rapidly becoming major players in environmental philanthropy. In 2014, Smith established Fund II Foundation, which focuses on a number of issues including environmental conservation and outdoor education.
To date, the foundation has made a total of $230 million in grants, including a $58.6 million grant to the National Park Foundation in 2016—making Smith the single largest donor to that organization. In addition, the foundation made a $9.3 million donation to Global Wildlife Conservation, whose board Sheth chairs. The foundation seeks to fund projects that increase biodiversity, with one of its key goals being to expose vulnerable and minority populations to the benefits of outdoor experiences. Smith and Sheth highlight the benefits that outdoor programs have had for military veterans and their families when healing from traumatic experiences, and want to expand nature therapy to larger populations.
Brian Sheth’s Sangreal Foundation has also been busy in the environmental space. Sangreal has partnered with Global Wildlife Conservation (GWC) on a number of issues, including raising $32 million last year (of which Sangreal donated $15 million) for global wildlife and ecosystem conservation. Sangreal has also partnered with the Search for Lost Species and FUNDAECO, and last summer, joined forces with Leonardo DiCaprio and Laurene Powell Jobs to form Earth Alliance, an organization dedicated to fighting climate change and the loss of biodiversity. As we recently reported, Earth Alliance launched an emergency Amazon Forest fund this summer with $5 million in funding in response to the outbreak of fires in the region.
According to tax data, Fund II and Sangreal have given over $65 million to environmental causes through 2017. The vast majority of that (over $61 million) came from Fund II. Of course, as Sangreal’s partnerships illustrate, more money has moved out the door in recent years. For more info, see our profile of Smith here, and our profile of Sheth here.
9. LOUIS BACON
Bacon earned his fortune in hedge funds, founding Moore Capital Management. His environmental giving has moved through two foundations: the Moore Charitable Foundation and the Belvedere Charitable Foundation.
According to tax data, Bacon had given nearly $40 million to environmental causes in grants through 2017. His gives to many environmental groups every year, mainly those working on conservation, and he is primarily focused on the three main areas he has called home: North Carolina, New York and Colorado, where he has created conservation easements and land trusts, including a 90,000-acre easement in the Sangre de Cristo Mountains in Colorado, which he donated to the government in 2012 for a conservation area. The causes he supports include the Land Trust Alliance and National Resources Defense Council, conservation for animals such as Atlantic salmon and sea turtles, and projects in other areas such as the Florida Everglades and the Bahamas. Some of his biggest contributions have gone to the Waterkeeper Alliance, which has seen more than $29 million in total donations. See our profile of Bacon here.
10. CARL FERENBACH
In 1986, Carl Ferenbach founded private equity firm Berkshire Partners (not to be confused with Berkshire Hathaway), and served as managing director until his 2011 retirement. As chairman of the High Meadows Foundation, which he founded with his wife Judy, Ferenbach is an extremely active environmental giver. He has given tens of millions of dollars to the Environmental Defense Fund, of which he is Chairman of the Board. He also serves on the Princeton Environmental Institute Advisory Board, and has granted his alma mater numerous seven-figure gifts over the years as well.
High Meadows has also supported Climate Central, an independent organization of leading scientists and journalists who research and report on the impact of climate change. Other grantees include Adventure Scientists, the Emerald Necklace Conservancy and the Wilderness Society. High Meadows also supports various environmental education programs. In addition to the aforementioned Princeton Environmental Institute, High Meadows has donated to the Hill School, a boarding school in Pennsylvania that prepares students to tackle complex environmental challenges, and WBUR, Boston’s NPR radio station. High Meadows mandates that its funding of WBUR be used to develop content specifically around the environment.
According to tax records, High Meadows had donated over $35 million to environmental causes through 2017. For more on the Ferenbachs’ giving, see our profile of Carl and Judy here.
10. STANLEY DRUCKENMILLER
With a net worth of $4.4 billion, Forbes lists Druckenmiller as the 457th richest person on the planet. Druckenmiller made his fortune running Duquesne Capital, one of the most successful hedge funds of all time, and as the lead portfolio manager for George Soros’ Quantum Fund.
Through his Druckenmiller Foundation, established with his wife Fiona, Druckenmiller has given over $20 million to environmental causes, the majority of which has gone to the Environmental Defense Fund, where he sits on the board. Small donations have also been made to Oceana, the Environmental Defense Action Fund, and the National Fish and Wildlife Foundation. Tax data shows that Druckenmiller had given over $21 million to environmental causes through 2017.
Although environmental giving is not Druckenmiller’s main focus, he has made significant donations, and has been an extremely active giver overall. (He has been a huge donor to the Harlem Children’s Zone and Blue Meridian Partners, as we’ve reported.). Druckenmiller’s daughter Hannah also has a passion for environmental causes, so we wouldn’t be surprised to see his giving in this area pick up. You can read more about this notable philanthropist here.
11. LARRY LINDEN
Linden scored big at Goldman Sachs and has since been harnessing his fortune and business savvy to protect natural areas. He and his foundation, the Linden Trust, helped orchestrate a major deal to protect a 150-million-acre chunk of Amazon rainforest, which we wrote about here. Linden had been focused on biodiversity and environmental markets, but in 2015, the Linden Trust switched its focus to U.S. climate policy. The foundation is seeking to gain policy support for the removal of carbon dioxide from the atmosphere, and the adoption of economy-wide carbon pricing.
Through 2017, the trust had given over $16 million to the likes of the Alliance for Market Solutions, Conservacion Patagonia and the World Wildlife Fund. While Linden likes to get hands-on, his foundation does make some major grants to conservation organizations, even though it’s a pretty lean shop. We profile this funder here.
12. ERIC WEPSIC
Eric Wepsic joined hedge fund D.E. Shaw in 1994, and rose to become a managing director and member of the executive committee. Wepsic jointly supervises the firm’s global asset management business.
Wepsic’s Tansy Charitable Foundation is a regular giver to environmental causes, with tax data showing a total of $13.5 million given out through 2017. Tansy has donated multiple seven-figure grants to the Natural Resources Defense Council (NRDC), which works to ensure clean air, clean water and healthy communities. Wepsic sits on the board of NRDC, and as a middle-aged man with plenty of years ahead of him, we expect continued environmental giving from Wepsic for a long time to come. For more information on Wepsic, visit our profile of him here.
13. TOM STEYER
As a retired California hedge fund billionaire-turned-presidential candidate, Steyer is focused on philanthropic and political giving aimed at moving the needle on climate change. He’s put up big money for this fight, including some major gifts for energy research and other grants run through the foundation he started with his wife, Kathryn Taylor—the TomKat Charitable Trust, which we examine here.
That said, Steyer isn't yet in the game of large-scale and professionalized grantmaking, and TomKat is a lean operation. This is a funder who’s been more focused on changing the politics of climate change with 501(c)(4) and other political spending than on bankrolling a wide range of environmental nonprofits. That said, seven-figure grant recipients include the Center for American Progress, the Center for Ecoliteracy, and the Rocky Mountain Institute. Through 2017, Steyer’s cumulative giving into the environmental space totals $8 million, according to tax data. However, his other initiatives make him a major player in the space. See our full profile of Steyer here.
14. LEE FOLGER
In the 1950s, Lee Folger joined Folger Nolan Fleming Douglas, a Washington-based investment services firm. After amassing a large fortune, Folger and his wife Juliet established their foundation, the Lee and Juliet Folger Fund, which donates to a variety of causes, including environmental issues.
Grantees include Panthera Corporation, which is the only organization in the world exclusively devoted to the conservation of the world’s wild cats (think lions, tigers, cheetahs, jaguars and leopards). The organization works to curb poaching and hunting, and conserve wild cat habitats.
Folger also gives to Wild Entrust International, which supports the conservation of wildlife habitats around the world. Its research focuses on the effects of human development on wildlife species and habitats, the behavior of threatened and endangered species, and the impact of developments on these areas. According to tax data, Folger has given $3.5 million to environmental causes through 2017. See our profile of Lee Folger here.
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This list serves as a helpful snapshot of the finance sector’s top givers to the environmental space. However, it is not meant to be comprehensive. Large donations flow into environmental giving through donor-advised funds, including those housed at community foundations, so it is impossible to reliably identify all the major donors in this space or track the exact giving of known environmental donors. According to aggregate data from the Foundation Center, Fidelity Charitable made $474 million in grants to environment causes between 2003 and 2017, while the Silicon Valley Community Foundation made $371 million in grants to green groups during this same period. Money also flows to environmental groups through other opaque funding intermediaries. For example, New Venture Fund made $53.5 million in grants through 2017.
How much of this funding comes from donors in finance can’t be determined. But we can make educated guesses about some Wall Street donors who use DAFs. A case in point: Prominent hedge fund billionaire Stephen Mandel’s wife Susan serves on the board of the Environmental Defense Fund. Their foundation, the ZOOM Foundation, lists the environment and education as its top causes. Yet ZOOM moves its grant dollars through Fidelity Charitable, which is a major donor to EDF. So while we can’t directly track the dollars from ZOOM to EDF, we can certainly ascertain that money is flowing from one to the other. Just how much is anyone’s guess (if you’d like to learn more about Mandel’s giving, you can do so here).
As new finance billionaires are minted, and others move to expand their giving, we expect to update this list in coming years.
