Jared Blumenfeld, President of the Waverley Street Foundation, discusses the foundation’s bold mission to deploy $3.5 billion over ten years to tackle climate change. The foundation was created and funded by Laurene Powell Jobs.

Blumenfeld explains that unlike traditional foundations with perpetual funding models, Waverley Street’s "spend-down" approach reflects the time-sensitive nature of the climate crisis, seeking to galvanize action that can yield transformative results within the short window left to mitigate severe environmental impacts.

Blumenfeld highlights the foundation’s core focus areas: regenerative agriculture and renewable energy. He stresses that these are not arbitrary selections but fundamental systems that underpin resilience in communities and can foster economic stability while addressing environmental challenges.

By focusing on community-driven solutions, the foundation aims to empower local actors who are vital to generating the political will and corporate accountability necessary to drive large-scale change.

One of the foundation’s defining characteristics is its "bottom-up" strategy, where solutions emerge from local communities rather than being imposed by top-down mandates. Blumenfeld explains that communities must see tangible improvements in their lives from climate interventions. This is especially important to create a groundswell of public support for climate policies, which often stall due to a lack of localized relevance.

The foundation has grown significantly in its first two years, evolving from a startup-like team of four to a robust organization with 27 staff members, all aligned with this grassroots ethos.

Geographically, the foundation’s efforts are concentrated in G20 countries, including the U.S., Mexico, Brazil, India, Indonesia, and South Africa. Blumenfeld emphasizes that the challenge is global, but the foundation has strategically narrowed its focus to these key regions to maximize impact.

By prioritizing regenerative agriculture and renewable energy, Waverley Street aims to transform food and energy systems, thereby strengthening both ecological and economic resilience in the face of increasing climate shocks.

Blumenfeld also delves into the complexities of deploying such a vast corpus of philanthropic funding. He reflects on the difficulty in identifying high-impact grantmaking opportunities and how the foundation has used a "success mapping" approach to identify promising initiatives that can be scaled globally.

Looking ahead, Blumenfeld is optimistic about the momentum building in the climate space, particularly the growing intersection of climate with other philanthropic areas such as education, healthcare, and agriculture. He calls for a broader definition of climate philanthropy, one that engages with a diverse range of sectors and funders who may not traditionally see themselves as part of the climate movement but are crucial to achieving systemic change.

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