Open Society Foundations has pledged $400 million towards supporting climate-friendly economic development in Global South countries, ending its yearlong grantmaking freeze. 

The initiative is the first significant announcement since the appointment of Binaifer Nowrojee as its new president, in March. 

Funding will go towards green policies as part of the OSF’s support for civil society organisations, particularly in Brazil, Mexico, South Africa, Senegal, Malaysia and Indonesia.  

‘The current economic system is failing developing countries. It stops them from being able to grow economically and fight climate change at the same time. We need new ideas to create fairer, more just societies,’ says Nowrojee.

The $400 million initiative aims to strengthen job creation and tackle inequality through green and equitable agendas. ‘It will also explore the impact of international taxation and financing on developing countries’ investment in green initiatives,’ added the OSF in a statement.   

It signals an end to uncertainty after a lengthy restructuring period. OSF paused new grantmaking for the past year, after it slashed 40 per cent of its global staff.  

Speaking to the Associated Press, Nowrojee says the structural changes have ‘been extremely difficult, and not just for us, but also for grantees and people in the larger network that we work with’. 

‘Developing countries are constrained by top-down international systems that enforce climate change agendas at the expense of prosperity. We will encourage and promote new models of green economic growth that are shaped by the Global South,’ added Laura Carvalho, director of the OSF’s economic and climate prosperity initiatives.  

Founded by progressive philanthropist George Soros in the 1970s to help bolster democratic and civic society first in Eastern Europe and then globally.   

Alex Soros, the son of George, took the helm of the organisation in 2022 and has been seen as the major driver towards slashing staff, as well as withdrawing from democracies at a time of need under the weight of increasing anti-democratic sentiment across the world. 

Three Soros family members are on the OSF board totalling six people, a relatively small figure by comparison to more than 20 board members in 2017.  

Alex Soros has quickly endorsed US vice president Kamala Harris as his choice for the Democratic nominee ahead of a campaign trail for the next US president.  

Current US president Joe Biden stepped down from his bid to be re-elected on Sunday, throwing uncertainty on the candidate to take on Donald Trump ahead of the polls in November.  

Shafi Musaddique is the news editor at Alliance Magazine.