Today, the UK’s Children’s Investment Fund Foundation (CIFF) pledged $500 million over the next five years to combat climate change. This funding contributes to a $4 billion global commitment – the largest-ever philanthropic investment in climate change mitigation.

The announcement, made at the Global Climate Action Summit (GCAS) in San Francisco, represents a broad global commitment to accelerate climate and clean-energy strategies, and spur innovation.

Kate Hampton, CEO of CIFF, said: ‘Each day brings new evidence of climate change affecting lives—from extreme weather events, to increased food insecurity, to tragic impacts on human health. We see the suffering that a steadily warming planet is causing to people around the world, but we also see hope. As philanthropists, we are committed to doing our part—and to engaging on climate change like never before.’

Having cumulatively invested over $400 million in climate change projects to date, CIFF’s new $500 million contribution will aim to advance affordable, low- and zero-carbon solutions and focus on global and local solutions across the highest greenhouse gas emitting countries.

CIFF was established by British hedge fund billionaire Chris Hohn and his wife Jamie Cooper Hohn though the couple divorced in 2013.

Other contributors to the new climate fund include the Hewlett Foundation, Packard Foundation, Barr Foundation, Ikea Foundation and the Rockefeller Brothers Fund (RBF).

For more on climate phiulanthropy, see Alliance magazine’s in-depth special feature guest edited by RBF’s Michael Northrop.