US-based networking solutions giant Cisco has committed to spend $100 million over the next 10 years to help reverse the impact of climate change, the company announced.
This comes as the world marked Earth Day yesterday, with the company saying it will fund non-profit grants and impact investments through the Cisco Foundation.
“[The] commitment will build on the foundation’s approach to funding that drives meaningful impact by supporting early-stage, technology-based solutions with the potential to scale and be sustainable,” says Peter Tavernise, executive director of the Cisco Foundation.
Cisco and the Cisco Foundation partner with non-profits, non-governmental organisations and community-based organisations to carry out corporate social responsibility programmes.
The company points out three main areas the funding will be channelled towards, noting innovative and / or imaginative climate solutions that drive forward net zero or circular regenerative economies.
Secondly, the funds must go towards community education and engagement around climate, eco-awareness, and working toward individual habit change and effective collaborative action.
Finally, Cisco says it will work closely with the organisations receiving funding to measure and report on the impact of their programmes.
The Cisco Foundation’s approach is built on an existing, proven model of funding early-stage solutions with high-potential for sustainability and scalability.
“From a Cisco perspective, we know that in order for us to live up to our purpose – to power an inclusive future for all – we must combat the rising inequality that stems from climate change. We also know that our technology, our business practices, and our partnerships are crucial to this effort. A challenge as big as climate change will take all of us. That’s why we’re so proud to fund bold solutions and find ways for communities to engage to affect change,” according to Fran Katsoudas, chief people, policy and purpose officer at Cisco.
“We will continue to work towards reducing our carbon footprint, while creating innovative products and business models that drive forward sustainable and climate-conscious solutions.”
Meanwhile, speaking at yesterday’s virtual Leaders Summit on Climate hosted by the US, president Cyril Ramaphosa said climate change is the most pressing issue of our time.
The president noted that without effective adaptation, climate change has the potential to reverse the developmental gains in many countries, and push millions of people further into poverty.
“Poor countries have historically contributed least to emissions,” he said. “Developing countries often suffer the most from the devastating effects of climate change in the form of drought, extreme storms and rising sea levels.
“Consequently, developed economies have a responsibility to support developing economies to enable them to mitigate and adapt to climate change.”
Turning to SA, Ramaphosa said the country is “fully committed” to enhancing its ambition and accelerating its climate actions.
He told the virtual gathering: “South Africa's emissions will begin to decline from 2025, effectively shifting our emissions decline 10 years earlier. With regard to our energy resources, we plan to build capacity to generate over 17-gigawatts of renewable energy by 2030.
“We remain committed to contributing our fair share to reduce global emissions, and to do so in the context of overcoming poverty, inequality and underdevelopment.”
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