Our thinking

Net £0

14 February, 2025

Last week, it was reported that Jeff Bezos’s $10 billion environmental philanthropy fund, the Bezos Earth Fund, would stop funding the SBTi, the international non-profit that sets the standards for corporate decarbonisation targets. Since 2021 the fund has been one of the largest funders of SBTi; together with the Ikea Foundation it provided 61% of the non-profit’s total funding last year.  

The Bezos Earth Fund’s support for SBTi has not been uncontroversial. Bezos’s influence over the body was credited by some as a factor in the SBTi’s surprise announcement last year to consider allowing companies to use offsets to meet their climate targets. Critics argue that Bezos had an interest in boosting the offset industry because of his fund’s links to pro-carbon market initiatives – an allegation the fund disputes.  

The latest funding decision is being reported by both parties as the natural end of a pre-defined three-year commitment, although many suggest the true cause may be Bezos’s desire to align with Trump’s climate denying politics. The SBTi has stated plans to develop “a diversified funding base going forward” which includes income from the fees it charges to validate companies’ decarbonisation targets.  

Setting a standard SBTi target currently costs just over £8,000. The SBTi hasn’t stated any intention to inflate these fees in the future, but we fear that if driven to do so by funding shortfalls, there’s a chance this could erode interest in pursuing certification and the rigorous science-backed targets it yields.  

The SBTi has a hugely important role to play as the most widely accepted authority on credible corporate climate action. Its future is not quite in peril, but it’s not entirely clear either. We hope that a diversified source of funding can be found to keep this entity around. Perhaps not another billionaire with deep pockets – unless they also come with strong morals.

By Louise Podmore