TrueValueMetrics ... Impact Accounting for the 21st Century

Date: 2024-10-19 Page is: DBtxt003.php txt00026117

PHILANTHROPY / SOCIAL BUSINESS THE ROCKEFELLER FOUNDATION The Rockefeller Foundation Commits Up to $15 Million to Accelerate World Bank’s Pandemic Prevention Financing Fund Original article: https://www.rockefellerfoundation.org/news/the-rockefeller-foundation-commits-15-million-to-accelerate-world-banks-pandemic-prevention-financing-fund/ Peter Burgess COMMENTARY Simply put ... I like the Rockefeller Foundation. This is not rocket science. John D. Rockefeller created a huge amount of true wealth in the energy industry and eventually endowed all sorts of good things that endure more than a century later. I think I got to know about the Rockefeller Foundation a long time before I got to know about John D, Rockefeller. As I was growing up and learning about the world, one of the big things that was going on at the time was the growth in agricultural science and the role the Rockefeller Foundation played in financing the modernisation of agriculture around the world and especially in India. The amount of money ... and real assets ... owned and controlled by the 'top 1%' (or even less) has grown dramatically over the past several decades ... since the 1970s when the 'operating system' for the global system was upgraded to its modern form. I call this 'financialization' ... a framing of performance that elevates profit for investors over and above everything else. Many economists and thinkers generally have been concerned since the 1970s that a singular focus on profit in the present time would do damage to the people of the world, the environment of the world and augment all sorts of critical risks. While the aggregate economic performance of the world has been very positive for the past several ... like 4 ... decades, the skew of the data means that most of the positive performance is attributed to a very few, while the vast majority of the population is experiencing a substantial degradation of their quality of life. This explains why there is so much unhappiness in the modern world ... but begs the question about why little or nothing has been done about if by (so-called) leadership in more than two generations! One of the initiatives that I would like to see emerge and develop is an effective management framework for the financial resources that are controlled and deployed by the not-for-profit and philanthropic sector. Though I cannot point to specific data, my impression is that too much of these financial resources are used in ways that may be pretty but are not very effective. This should be one of the many priorities for TVM development. My guess is that most of this analysis is already being done ... but I am not aware of it. Peter Burgess
PRESS RELEASES The Rockefeller Foundation Commits Up to $15 Million to Accelerate World Bank’s Pandemic Prevention Financing Fund July 14th 2022 Funding will support the World Bank’s new Financial Intermediary Fund to expand low- and middle-income countries’ pandemic prevention and response programs NEW YORK \| July 14, 2022 – The Rockefeller Foundation announced up to $15 million in funding to the World Bank in support of its new Financial Intermediary Fund (FIF) to bolster pandemic prevention and response in low- and middle-income countries. The Rockefeller Foundation joins the Bill & Melinda Gates Foundation and the Wellcome Trust as founding donors from the philanthropic sector to help set up a Secretariat at the World Bank with technical leadership from the World Health Organization (WHO) and broad support from the G20. With over $1 billion already announced for the new fund, including contributions from the European Union, Germany, Indonesia, Singapore, United Kingdom, and United States, the World Bank and WHO will work closely with the foundations and other key partners to develop the detailed scope and design of a new FIF. “The pandemic’s devastation remains inequitable for a reason: since the first Covid-19 infection, wealthier countries have had the ability to pay for early, frequent access to tests, treatments, and other tools, while low- and middle-income countries have been left behind,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation. “The World Bank’s Financial Intermediary Fund will help break this inequity by empowering these low- and middle-income countries with the tools and capacity they will need to help prevent and respond to outbreaks.” The fund, which should be operational later in 2022, aims to strengthen and sustain global, regional, and country-level capacity by providing $10.5 billion per year over the next five years. It is expected to initially focus at the country-level with priority areas such as disease surveillance, laboratory systems, health workforce, emergency communication and management, and community engagement. “We know what works in preventing and managing pandemics: early detection, rigorous monitoring, and rapid response,” said Dr. Naveen Rao, Senior Vice President of Health at The Rockefeller Foundation and the Board Chair of the Pandemic Prevention Institute. “The Rockefeller Foundation’s Pandemic Prevention Institute is well suited to work alongside country, regional, and global partners in executing these efforts so we can get ahead of, and respond to, public health threats effectively.” This commitment is part of The Rockefeller Foundation’s long history of funding initiatives that seek to improve health outcomes for the world’s most vulnerable populations, including its global campaign against hookworm over 100 years ago; seeding the development of the yellow fever vaccine; supporting translational research for tools including penicillin; spurring AIDS vaccine development; and then creating the Pandemic Prevention Institute in 2021 to help the world detect, prevent, and mitigate pandemic threats and to achieve containment as quickly as possible. The Institute is actively seeking new partners to define and invest in a common agenda through the RF Catalytic Capital, Inc. (RFCC), the public charity that The Rockefeller Foundation created in 2020 to enable foundations, governments, and other like-minded funders to combine their resources to build funding solutions for social impact and bring about transformational change. About The Rockefeller Foundation The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation to enable individuals, families, and communities to flourish. We work to promote the well-being of humanity and make opportunity universal. Our focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to healthy and nutritious food. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on Twitter @RockefellerFdn. Media Contact Ashley Chang achang@rockfound.org +1 212 852 0000

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