The Open Society Foundations (OSF), which has been the personal philanthropic home of left-wing billionaire investor George Soros for more than half a century, is getting involved in environmental protection efforts.
Following a lengthy internal restructuring, the organization announced Tuesday it would commit more than $400 million over eight years to support “regenerative” economic development.
OSF President Binaifur Nouroj Said The investment aims to shift away from carbon-intensive industries and foster green jobs and the businesses behind them in Brazil, Mexico, South Africa, Senegal, Malaysia and Indonesia, according to the Associated Press.
“Free market thinking can’t solve everything, especially the climate crisis,” she said Monday at OSF’s Washington offices.
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These foundations support think tanks, governments and civil society organizations in middle-income countries.
“How do we improve regulations to reduce pollution? How do we create tax incentives for companies that adopt green technologies? How do we address the whole critical minerals issue?” These are the kinds of questions OSF is asking with this new funding, Nauroji told The Associated Press.
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“How do you support governments in building green infrastructure like solar, wind and hydroelectric power? And how do you upskill the workforce as the nature of work changes?”
Nourosisi, a Kenyan-born human rights lawyer who spent 20 years at OSF, took the helm of the $25 billion charity after three years of acquisitions, layoffs and restructuring.
The reforms are widely seen as being led by Hungarian-born Alex Soros, one of George Soros’s sons, who was elected chairman of OSF’s board of directors in December 2022, according to a report by the Associated Press.
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Neuroszy said grant recipients whose funding is ending have been notified and that OSF will provide $300 million in final grants to those organizations.
Last year, OSF said it would lay off 40% of its 800 employees worldwide, a process that’s still ongoing, and while acknowledging that the cuts have hit hard, Nourogy said he expects the headcount to be between 500 and 600.
The Associated Press contributed to this story.
