A curious theory is making the rounds among Asia’s philanthropic elite. Shaun Seow, who spearheads the Philanthropy Asia Alliance (PAA), believes the next generation of Asian philanthropists is increasingly drawn to battling climate change for a surprisingly personal reason: scuba diving.
“A lot of next-generation leaders are recreational divers; they look at the bleached corals and think it’s not right,” Seow remarked from the Philanthropy Asia Summit. His organization, notably, enjoys backing from Singapore’s state investor, Temasek. It’s a compelling, almost poetic, explanation for a shift in giving that many consider long overdue.
Globally, climate change mitigation receives less than 2% of all philanthropic donations. A tiny fraction of that—a mere 12%—finds its way to Asia. This, despite Asia bearing the brunt. The region warms at double the global average. Since 2000, climate-related disasters have impacted 3.7 billion people here, tripling the number from the rest of the world combined.
Then came the retreat. Last July, the U.S. President shuttered the U.S. Agency for International Development, vaporizing over $40 billion in climate-related development funding worldwide. European nations followed suit, trimming their own commitments. France slashed its development aid budget by 40%. Germany’s international aid budget will shrink from 6 billion euros to a projected 4.58 billion by 2025. The message? Loud and clear.
“We have been looking to places like Europe and the U.S. to take leadership, but those days are long gone.”
Jamie Choi, CEO of Singapore-based Tara Climate Foundation, didn't mince words speaking to Fortune. The West, it seems, is no longer the default leader.
As traditional lifelines fray, Asian funders are stepping into the void. A staggering $5.8 trillion is expected to transfer hands across Asia before this decade ends. Much of it, increasingly, is looking for purpose beyond conventional giving.
Tara Climate Foundation, which began under the European Climate Foundation before spinning off in 2022, was once a “lone wolf” in the climate fight. No longer. A 2026 report by the Center for Impact Investing and Practices (CIIP) found nearly half of 165 Asian funders already investing in climate adaptation and resilience. Another 28%? Ready to dive in.
Still, Seow pulls no punches. Climate causes are “woefully underfunded.” Asia needs over $200 billion annually for adaptation and resilience. Current flows hover around $19 billion. The financing gap? By 2030, Asia will account for 75% of it globally. Regional firms are staring down $336 billion in annual mitigation costs.
Traditionally, Asian philanthropy gravitated towards immediate, tangible needs: education, health. “It’s obvious when there’s a child suffering or a disease outbreak, and it’s very heart-tugging,” Seow acknowledges. Climate change? Its impacts are more diffuse, long-ranging. Humans, naturally, prioritize the here and now.
Choi points to another culprit: knowledge gaps. Many perceive climate change as overly complex, technical. An accounting problem, perhaps, that needs challenging.
New Capital Models for a Warming Continent
Asian philanthropic organizations are pioneering new funding mechanisms. Blended finance, for example, combines public funds and private capital for emerging market projects. “The funding gap is just so wide,” Seow states. “We’re failing on our 1.5-degree global warming KPIs, so we really need private capital to come in.”
The Center for Asian Philanthropy and Society suggests one bold avenue: philanthropic organizations offering risk capital. This fuels novel solutions—ideas markets can’t price, governments won’t fund, and social innovators can’t shoulder alone.
“Solutions could require government action, but the government will not go for the unproven,” Seow explained. “They could need big pots of private capital, but their returns profile doesn’t attract private investors.” Philanthropy, then, becomes the indispensable bridge.
Asian founders, it turns out, are more patient than we give them credit for. Indonesia’s Tahija Foundation dedicated over $17 million across a decade to test Wolbachia bacteria against dengue fever. “I don’t think anyone would have funded that if not for philanthropic capital,” Seow concluded. That’s commitment.
The PAA, established in 2023, now connects a network of Asian and global philanthropic heavyweights—including the Bill & Melinda Gates Foundation, Dalio Philanthropies, and the Tanoto Foundation. They champion over 300 climate, health, and inclusive development projects across Asia.
Meanwhile, the Tara Climate Foundation is part of the Just Energy Transition Community (JETC), an alliance formed in 2025. JETC recently pledged $2.6 million in catalytic funding for Southeast Asian projects. Think clean energy for rural farmers, cooler homes for a warming region. These are not trivial efforts.
“Asia is part of the problem, as we are emitting 50% of global emissions,” Choi admits. “Also, we already hold so many homegrown solutions, but we just need to get over ourselves and start funding them.” She stressed the importance of local context, challenging the old paradigm of London and New York dictating grant-making decisions.
Not every Western organization has abandoned the region entirely. The Nature Conservancy, for instance, will fund pilots for its Global Ocean Innovation Challenge in Indonesia’s Savu Sea, partnering with Yayasan Konservasi Alam Nusantara. Autonomous surface vessels, solar-powered acoustic listening stations—tools against illegal fishing in the heart of the coral triangle. Jennifer Morris, the Conservancy’s CEO, articulated their role clearly: support, not leadership. “The last thing we want to do is crowd out local organizations. When we’re not needed anymore, we can leave.”
With the West increasingly sidelined on climate action, a new global dialogue emerges. Seow’s vision is stark, pragmatic. “The conversation needs to happen between Asia, South America, and Africa.” For the warming planet, and for ourselves: Global South for Global South.
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