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Tech giant IBM announced a new commitment to invest $45 million in its social impact […]]
IBM to Invest $45 Million in Climate Adaptation Social Impact Program – ESG Today
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IBM to Invest $45 Million in Climate Adaptation Social Impact Program
Mark Segal
March 12, 2024
Tech giant IBM announced a new commitment to invest $45 million in its social impact program, the IBM Sustainability Accelerator, as part of a new initiative aimed at boosting city resiliency through technology-focused climate adaptation solutions.
Founded in 2022, IBM’s Sustainability Accelerator applies IBM technology and expertise to scale non-profit and government initiatives to develop solutions aimed at helping vulnerable populations address environmental challenges. To date, the program has supported 15 projects globally, across three cohorts focused on areas including sustainable agriculture, clean energy and water management.
For the upcoming cohort, IBM announced that it has issued a new request for proposals (RFP) for solutions to advance city resiliency, aligned with UN SDG 11, “Sustainable Cities and Communities.” According to IBM, the new RFP aims to support projects addressing issued facing cities in a period of rapidly growing urbanization, including environmental degradation and inadequate urban infrastructure, which can be exacerbated by climate change and extreme weather events.
Examples of project areas that would be targeted by the new RFP include AI foundation models and geospatial analytics, weather and climate forecasting to help predict impacts on natural and built infrastructure, and asset management for public services. The $45 million would be made by IBM over 5 years in cash and in-kind donations of technology and services. Applicant selection criteria will include the level of support to communities vulnerable to urban environmental threats, the feasibility and sustainability of proposed technology solutions for climate change mitigation, and transparency on measurement and reporting, among other considerations.
In addition to the new commitment and RFP, IBM announced the launch of a new strategic collaboration with global professional services firm EY for the Sustainability Accelerator program, with EY contributing to the resilient cities cohort, through support in the RFP selection process, organizational development coaching, and capacity-building workshops.
Justina Nixon-Saintil, IBM Vice President and Chief Impact Officer, said:
“After three years working to improve lives and uplift vulnerable communities around the world, we’re proud to recognize the success of the IBM Sustainability Accelerator by strengthening both our impact and our investment in the program. We look forward to working with a new cohort of partners to transform the cities we live in, and to deploy solutions that harness the potential of artificial intelligence to build a more resilient future.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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