The Lemelson Foundation will fund a new $50 million global climate initiative, building on its history of investing in programs to boost invention and solve problems.
This targeted investment is slated for the next seven years to support ways to decarbonize the global economy and remove greenhouse gases from the atmosphere, the Oregon nonprofit said in a written statement.
“Climate change is the greatest challenge of our time, already devastating communities across the globe,” said Rob Lemelson, president of the foundation and son of the founders, in a written statement. “We must innovate and imagine novel approaches to solving the problem; certainly that’s the lens my father and mother would have had on the climate crisis, and we are confident the foundation’s efforts can make an impact.”
It has hired Joel Clement to lead the initiative as senior program officer. Clement, who is based in Maine, has two decades of experience in climate and energy policy, climate adaptation and philanthropy. He is also a senior fellow at the Harvard Belfer Center and is an associate at the Stockholm Environment Institute.
The Lemelson Foundation provides funding for programs that support invention-based businesses and invention ecosystems. It was started in 1992 by Jerome and Dorothy Lemelson to nurture future generations of inventors, according to the group’s website. It has provided more than $300 million toward that mission.
Locally, the group has been a major funder of the Invent Oregon Collegiate Challenge, an annual competition among student teams from higher education institutions across the state. It also backs of RAIN Catalyst, a statewide effort to support entrepreneurial ecosystems, as well as the Venture Partners program, which aims to diversify the venture capital industry.
Over the years it has also funded climate-related projects in the U.S. and the developing world across health care and agriculture, according to the foundation.
“The Lemelson Foundation’s staff, board of directors, and advisory committee have decades of experience building entrepreneurial ecosystems, improving access to catalytic capital and training the next generation of world-changers, making us a unique and dynamic innovation partner to help propel solutions for the climate crisis,” said Clement in a written statement. “We’re not the biggest funders in this space, but we have an inventive team that will prioritize the support of frontline communities, foster innovation at scale and bring together key partners to help make change.”
