Open Society Foundations (OSF), the personal philanthropic fiefdom of left-wing billionaire investor George Soros for more than half a century, is going green.
The organization announced Tuesday after a long internal reorganization it is pledging upwards of $400 million across eight years to support “renewable” economic development.
OSF president Binaifer Nowrojee told the Associated Press the goal of the investment is to drop carbon intensive industries in Brazil, Mexico, South Africa, Senegal, Malaysia and Indonesia while embracing green jobs and the businesses behind them.
“The idea of free markets cannot solve everything, particularly it cannot solve the climate crisis,” she said speaking from OSF’s offices in Washington on Monday.
The foundations will support think tanks, governments and civil society groups in middle-income countries.
“How do you improve regulations so that pollution comes down? How do you create tax breaks for businesses that adopt green technologies? How do you address the whole issue of critical minerals?” Nowrojee informed AP were the types of questions OSF is asking with this new funding.
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“How do you help governments with building up green infrastructure — solar, wind, hydropower? And then with the nature of work changing, how do you upskill workforces?”
Nowrojee, a human rights lawyer from Kenya who has worked at OSF for 20 years, took the helm of the $25 billion philanthropy after three years of buyouts, layoffs and structural changes.
The changes are widely seen as driven by Alex Soros, one of Hungary-born George Soros’ sons, who was elected as chairman of OSF’s board in December 2022, according to the AP report.
Grantees whose funding will end have been notified, Nowrojee said, with OSF giving $300 million to those organizations in final grants.
Last year, OSF said it would lay off 40 percent of its 800 employees globally, a process which is still unfolding. They expect to have between 500 and 600 employees, Nowrojee said, acknowledging that the cuts have taken a toll.
The Associated Press contributed to this story