Transforming Philanthropy for the Planet: A Conversation with Elizabeth Yee
The Rockefeller Foundation, one of the world’s most influential philanthropic organizations and one of our organization's partners, is driving bold climate solutions and economic transformation. Founded by John D. Rockefeller, the Foundation is reckoning with its roots in the fossil fuel industry by committing over $1 billion to advance renewable energy and climate solutions, especially in the Global South.
At the forefront of this mission is Elizabeth Yee, Executive Vice President of Programs, who is leading the charge in revolutionizing the economic sector and championing a more inclusive, sustainable world."
Liz oversees The Rockefeller Foundation’s global programs, regional offices, and the learning and impact team, driving forward the Foundation’s strategic priorities. Previously serving as Chief of Staff, she joined the Foundation in 2019 as Managing Director of Climate and Resilience. From 2015 to 2019, Elizabeth held executive leadership roles at 100 Resilient Cities, a Rockefeller Foundation initiative, where she forged strategic partnerships and worked with cities and investors to develop financial solutions for resilience. With a background in financial services at Morgan Stanley, Lehman Brothers, and Barclays Capital, Elizabeth has structured and executed over $30 billion in infrastructure, energy, and commodities transactions.
This podcast interview was conducted by Alan Herrera, who oversees AFPC-USA’s editorial operations. AFPC-USA is solely responsible for the content of this episode. Below, foreign correspondents will find a summary of some of the most important takeaways from the presentation.
ON HER CAREER TRAJECTORY AND THE ROCKEFELLER FOUNDATION’S MISSION
Yee, who has been with the foundation since 2019, currently leads all programs, grant-making, regional offices, and learning teams. She began her career in finance, working on infrastructure and energy deals, but was disillusioned when environmental and social benefits weren’t considered in credit analyses for projects like solar energy.
This led her to transition to the nonprofit sector, where she became the Vice President of the 100 Resilient Cities initiative, supported by the Rockefeller Foundation. Under her leadership, the initiative helped build climate resilience strategies in 100 cities across 48 countries, addressing challenges such as climate change and urbanization.
Yee is now focused on advancing holistic, sustainable, and inclusive development at the foundation. She highlights the organization's shift towards people-centered climate solutions, noting their efforts to divest from fossil fuels, achieve net-zero pledges, and reduce their operational footprint.
Historically, the foundation has supported significant initiatives like the development of the yellow fever vaccine and PCR testing during COVID-19. Today, it prioritizes climate and health, clean energy systems, food system transitions, and using finance to support just transitions for marginalized communities.
ON THE FOUNDATION’S CLIMATE STRATEGY
Elizabeth Yee
Yee explained the foundation’s climate strategy by emphasizing the urgency driven by worsening climate trends. She pointed out that this year, again, is the hottest on record, with millions of people displaced by climate impacts. Those most affected are often the least responsible for the crisis. Yee referenced the foundation’s historical mission, rooted in scientific philanthropy, to protect human wellbeing, stating that the foundation had no choice but to act given the escalating challenges.
She highlighted the concerning trend of 48 countries spending more on debt interest than on education or public health, which underscores a deeply unjust global reality. Yee compared the foundation's current climate focus to past initiatives, such as the Green Revolution, where they applied science to tackle global hunger. The foundation now addresses interconnected issues of climate, health, food, and finance, recognizing that the climate crisis threatens to undo decades of progress.
For example, she noted that global food systems fail to feed 3 billion people while contributing a quarter of global emissions, and waste 1.3 billion tons of food annually. This imbalance must be corrected. Climate change is also linked to increased health burdens, such as heat-related illnesses and mosquito-borne viruses, disproportionately affecting underserved populations. Additionally, 3.8 billion people have limited or no access to reliable energy, and without renewable energy development, these nations could contribute up to 75% of emissions by 2050.
To combat these issues, the foundation's board committed to investing $1 billion over the next five years, aiming to reverse the impacts of climate change while advancing human opportunity.
She said: “We want to reverse the impact of climate change and advance human opportunity at the same time.”
ABOUT PHILANTHROPIC CAPITAL
Yee described the foundation's approach to using philanthropic capital as a catalyst for change, focusing on three key strategies: building alliances, investing in promising solutions, and inspiring others to take action. She referenced John D. Rockefeller’s concept of "scientific philanthropy" and updated it to align with Raj’s “Big Bets” framework, emphasizing the need to scale impact and innovation. One major example is the Global Energy Alliance for People and Planet (GEAPP), created in partnership with the Bezos Earth Fund and the IKEA Foundation to address energy access and transition challenges.
Since its creation in 2021, GEAPP has committed nearly $500 million to 100 energy projects across 40 countries, reducing 147,000 tons of CO2 and impacting 1.3 million people by connecting businesses and communities. Yee highlighted the importance of Mission 300, an initiative in partnership with the World Bank and the African Development Bank, aiming to provide electricity to 300 million Africans by 2030. The foundation and GEAPP have committed $10 million to launch a technical assistance facility to help countries work effectively with multilateral banks, accelerating energy access projects.
Yee stressed that achieving global climate goals requires a massive $4 trillion investment in low-carbon energy by 2030, underscoring the need to triple current investment levels. While the foundation's contributions may seem small, they aim to unlock further capital and scale up efforts to address energy access and climate challenges.
ON HOW SHE MEASURES SUCCESS
Yee explains that she stays motivated by viewing challenges as opportunities, following the mindset her father instilled in her to see the "glass half full." She believes that addressing climate change offers a transformative opportunity to secure a green future for future generations.
When measuring success, Yee focuses on three key areas: people, planet, and money. For people, the foundation measures impact through initiatives like improving nutrition security for 137 million people in the past 18 months. For the planet, success involves reducing emissions and transforming biodiversity while keeping a balance between measuring and driving impact. For money, the goal is to encourage governments, the private sector, and other philanthropies to invest in climate solutions, as the foundation alone cannot drive all the necessary changes. Collaboration with partners is crucial for delivering long-lasting impact.
ON HOW CLIMATE JOURNALISM CAN WORK IN TANDEM WITH THE FOUNDATION’S INITIATIVES
Yee mentioned the critical role journalism plays, especially in conveying the urgency of climate change. She highlights that trusted journalism—like during the pandemic—can combat the misinformation and disinformation surrounding climate issues, helping people understand the real impacts on their lives and how they can act. However, she points out that climate journalists, especially in vulnerable areas like the Global South and places like Florida, often face threats, violence, and emotional fatigue.
To support these journalists, Yee mentions the foundation's initiatives, such as providing seed money for the AP Climate Desk, partnering with CNN Academy for climate storytelling, and working with "Too Small to Fail" to educate children about climate action. She stresses the need for sustained support for climate journalism to ensure the right messages reach communities, enabling them to protect their lives and livelihoods.
ON THE PRINCIPLES THAT GUIDE HER WORK
Yee highlights the importance of having a resilience mindset, acknowledging that plans can often be disrupted. She emphasizes the need to maximize the impact of philanthropic capital, which is scarce but highly catalytic. In her daily work, she focuses on achieving multiple co-benefits from every dollar invested. One example is the foundation's initiative on school meals, where 400 million children globally lack essential nutrients. While addressing child food poverty is urgent, Yee stresses the need to integrate solutions like regenerative agriculture and climate resilience to create a stronger, long-term system.
Yee’s approach centers on building a climate-resilient future with people at the core, ensuring that communities are listened to and that solutions are durable. She also draws inspiration from grantees who propose bold, transformative ideas to drive change and create a better planet.
FINAL THOUGHTS
In her final thoughts, Yee emphasizes the importance of perseverance, stating that "hard things are worth doing," a lesson she instills in both herself and her children daily. Quoting Theodore Roosevelt, she acknowledges that nothing truly valuable comes without "effort, pain, and difficulty." While this might not seem entirely positive, Yee draws optimism from this belief and feels driven to continue pushing forward. She stresses that hard work is necessary to ensure that future generations have more opportunities than the current one.
