Clinton Urges Action as Global Funding Gaps Widen

Former President Bill Clinton opened this year’s Clinton Global Initiative conference in New York, urging attendees to commit to filling the voids created by what he described as “retreating governments.” His call comes in the wake of funding cuts to foreign assistance by the United States and other nations.

“We know that we can’t completely fill the hole that retreating governments are leaving behind,” Clinton stated, emphasizing the need for philanthropy and other sectors to develop new strategies and resources to preserve progress on global issues.

Clinton also addressed the current political climate, making pointed remarks about the Trump administration. He quipped about the idea of building a large monument in Washington to house drones, and then more seriously expressed disagreement with the notion that “cooperation is not important, that winning is important in the short run.”

The Clinton Global Initiative, which has convened leaders from politics, business, and philanthropy for over two decades, saw several new initiatives announced.

Donna McKay, president and CEO of the Breast Cancer Research Foundation, introduced BCRF Ventures, a new $100 million venture philanthropy fund. Launched with an $11 million donation from philanthropists Karen and Rob Hale, the initiative aims to accelerate research advances and bring them to patients more quickly by investing in companies and using their earnings to fund further breakthroughs. This venture fund will complement BCRF’s traditional grantmaking.

Stacey Abrams, former Georgia state representative and leader of the 10 Steps Campaign, announced the formation of a coalition of democracy nonprofits. This coalition is launching the Democracy Index Fund to pool resources for pro-democracy organizations and the Democracy Hedge Fund, designed to generate revenue while supporting these groups. Abrams stated, “Authoritarians have a playbook. They also have a budget. And now, so should we.”

Carmen Rojas, president and CEO of the Marguerite Casey Foundation, advocated for immediate and substantial financial contributions to address urgent needs. The Marguerite Casey Foundation announced in June its plan to increase annual donations to at least $500 million over the next decade, dipping into its endowment for $135 million in 2025. Rojas argued that the risk of inaction is greater than that of utilizing resources to support communities, encouraging other foundations to reconsider the standard 5% annual payout requirement.

Ford Foundation President Heather Gerken urged attendees to maintain a long-term vision, stating, “As much as we are in the trenches and fighting the fight, we need to look out over the horizon.” She added, “The reason we are here is that we have had a democracy that has not served everyone. And so we need to figure out how to dream a new democracy into existence.”