The Rockefeller Brothers Fund announced today that it will increase its annual spending to allocate an additional $48 million over the next five years to address critical system failures that underlie both the COVID-19 pandemic and the enduring racial justice crisis. The funds, approved with unanimous support of the board, will work to advance racial justice, strengthen U.S. democracy, and generate new economic thinking to address global climate change and inequity, as well as to maintain current grants budgets during a period of expected market volatility.

“This is a moment of global pandemic and civic tension that also contains extraordinary activism, authenticity, learning, and hope,” said Valerie Rockefeller, chair of the RBF Board of Trustees. “It’s a time for deeper commitment to the ideas, leaders, organizations, and networks that can disrupt racial and economic inequity for meaningful progress on our long-term efforts for social change. There has never been a better time to invest in our mission to make the world more just, sustainable, and peaceful. Despite the uncertainty of the markets, we are certain about the decision to increase our spending.”

The increased spending plan includes a new racial justice initiative with an initial budget of $10 million over the next three years. The initiative will draw on the Fund’s previous experience with institutions of justice, governance, and civic culture to identify systemic advances, fundamental changes in policy, and other pathways to dismantle structural racism in America. Further details of the racial justice initiative will be announced later this summer...