The Sequoia Climate Fund is an environmentalist grantmaking organization that advocates for policy solutions to climate change as well as transitioning to clean energy usage. ¹ The organization initially branched off from fundraising network organization Wellspring Philanthropic Fund in 2020. ² One of the group’s largest benefactors is listed as hedge fund billionaire and Wellspring trustee C. Frederick Taylor, whom is also listed as the board chair for the organization. ³

According to its 2021 990 tax form, several grant recipients include the New Venture Fund, the Unites States Energy Foundation, the Environmental Defense Fund (EDF), the League of Conservation Voters (LCVEF), the Rocky Mountain Institute (RMI), the ClimateWorks Foundation, and the Center for American Progress (CAP). ⁴ In 2021, the organization received a $181 million contribution from Twenty-One Holdings LLC, a private investment firm that is also one of the corporate donors for Wellspring. ⁵ C. Frederick Taylor, who is listed as the Chair of Sequoia Climate Fund, is a co-founder of Wellspring. ^{6 7}

Background

Founded in late 2020, Sequoia Climate Fund places a focus on providing grants that will deal in “clean energy” and “transition” efforts ⁸ and will create a significant environmental impact by 2030. The Fund uses a four-factor framework for determining where to spread resources and grants: 1) Speed of Impact, 2) Scale of emissions impacted, 3) Cost, and 4) Probability of success. ⁹

Financials

Sequoia’s 2021 990 tax form lists grant recipients that include the New Venture Fund, the Unites States Energy Foundation, the Environmental Defense Fund (EDF), the League of Conservation Voters (LCVEF), the Rocky Mountain Institute (RMI), the ClimateWorks Foundation, and the Center for American Progress (CAP). ¹⁰ In addition, the group received a contribution of $181 million from private investment firm Twenty-One Holdings LLC, which is also one of the corporate donors for fundraising network organization  the Wellspring Philanthropic Fund. ¹¹

Leadership

C. Frederick Taylor is listed as the board chair and a co-founder of Sequoia Climate Fund. A hedge-fund billionaire, Taylor previously founded grantmaking network Wellspring Philanthropic Fund alongside fellow hedge-fund billionaires Andrew Shechtel and David Gelbaum in 2001. ¹²

Christie Ulman is listed as the president of the Sequoia Climate Fund. Before Sequoia, Ulman was the head of Wellspring Philanthropy Fund’s climate initiative. ¹³ the climate director for environmental London-based non-profit Children’s Investment Fund Foundation (CIFF). In addition, she has served in positions within the White House, the Department of Energy, and the Treasury Department. ¹⁴

1. “About.” Sequoia Climate Fund, Accessed June 12, 2023. https://sequoiaclimate.org/about/
2. Kavate, Michael. ”
   There’s a New Giant in Climate Change Philanthropy. Here’s Everything We Know So Far.” Inside Philanthropy, February 9, 2023. https://webcache.googleusercontent.com/search?q=cache:4v6UyEb52g4J:https://www.insidephilanthropy.com/home/2022/2/9/theres-a-new-giant-in-climate-change-philanthropy-heres-everything-we-know-so-far&cd=14&hl=en&ct=clnk&gl=us
3. Kavate, Michael. ”
   There’s a New Giant in Climate Change Philanthropy. Here’s Everything We Know So Far.” Inside Philanthropy, February 9, 2023. https://webcache.googleusercontent.com/search?q=cache:4v6UyEb52g4J:https://www.insidephilanthropy.com/home/2022/2/9/theres-a-new-giant-in-climate-change-philanthropy-heres-everything-we-know-so-far&cd=14&hl=en&ct=clnk&gl=us
4. “Sequoia Climate Fund.” ProPublica, Accessed June 12, 2023. https://projects.propublica.org/nonprofits/organizations/854095972/202232879349101003/full
5. Wellspring Philanthropic Fund (Matan B’Seter Foundation). 2016 IRS Form 990. Archived here: https://pdf.guidestar.org/PDF_Images/2017/223/692/2017-223692921-0fe51357-F.pdf
6. “Sequoia Climate Fund.” ProPublica, Accessed June 12, 2023. https://projects.propublica.org/nonprofits/organizations/854095972/202232879349101003/full
7. Ludwig, Hayden. “Wellspring Philanthropic: An Ocean of “Dark Money” on the Left.” Capital Research Center, December 12, 2019. https://capitalresearch.org/article/wellspring-part-1/
8. Kavate, Michael. ”
   There’s a New Giant in Climate Change Philanthropy. Here’s Everything We Know So Far.” Inside Philanthropy, February 9, 2023. https://webcache.googleusercontent.com/search?q=cache:4v6UyEb52g4J:https://www.insidephilanthropy.com/home/2022/2/9/theres-a-new-giant-in-climate-change-philanthropy-heres-everything-we-know-so-far&cd=14&hl=en&ct=clnk&gl=us
9. Kavate, Michael. ”
   There’s a New Giant in Climate Change Philanthropy. Here’s Everything We Know So Far.” Inside Philanthropy, February 9, 2023. https://webcache.googleusercontent.com/search?q=cache:4v6UyEb52g4J:https://www.insidephilanthropy.com/home/2022/2/9/theres-a-new-giant-in-climate-change-philanthropy-heres-everything-we-know-so-far&cd=14&hl=en&ct=clnk&gl=us
10. “Sequoia Climate Fund.” ProPublica, Accessed June 12, 2023. https://projects.propublica.org/nonprofits/organizations/854095972/202232879349101003/full
11. Wellspring Philanthropic Fund (Matan B’Seter Foundation). 2016 IRS Form 990. Archived here: https://pdf.guidestar.org/PDF_Images/2017/223/692/2017-223692921-0fe51357-F.pdf
12. Ghermezian, Shiryn. “Dozens of Jewish Charities Supported by Newly Revealed ‘$13 Billion Mystery Angels.’” The Algemeiner. May 27, 2014. Accessed July 18, 2019. https://www.algemeiner.com/2014/05/27/jewish-charities-heavily-favored-by-newly-revealed-13-billion-mystery-angels/
13. Kavate, Michael. ”
    There’s a New Giant in Climate Change Philanthropy. Here’s Everything We Know So Far.” Inside Philanthropy, February 9, 2023. https://webcache.googleusercontent.com/search?q=cache:4v6UyEb52g4J:https://www.insidephilanthropy.com/home/2022/2/9/theres-a-new-giant-in-climate-change-philanthropy-heres-everything-we-know-so-far&cd=14&hl=en&ct=clnk&gl=us
14. “Our Team.” Sequoia Climate Fund, Accessed June 15, 2023. https://sequoiaclimate.org/team/