The pressing need for climate and nature action is increasingly felt across the world. In response, governments and companies have been multiplying commitments and actions in areas such as the net-zero transition, biodiversity loss prevention, and broader natural-capital preservation.2 These have in turn accelerated the momentum for public–private partnerships that combine the public sector’s ability to create enabling conditions with the private sector’s scaling ability. For their part, philanthropies are increasingly turning their attention to climate and nature, seeing them as key challenges in their own right and as intimately linked to the core issues of equity and development that have long been at the heart of their agendas.