Please tell us more about your background and what interested you in engaging with and overseeing philanthropic work, especially focusing on workforce readiness and capacity building?
My work in philanthropy has provided me the opportunity to combine my experience in non-profit programme management with research evaluation, thereby adding value to organisations and the individuals they serve. I previously managed mission-oriented programmes in the education space, which provided support to young people. Furthermore, I served as an evaluator to assess the efficacy of initiatives on behalf of funders, helping them ascertain the success and challenge of the support they offer to various non-profits.
My background in non-profit management, research, and assessment allows me to think empathetically from the perspective of the non-profit professional and pragmatically from the perspective of an investor and supporter of the non-profit’s work. My academic training in anthropology, sociology, and education further strengthens my ability to see things from a human-centered perspective when working closely with and supporting non-profits. This helps in building, sustaining, and managing relationships with them over time such that they are highly collaborative and mutually beneficial.
As the executive director of Ares Charitable Foundation, what is your vision behind the inception of the foundation and, in particular, the CREST initiative?
Ares has a long-standing commitment to social good and to adding value to communities, particularly those communities where we do business. The Ares Charitable Foundation, which was launched in June 2021, builds on the firm’s give back ethos, which allows us to have more meaningful and sustained relationships with leading organisations across the world and to promulgate some of our ideals around social good through those we work with. The mission of the foundation is to accelerate equality of economic opportunity so that individuals can achieve their full potential and become agents of change.
To achieve this, the foundation has three funding priorities. The first is career preparation and reskilling, which helps individuals enter the workforce and acquire the skills necessary for long-term success, especially in emerging jobs that may not have existed a decade ago. Our second funding priority is entrepreneurship, with a focus on understanding the economic and societal value that the business can add to the communities where it operates. The third funding priority is personal finance, aimed at helping individuals develop and apply financial literacy skills for money management. It also assists them in thinking long term about how to safeguard and secure the future of their families, and pass on that knowledge throughout their family, so that the personal finance lessons that they learn not only improve their own lives, but also the lives of others, including their families, their friends, and the community.
Recently, Ares Foundation launched the CREST Initiative. Please shed some more light on this initiative
At Ares Foundation, we ensure that our investment activities align with our intent to make a meaningful difference in communities, globally. To this end, we launched the CREST Initiative. CREST (Climate Resilient Employees for Sustainable Tomorrow) is a five-year, $25 million career preparation and reskilling effort launched by the Ares Foundation that aims to bridge the gap between the demand for skilled workforce in green jobs and the number of people who are ready for such opportunities.
A five-year time frame was chosen to allow for a thorough exploration of the problem and potential solutions. CREST also aims to address the pressing issue of climate change through a unique focus on workforce readiness. Although they are viewed as discreet, distinct challenges, we saw an intrinsic connection between the two.
Climate change is causing shifts in the economy across various industries, creating a demand for workers with new skills and capabilities. Philanthropy often funds this concept of workforce readiness, but to the best of our knowledge, there has not been a strong focus on workforce readiness and equipping individuals with skills needed for growing number of green jobs.
To build an inclusive and a resilient economy, we need more individuals who are equipped with the kinds of skills needed to navigate the growing green economy. We want to ensure that no one is left behind in the process, including people of colour, women, and those of lower socioeconomic status. This is at the core of what CREST intends to do – bring marginalised populations into focus and include them in preparation and reskilling activities that take place in a green economy.
Furthermore, we have a history of involving our employees in communities through volunteerism. Ares employees in India and US have been invited to participate in CREST through various activities, such as attending webinars, serving on advisory councils, and reviewing training materials being developed for MSME workers in India. This allows our employees to connect with CREST and engage in their communities beyond their work at Ares, offering a way for them to give back to society.
Ares Foundation has partnered with World Resources Institute (WRI) and Jobs for the Future (JFF) to implement CREST. WRI is focussing its efforts on micro, small, and medium enterprises (MSMEs) in two Indian states to help those who operate and work within MSMEs develop, strengthen, and apply best practices in sustainability. On the other hand, JFF is looking at the career preparation aspect of the work, particularly in the US, by developing innovative training solutions to help prepare individuals for careers in the green economy.
Serendipitously, the name CREST spells out Ares’ core value of being collaborative, responsible, entrepreneurial, self-aware, and trustworthy. The coincidence of the acronym and the values reinforces the belief that the initiative is a true reflection of the company’s identity and beliefs.
What outcome do you hope to attain with CREST, especially in India, and how does it intend to change things on ground?
The CREST initiative reflects the Ares Foundation’s commitment to supporting fantastic, high-quality non-profits who deliver programmes that align with our funding priorities, while also advancing our ideals with respect to Environmental, Social and Governance (ESG) as well as Diversity, Equity, and Inclusion (DEI). We are focussing on addressing climate change and preparing marginalised populations for green economy jobs.
CREST will generate recommendations and regional roadmaps for developing an inclusive green workforce in India and the US. This will support employers to be competitive, create an equitable energy transition for communities, and inspire the philanthropic sector. It is an opportunity to deepen our impact and create green, resilient jobs that benefit the current and future generations. In India, CREST aims to reskill at least 1,000 MSME workers in two states and raise awareness about opportunities in climate-resilient careers.
WRI and JFF are committed to data-driven and evidence-based work. The research and the resulting analysis will ultimately produce knowledge products, such as webinars, infographics, reports, videos, and opinion pieces. Disseminating these products to stakeholders, such as state and national governments and business associations, will extend the reach beyond MSMEs and have a wider impact across India.
The transition to a clean energy economy requires the creation of millions of new jobs. What type of jobs and which industries is the CREST initiative looking to spur job growth in?
Honestly, that is to be determined. WRI and JFF are both in a research and exploratory phase where they are trying to determine where they should deliver and execute their funded activities and what industries they should focus on. The results of their data gathering activities will ultimately lead to the answer to this question.
Climate change possesses severe risks to MSMEs. The Covid pandemic has impacted many businesses and highlighted the precarity of many jobs. What does it mean for a job to be climate resilient in the face of such economic and climate shocks?
In the context of CREST, resilience refers to jobs that help mitigate the climate crisis by safeguarding our environment from the devasting effects of rising on communities, the economy, and people’s lives. Resilience also refers to jobs that can be sustained over time. As they add much-needed value to individuals and communities. These jobs help to mitigate climate change, and their resilience ensures that they can continue to do so in the long run.
Ares Foundation was launched in 2021, at a time when the world was dealing with a pandemic and facing economic uncertainty. How important is the role of philanthropy during such times? Do you believe that the pandemic has affected philanthropic strategies, and if so, in what direction do you think it is headed?
The seed of Ares Charitable Foundation predates the pandemic. Despite launching the foundation amidst a global pandemic, we were aware of the impact it was having on the world and the changing needs of people. Covid-19 had helped reiterate and demonstrate the importance of philanthropy – to make smart financial commitments and investments in non-profits that are not only altruistic but also care for people and communities.
It is about balancing altruism and pragmatism. When I say pragmatism, I mean that the pandemic not only helped people and non-profits support communities financially, but also encouraged them to assess the true value that they add to these communities. Such activities are smart, viable, and practical.
Combined, all these factors have allowed philanthropies and foundations to reimagine the support that they offer, the kinds of relationships they build with non-profits, and the way they manage those relationships. The focus is not only on the fiscal aspect of the work but also on creating meaningful change and working together.
We are focussing on addressing climate change and preparing marginalised populations for green economy jobs
Climate change impacts various sectors, which includes health, livelihoods, and gender equity. According to a report from Climate Works Foundation, philanthropists are committing more funding towards climate change. However, this is still far from what is needed to meet the challenges. What role do you think can philanthropies play in enabling a climate-resilient future?
Philanthropy has the potential to play a significant role in addressing climate change. Funders must think creatively and prudently about what it is that they support. While there is a lot of emphasis on supporting decarbonisation and environmental protection initiatives, it is also important to consider workforce readiness, career preparation, and reskilling. Philanthropies and funders must identify connections between seemingly disparate concepts and understand how they relate to the climate crisis.
They should broaden their perspective and examine their own missions and funding priorities to see if there are untapped linkages there to climate change that are worth exploring. Innovative approaches that can be tested, implemented, and evaluated for impact are crucial. To effectively address this global concern, we need myriad approaches, and philanthropies should be open to exploring new ideas.