Catalytic Capital

How can philanthropy catalyze systemic change in an era of global crisis? As the world grapples with escalating climate risks, widening inequality, and shifting global power dynamics, traditional approaches to development finance are becoming insufficient. This book explores how philanthropy, as risk capital, can de-risk investments, unlock private capital, and drive transformative, multi-sector partnerships to tackle the most pressing global challenges. Bringing together real-world case studies and expert insights, it highlights blended finance models, climate adaptation strategies, and innovative approaches to sustainable development. The authors reveal market innovation in catalytic finance, how philanthropy can scale green investments, and why collaboration is the only path to meaningful impact. A must-read for philanthropists, investors, policymakers, and development leaders, Catalytic Capital offers practical frameworks to harness the power of development finance for a more resilient, inclusive, and sustainable global economy. This title is also available as Open Access on Cambridge Core.

Clare Woodcraft is the founding Executive Director of the Centre for Strategic Philanthropy at the University of Cambridge. She holds advisory roles at World Association of PPP Units & Professionals (WAPPP), Cambridge Partnership for Education, and Alliance; is a former trustee of Fondation Chanel and Worldwide Initiatives for Grantmaker Support (WINGS); and was CEO of Emirates Foundation and Deputy Director at Shell Foundation. Woodcraft is coeditor of Reimagining Philanthropy in the Global South (Cambridge University Press, 2024).

Nitya Mohan Khemka is a Director at the Nand and Jeet Khemka Foundation, focused on the conjunction of climate and public health. She is also Advisor at PATH and an associate fellow at Homerton College, the University of Cambridge. She holds advisory board roles at the United Nations High Commissioner for Refugees (UNHCR), Women and Public Policy Program at the Harvard Kennedy School, and Eisenhower Fellowships. She has published on a wide range of topics and is coeditor of Reimagining Philanthropy in the Global South (Cambridge University Press, 2024).