The Conscious Advertising Network (CAN) has vowed to seek answers after it was revealed that an important financial backer had significant links to the oil and gas industries.
CAN, which is a coalition of over 180 advertisers, agencies, tech providers and civil society groups that espouses an ultra-ethical approach to modern advertising, has now come under intense pressure to reevaluate its links with Quadrature Climate Foundation, whose parent firm Quadrature Capital has stakes of US$170 (£135) million in the fossil fuel industry.
Alarmingly, it was also found that multiple organisations set up to tackle climate change, such as The Climate Tracker Initiative, the European Climate Foundation, and the World Wide Fund for Nature have also accepted millions of pounds in donations from the firm.
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Speaking to The Guardian, a Quadrature spokesperson said: “Climate change is already pushing many parts of the world beyond critical temperature tipping points, with uncertain and potentially severe consequences particularly for the poorest and most vulnerable countries.
“Since 2019, Quadrature Climate Foundation has deployed over £200m to almost 150 climate organisations. The foundation expects to increase funding substantially over the coming years, focused on unlocking the most urgent climate solutions that can help society address the new climate reality.”
Functioning as an independent body that looks to break the economic link between advertising and harmful content, one of CAN’s main objectives is to “decarbonise the advertising industry”, and its members include GroupM, Innocent, Nationwide and Omnicom among others.
