NEW YORK–(BUSINESS WIRE)–The Ares Charitable Foundation (“Ares Foundation”), a qualified 501(c)(3) organization sponsored by Ares Management Corporation (“Ares”) (NYSE: ARES), today announced the launch of Climate- Resilient Employees for a Sustainable Tomorrow (“CREST”), a five-year, $25 million grant-funded initiative that aims to prepare and retrain individuals for climate-resilient jobs in the United States and India. CREST is a partnership with Jobs for the future (“JFF”) and World Resources Institute (“WRI”).
CREST seeks to offer evidence-based solutions to the challenges of climate change in the labor market through research, innovation and new approaches that developed and developing countries can integrate into their economic strategies. In addition, CREST intends to help break racial, gender and systemic inequalities that create occupational segregation in the green economy, enabling a just transition to clean energy.
The initiative is expected to train and place at least 25,000 people in clean energy jobs, while educating another 100,000 people in climate-resilient careers. CREST should also partner with micro, small and medium-sized enterprises (“MSMEs”) to ensure that their businesses can withstand climate-related shocks and promote global supply chain fairness while reducing climate impacts and mitigating the displacement of workers.
“The for-profit, non-profit and public sectors are increasingly recommending and funding climate change mitigation strategies, without paying attention to developing a skilled and diverse workforce to fill these new roles. essentials,” said Michael Arougheti, President of the Ares Foundation, Chief Executive Officer. and President of Ares. “Career preparation and retraining is a funding priority for the Ares Foundation, which positions us well to meet the labor market challenges posed by the climate crisis. CREST will not only help prepare people to successfully embark on green careers, but will also engage key stakeholders to help design practical and workable solutions that make a just transition possible.
“CREST combines the imperatives of providing professional training and helping to solve the problems of the climate crisis. Philanthropy frequently funds workforce readiness initiatives to meet labor market demands, but has not thought deeply about how this support can also help fight climate change,” said Michelle Armstrong, Executive Director of the Ares Foundation and Head of Philanthropy at Ares. “This flagship initiative enables the Ares Foundation to help develop scalable and inclusive solutions to climate challenges and hopefully inspire other funders to do the same.”
The US Infrastructure Investment and Jobs Act provides $550 billion for roads, bridges and climate change mitigation activities. However, labor experts and economists say there isn’t enough funding or proven solutions to train the workers needed to fill the jobs the law will create.
“CREST will help fill this critical gap, support workers hardest hit by pandemic job loss, and ensure an equitable recovery,” said Maria Flynn, President and CEO of JFF. “Most of the jobs that will be created through infrastructure investments will require skills and credentials that workers can acquire through training programs tailored to regional strategies. If we don’t invest in our country’s workers, these new jobs will be out of reach for millions of Americans, including people of color, women of all races, and others who face barriers to employment. ‘job.
JFF is a national, nonprofit organization that leads the transformation of America’s workforce and education systems to achieve equitable economic progress for all. As part of CREST, JFF will examine models that effectively upskill individuals for climate-resilient jobs in the United States. JFF will identify leading training providers, organizations and best practices for designing career paths to these opportunities. JFF will also organize a job challenge in five regions – in collaboration with local intermediaries, education and training institutions and civic leaders – to develop region-wide climate and energy resilience programs that drive economic and labor development. Each region will operationalize its program through an implementation project that provides opportunities to understand the effectiveness and impact of programs and solutions. In addition, the grant will connect regions to both entrepreneurs, whose products support entry into climate-resilient employment, and digital platforms that help workers build their career navigation and personal finance skills.
“Climate resilience is becoming key to India’s social and economic health today,” said Dr. OP Agarwal, CEO of WRI India. “As businesses facing climate risk seek new adaptation solutions, this partnership will help foster green jobs by creating fair and equitable employment opportunities while enabling skills development and capacity building projects in all of India.”
WRI is a global non-profit organization that works collaboratively with government, business and civil society to research, design and implement practical solutions to improve people’s lives and ensure nature can thrive. Through CREST, WRI will help build the resilience of Indian MSMEs in two states to sustain their business models in a changing climate. WRI will conduct extensive research to inform its capacity building efforts and design digital resources to build the skills of MSME workers. At the same time, WRI will establish a new sustainable agenda for equity in global supply chains by leading the first major initiative to identify, amplify and communicate the systemic challenges that small and medium-sized enterprises (“SMEs”) and their workers face to fulfill the mandates of multinational companies to reduce climate impacts. This will help empower the projected 100,000 SME workers and owners in multiple geographies as advocates for just transition and mitigate the risk of worker displacement by helping SMEs meet customer demands.
JFF and WRI also intend to engage Ares employees as CREST volunteers. For example, JFF will engage Ares employees to mentor participants in employment readiness programs and advise the development of digital platforms that support the development of personal finance skills. WRI intends to engage Ares employees as part of its knowledge product peer review process and will invite team members to participate in local site visits as well as activities. of the organization’s Corporate Climate Group.
FSG, a global non-profit social impact consultancy, will serve as the external learning and evaluation partner for CREST. Pagitsas advisors will serve as a strategic consultant on climate and social issues related to CREST, the design of impact measures and the creation of knowledge products.
About the Ares Charitable Foundation
The Ares Charitable Foundation (“the Ares Foundation”) is a qualified 501(c)(3) organization sponsored by Ares Management Corporation (“Ares”), one of the world’s leading managers of alternative investments. Established in 2020, the Ares Foundation seeks to accelerate equal economic opportunity through grants to nonprofit organizations whose programming provides career preparation and retraining, encourages entrepreneurship, and deepens understanding of personal finance. The vision of the Ares Foundation – a world in which all people have equitable access to knowledge, resources and opportunities so they can realize their full potential – reflects Ares’ core values and its unwavering commitment to philanthropy.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager providing clients with complementary primary and secondary investment solutions across the asset classes of credit, private equity, real estate and infrastructure. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2021, Ares Management Corporation’s global platform had approximately 2,100 employees operating in North America, Europe, Asia-Pacific and the Middle East and approximately $314 billion in assets under management, including Ares Management’s acquisition of infrastructure debt platform AMP Capital which closed February 10, 2022. For more information, please visit www.aresmgmt.com.
About Jobs of the Future
Jobs for the Future (JFF) is a national nonprofit organization that promotes the transformation of America’s workforce and education systems to achieve equitable economic progress for all. www.jff.org.
About the World Resources Institute
The World Resources Institute (WRI) is a global research organization that covers more than 60 countries, with international offices in Brazil, China, India, Indonesia, Mexico and the United States, regional offices in Ethiopia ( for Africa) and the Netherlands (for Europe) and program offices in the Democratic Republic of Congo, Turkey and the United Kingdom. Our more than 1,600 experts and employees turn big ideas into action at the crossroads of the environment, economic opportunity and human well-being. More information at wri.org or on Twitter @WorldResources.