Philanthropism in Action: How an American Billionaire Invested in Climate Science

Wendy Schmidt and her husband, Eric Schmidt, are both billionaires. Eric, the former CEO of Google, has an estimated net worth of $ 30.2 billion. Together, the couple has donated around $ 2 billion, a significant portion of which has been directed toward environmental causes. This includes a $ 450 million donation to the Schmidt Ocean Institute (SOI), where Wendy serves as president. As Donald Trump returns to the White House and the federal government implements a second round of cuts to climate funding, private support for scientific initiatives has become increasingly vital.

Scientific research on climate issues covers a broad range of topics, many of which are not new. These studies originally fell under ocean research, atmospheric sciences, and space exploration, but have since been consolidated under the broader, more fashionable umbrella of “climate research.” The Trump administration’s current policies tend to promote private investment in climate initiatives, even as the government reduces its funding for these more theoretical projects. This can be seen as part of a broader strategy, as the administration prioritizes more immediate, practical concerns over abstract climate discussions.

However, for the climate science community, the administration’s policies are hardly a welcome sign. Faced with mounting political challenges, the Schmidts have responded with an expansion of their philanthropic efforts, rather than retreat. They have not changed their priorities; instead, they are scaling up existing projects, accelerating progress, and supporting researchers whose work might otherwise come to a halt without their backing. This steadfast commitment has earned them a spot on Forbes’ 2025 Sustainability Leaders list, which recognizes 50 individuals globally for driving transformative climate action. In essence, their contributions have earned international acclaim.

Billionaire philanthropy is a complex endeavor requiring not only scientific expertise but also financial acumen. Since co-founding the SOI with her husband in 2009, Wendy Schmidt has led initiatives that have helped discover nearly 50 new species, with hundreds more pending review. She has supported over 1,400 marine scientists and broadcast thousands of hours of deep-sea footage.

Wendy has long been passionate about the ocean. She owns Elfje, a 46-meter eco-friendly sailing yacht, built in 2014 by the Dutch shipyard Royal Huisman. The yacht was designed with environmental sustainability and energy efficiency in mind, featuring an advanced propulsion system and sustainable materials. Wendy co-designed the interior, blending her aesthetic sensibilities as a former interior designer.

In addition to Elfje, Wendy owns several yachts, including the 26-meter carbon-fiber racing yacht Deep Blue, which was designed by Botin Partners and built in 2020 at the King Marine shipyard in Spain. Specifically crafted for high-performance sailing, Deep Blue often sees Wendy at the helm, competing in international sailing events. Though she only began sailing at the age of 52 in 2007, she has quickly earned a reputation as a skilled helmswoman.

Wendy’s commitment to philanthropy combines her passion for the ocean with a focus on scientific progress. Her support has brought unexpected attention to marine science, particularly in Argentina. Dives along the country’s coast, which once attracted only a handful of viewers for 10- to 12-hour expeditions, have surged in popularity through Wendy’s backing of the Argentine deep-sea expedition. Visitors can now join scientists aboard the SOI ship and watch these dives live. This initiative garnered over 19 million views, accumulating 6.8 million hours of watch time, most of it from young viewers in Argentina.

“The ocean is driving our weather, our climate, our atmosphere. It’s absorbing most of the heat. And yet we know so little about it,” Schmidt told Forbes in an interview. Her years of sailing experience have deepened her understanding of the ocean as a dynamic, interconnected system. “You begin to understand how alive it is—how it’s shaping weather, climate, everything,” she explained. She stressed that the ocean plays a crucial role in climate stability, biodiversity, and global systems, yet it remains one of the least explored and understood areas of the planet. “We need to understand the whole system if we’re going to protect it. And that means looking in places we’ve never looked before.”

Wendy’s charitable efforts align closely with her personal interests and extend far beyond the oceans. Her philanthropy spans multiple sectors, including local food systems. In 2024, she launched The Hive, a shared commercial kitchen designed to support small food entrepreneurs. She also launched Agog, an initiative aimed at helping creators and nonprofit leaders utilize extended reality. In addition, Wendy’s support of the arts and media includes the February 2024 acquisition of Jigsaw Productions, a documentary studio founded by Oscar-winning filmmaker Alex Gibney. Through this acquisition, she aims to support investigative reporting focused on climate and public interest science. Furthermore, the Schmidt Family Foundation has helped launch the Public Media Bridge Fund to support small media outlets facing closure due to reductions in public subsidies.

Wendy Schmidt’s vision aligns with that of other prominent billionaires, who not only fund individual projects but also build lasting infrastructure for science, storytelling, and collaboration. This is why figures like Elon Musk and Jeff Bezos are increasingly investing in media—they see these outlets as an essential “infrastructure of narrative.”

In the United States, philanthropic investments by billionaires have become almost a mandatory “task” before and after retirement, largely due to the heavy inheritance tax. The federal estate tax can reach as high as 40%, while state inheritance taxes may add up to another 20%. With additional taxes on short-term investment returns, even a fortune of $ 1 billion may yield only $ 200-300 million in actual assets after taxes.

As a result, American billionaires are increasingly turning to philanthropic ventures, which provide both financial and social rewards. These investments can enhance their prestige while also offsetting taxes. But philanthropy, like any other investment, requires specialized knowledge. Without the necessary expertise, even the wealthiest individuals risk seeing their ventures fail, or worse, become public jokes.

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