$326B is hiding in plain sight – and that's before the IPOs

There's $326 billion sitting in charitable accounts that face no legal requirement to ever pay out a cent — and the 2026 IPO wave is about to add hundreds of thousands more. Donor-advised funds are now 11 of the top 20 charities in the US by contributions, and the same vehicle that could fund the climate transition has spent two decades quietly funding the movement against it.In this episode, Susan Su reveals how DAFs became the fastest-growing force in American philanthropy, why that should bother anyone who cares about climate, and what donors can actually do about it.We cover:How financialization turned a sleepy 1931 community-foundation tool into the biggest charity engine in the country, once Fidelity, Vanguard, and Schwab got involved in the 1990sWhy DAFs are a regulatory free pass — immediate tax deduction, no payout requirement, near-total anonymity, and a clean way to erase capital gains before an IPOThe real cost to everyone else: the Institute for Policy Studies estimate that every $1 in a DAF carries a $0.74 taxpayer subsidyWhat's hiding behind the headline 20% payout rate, and why the median account tells a different storyHow DonorsTrust and Donors Capital Fund moved $479 million in untraceable money into the anti-climate movement — and how Fidelity, Schwab, and Vanguard routed $171 million to the groups behind Project 2025Why the IPO wave won't just mint a few whales but half a million minnows — the median Fidelity DAF holds just $23,500, which makes this everyone's problemFour ways DAF capital is uniquely suited to climate: catalytic first-loss equity, concessionary debt for first-of-a-kind projects, pooled funds, and funding the public goods markets ignoreOnly about 3% of US charitable giving goes to all environmental causes combined. Religious causes got 28% in 2020. The tool takes no sides — but right now, only one side is using it at scale.Read the full essay at climatemoney.substack.com.Warning: this could radicalize you.