Laurene Powell Jobs, president of the Emerson Collective and widow of Apple co-founder Steve Jobs, plans to invest $3.5 billion over the next decade towards climate change initiatives, according to a spokesperson for Emerson Collective, who confirmed the details in a Monday report from Axios.

The donation will support "initiatives and ideas to help underserved communities most impacted by climate change," the spokesperson said. The solutions will be oriented around housing, transportation, food security and health in order to address the climate crisis.

The money will go towards the Waverley Street Foundation, which was last headed by Powell Jobs in 2019 as president, according to the Palo Alto-based nonprofit's tax forms. Its board includes Powell Jobs' family members, such as her brother, J. Bradley Powell, and son, Reed Jobs.

After the money is invested, Axios reports that the foundation "will sunset."

Little is publicly known about the Waverley Street Foundation beyond limited news reports referencing its name and a few tax records. (The foundation also doesn't appear to have a website and was once called the Emerson Collective Foundation — not to be confused with Emerson Collective, a for-profit company focused on education, immigration reform, media, health and other areas.)

But big money is involved. In 2019, the nonprofit's total assets mounted to $1.8 billion. In the same year, the foundation gave $95 million to the Silicon Valley Community Foundation.

Lisa Jackson, Apple's vice president of Environment, Policy and Social Initiatives, will chair the foundation. She previously served in the Obama administration as the administrator of the Environmental Protection Agency.

Axios reports that a "top executive leader" will be named soon and staffing and grants have started.