OVER S$1bil (RM3.43bil) have been pledged under the newly launched Philanthropy Asia Alliance (PAA) towards the development of Asian solutions for global environmental and social challenges.
Temasek Trust announced this on Friday at the 3rd Philanthropy Asia Summit where it launched PAA, which seeks to “build capabilities, capacities and communities in the philanthropic sector, and harness multi-sector partnerships”. This is to develop solutions in Asia to tackle challenges in Asia and globally.
The challenges include climate change, loss of biodiversity and natural habitats, and improvement of quality of life for the elderly.
PAA comprises over 80 global members and partners from the Americas, the Asia-Pacific, Europe and the Middle East, including DBS Foundation, Bill & Melinda Gates Foundation, Sembcorp Industries, The Rockefeller Foundation, and Li Ka Shing Foundation.
President Tharman Shanmugaratnam attended the launch of PAA – his first event since he was sworn in as Singapore’s ninth president on Thursday night – as its distinguished patron.
In his opening remarks, Desmond Kuek, chief executive officer of Temasek Trust, the philanthropic arm of state investment company Temasek, noted that Asia takes up less than a quarter of the US$1 trillion (RM4.67 trillion) of global impact investing in Asia.
“The opportunity for philanthropic capital to catalyse positive impact in Asia is immense, and the Philanthropy Asia Alliance will accelerate this,” he said, adding that the alliance “will harness the strengths, ideas and best practices of members and partners”.
Collective PAA pledges have crossed US$777mil (RM3.6bil), which includes Temasek Trust’s US$100mil (RM468mil) commitment.
PAA chairman Lim Boon Heng said that with Asia being home to 60% of the global population and accounting for half of global emissions, “the opportunity to drive impact in Asia is significant”.
For now, the alliance has identified 29 projects, or “Calls to Action”, which span three main categories – climate and nature, inclusive and holistic education, and global and public health.
The alliance members and other funders can fund or partner these projects, and the projects can tap the funds pledged under PAA.
Eight projects presented solutions to problems in safe water, educating girls and using genomic detection to eliminate infectious diseases. Three other initiatives were announced on Friday at the summit, which was held at Shangri-La Singapore.
Also launched at the summit was the Amplifier programme for the mentorship of start-ups to deliver positive change in the environment and social sectors. The one-year programme – by PAA and the Centre for Impact Investing and Practices – seeks to help the start-ups achieve commercial viability and sustainability.
Partners of the programme will provide digital advisory services, impact measurement, legal advice and client management services. — The Straits Times/ANN
