Philanthropy has the potential to unlock additional capital and stimulate market investments. In addition, it can play a crucial role in achieving social, environmental, and financial impact. It is able to take on significant risks to accelerate the development of emerging technologies, extending to areas beyond the Government's immediate reach. The global issues faced by humanity tend to be inter-related and will need to be tackled by considering varied perspectives. Philanthropy has the flexibility to be deployed across sectors and at a much faster speed.
The Philanthropy Asia Summit convenes funders and programme partners and is a perfect call to action platform for the solutions that matter today. While traditional philanthropy often focuses on the donor’s personal interests and curiosity, the urgency of crisis requires a paradigm shift. Philanthropists should commit to investments that go beyond their personal interests when addressing pressing global issues. The session also called for greater collaboration in philanthropy, emphasising that giving should be strategic to create sustainable long-term impact.
Amid the challenge of an annual $3 trillion gap in developing countries to achieve their net-zero goals, two opportunities emerge. Firstly, technological advancements can revolutionise the energy sector and attract substantial investments. Secondly, the lack of established infrastructure in global South might allow them to leapfrog into newer and more cost-effective technologies. This presents a scenario for philanthropic and catalytic finance to play transformative roles in addressing climate challenges.