Philanthropy Asia Alliance (PAA), a new organisation launched to tackle environmental and social challenges, has pledged more than $1 billion Singaporean dollars (US $777 million).
The Temasek Trust, based in Singapore, announced the launch at the 3rd Philanthropy Asia Summit, stating that it seeks to “build capabilities, capacities and communities in the philanthropic sector, and harness multi-sector partnerships” both in Asia and globally.
Climate change, loss of biodiversity and natural habitats, and improvement of quality of life for the elderly are all priorities laid out by the new organisation.
Singapore’s president Tharman Shanmugaratnam attended the PAA launch – his first event since he was sworn in as Singapore’s ninth president – as its patron.
PAA consists of over 80 global members and partners from both Latin and North America, Asia, Europe and the Middle East, including DBS Foundation, Bill & Melinda Gates Foundation, Sembcorp Industries, The Rockefeller Foundation, and Li Ka Shing Foundation.
According to the Straits Times newspaper, 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 (S$1.36 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”.
PAA chairman Lim Boon Heng said that with Asia being home to 60 per cent of the global population and accounting for half of global emissions, “the opportunity to drive impact in Asia is significant”.
Eight projects were also announced, including finding solutions and access to safe water, educating girls and using genomic detection to eliminate infectious diseases.
The Asia Centre for Changemakers, by PAA and Temasek Trust, was also launched. It aims to develop a regional community of people “ready to deploy their resources, skills, and passion” for the philanthropic ecosystem, said PAA’s chief executive Lim Seok Hui.
It is expected to be open by early 2024, based in Singapore.
Shafi Musaddique is news editor at Alliance magazine.
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