Philanthropy in a changing world: Tackling the greatest challenges of our age

Philanthropy in a changing world: Tackling the greatest challenges of our age

When tackling some of the greatest issues of our age, how can philanthropists be ambitious in meeting the scale of the challenge?

2020 was a year when crisis after crisis dominated the headlines – and the money followed. From coronavirus to climate change, high-profile donations have shown that philanthropists can mobilise effectively against amorphous challenges. This year’s vast public health challenge across the world has been met with significant investment, yet many argue that without years of preparation by actors such as the Bill and Melinda Gates Foundation, such action would have been impossible. Is it time for philanthropists to think big, and invest time and resource into tackling long-term issues that are too large and complex for any single actors to do so alone?

One important factor is the role philanthropists can play in providing support once public attention has subsided – and investing in resilience and risk prevention initiatives so that future recoveries need not be so arduous. Funding research, too, has been one area from which it is difficult to measure impact, yet is evidently part of the solution to health and environmental challenges. Additionally, when facing international challenges, collaboration is key to success. How can philanthropists effectively work together to coordinate resources, while ensuring that competing needs and measurements of success are met?

And while such high-profile causes are important to recognise, philanthropists also must resist the allure of only focusing on the bigger picture, while ignoring issues closer to home. Well-publicised causes already attract the most attention, yet philanthropists have an important role in funding local causes too. When presented with so many urgent and worthy causes, how should philanthropists construct a giving portfolio that reflects these competing priorities?

This Economist Event, sponsored by HSBC Private Banking, will convene a high-profile panel of philanthropists to discuss how to conduct effective philanthropy in a fast-changing world, and tackle some of the greatest challenges of our age.

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