New alliance raises over $300m to drive philanthropic partnerships in Asia

Ms Ho Ching speaking at the second edition of the Philanthropy Asia Summit organised by Temasek Foundation on Sept 30, 2022. ST PHOTO: GAVIN FOO

SINGAPORE - Over S$300 million has been raised by a new alliance set up to drive partnerships in the philanthropic sector while addressing issues related to the planet, peace, people and progress.

Temasek Trust chairman Ho Ching said on Friday that the new alliance would provide a more coordinated and integrated approach to delivering impactful outcomes.

She was speaking at the second edition of the Philanthropy Asia Summit organised by Temasek Trust and Temasek Foundation at Shangri-La Singapore in Orchard.

The Straits Times is among the event's media partners.

Ms Ho added that the founding core members of the alliance have contributed US$25 million each. They are: the Bill and Melinda Gates Foundation, Dalio Philanthropies, Li Ka Shing Foundation, Tanoto Foundation and four companies of Sinar Mas.

Other partners and supporters have also committed between US$1 million and US$10 million each.

Temasek Trust has also pledged US$100 million to underwrite the operations of the alliance, while the World Economic Forum will be a strategic partner, she said.

WongPartnership and Freshfields Bruckhaus Deringer will be providing pro bono legal support to aid in the set up of this alliance.

Ms Ho added that the alliance, which will launch formally in the next nine to 12 months, will also have a governance framework to respect the focused interests of alliance members.

"This could include separate councils to guide programme curation, or track programme outcomes and impact measurement. The framework must also support the adaptation of solutions for the varied local conditions or the complexities of multilateral efforts," she said.

For example, Dalio Philanthropies is highly focused on exploring and protecting the oceans while the Tanoto Foundation is focused on education to uplift lives and livelihoods.

Ms Ho added that the alliance expects more members in the coming months who will add financial heft or provide domain expertise.

Ms Ho also outlined four major priorities for the non-profit sector during her speech at the summit, which is meant to be a collaborative platform to bring together global and regional philanthropists to catalyse partnerships.

Ms Ho said that the first priority is the planet, as the stresses and disasters of climate change will fall disproportionately on the poor and disadvantaged.

The second priority is peace.

Said Ms Ho: "The prerequisites for peace include trust and goodwill. Peace can come only by connecting people... by fostering a deeper respect for common humanity, by nurturing a more self-confident and open-minded acceptance of a diverse and plural world."

The third priority is people. Enabling mankind to survive and thrive in the decades to come through education, healthcare and digital and financial inclusion is key.

The last priority is progress, which has to be just and inclusive, leaving no one behind, added Ms Ho.

All these priorities require partnerships to succeed, which the summit aims to enable, said Ms Ho.

The summit this year is focused on the three themes of climate action and sustainable communities, inclusive education and resilient healthcare.

Ms Ho said: "(Partnerships require) an open mind to embrace the diversity of people and the ingenuity of ideas not yet invented by ourselves."

At the summit, six projects in line with the three themes of the event were also launched:

  • a regional energy management initiative by Clime Capital Management
  • an economics of pandemic preparedness initiative by Imperial College London’s Jameel Institute
  • a project on improving community livelihoods through biofuel production by Sinar Mas
  • an early childhood development project by Tanoto Foundation
  • a genomics project for children in Asean by Temasek Foundation
  • a project on higher education accessibility in Asia by UBS Optimus Foundation.

This article has been edited for clarity.

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