Philanthropy alone not enough to tackle global challenges: Panel

Philanthropy alone cannot tackle the world's challenges, such as a lack of access to quality healthcare and education.

- Leow Wen Xuan

For solutions to be scaled up and sustainable, they must be accompanied by the right policies and impact investments, said panellists at the Philanthropic Asia Summit 2024 on April 15.

Philanthropic capital works best when it can influence and spur the development of public policies and lead to an increase in responsible and economic growth, said panellist Borge Brende, president of the World Economic Forum.

"Philanthropy can have a huge impact on how countries implement the right policies for them to double down on investments in education, in health, and also taking care of their nature," he said.

The discussion, moderated by The Straits Times editor Jaime Ho, explored the role of philanthropy in tackling healthcare disparities and a lack of access to quality education.

During the conversation, the five panellists also agreed that philanthropy has to go hand-in-hand with impact investments, which are aimed at generating a positive social and environmental impact alongside a financial return.