- Over US$5 trillion of intergenerational wealth transfer is expected across global growth markets in coming years.
- COP28 Business & Philanthropy Climate Forum represents a critical turning point in collective efforts to drive climate action.
During the 2023 Philanthropy Asia Summit (PAS), themed ‘Climate Crossroads: Pathways for Action,’ Singapore’s Temasek Trust launched the Philanthropy Asia Alliance (PAA) to serve as a dedicated platform to build capabilities, capacities and communities in the philanthropic sector, and harness multi-sector partnerships to catalyse Asian solutions for global challenges. The PAA comprises over 80 global members and partners from the Asia-Pacific and the Middle East, with over US$1 billion pledged towards the alliance.
Badr Jafar, CEO of Crescent Enterprises and COP28 Special Representative for Business & Philanthropy, delivered a speech during the launch of the PAA, sharing his insights on the importance of a structured philanthropic ecosystem, and the opportunities for philanthropic intervention in climate and nature. Other notable speakers included Desmond Kuek, CEO of Temasek Trust, Lim Boon Heng, Chairman of Philanthropy Asia Alliance, Helen Mountford, President and CEO of ClimateWorks Foundation, and Mark Dalio, Founder and Creative Director of OceanX.
A founding member of the Philanthropy Asia Alliance’s Impact Action Council, Badr Jafar stressed the vital role of philanthropic infrastructure and networks to boost impact, particularly across global growth markets, where more than US$5 trillion of intergenerational wealth transfer is expected to take place in the coming 7 years. He said: "Enabling infrastructure and networks not only link philanthropic communities of individuals, families, and institutions, they also connect them with other stakeholders, including governments, multilateral organizations, and businesses."
Discussing the importance of harnessing philanthropic impact through research, education, and fostering collaboration, Jafar referred to the work of a number of strategic philanthropic centres he has launched to elevate the role of philanthropy in addressing systemic challanges. By partnering with the University of Cambridge to launch the Centre for Strategic Philanthropy, as well as NYU Abu Dhabi for a similar centre, and with two other centres set to launch in South Africa and Southeast Asia, the aim of these centres is to enhance the impact of philanthropic capital within the regions themselves, but also as it is dispersed to the rest of the world.
Badr Jafar, who founded the Pearl Initiative in 2010, also highlighted his strong belief in the importance of good governance, accountability, and transparency in philanthropy. The Pearl Initiative was founded over a decade ago with the aim to drive the business case for corporate governance in the Gulf region, including in philanthropic institutions.
Jafar highlighted the importance of adopting technology in philanthropy, making it more accessible and efficient, with the next generation of philanthropist reshaping the practice of giving by demanding more hands-on approach and embracing new technologies to achieve greater impact. He added that digital platforms like Hasanah have been created to empower Muslim donors to identify organisations with proven track records of delivering positive outcomes.
In his closing remarks, Badr Jafar, in his capacity as COP28 Special Representative for Business & Philanthropy, and Chair of the upcoming COP28 Business & Philanthropy Climate Forum, addressed the crucial role that philanthropy must play in climate and nature outcomes, with current levels of philanthropic capital deployed in the Global South less than 2% of overall funding. Jafar stated, “The COP28 Business & Philanthropy Climate Forum represents a critical turning point in our collective efforts to drive action, to accelerate green technology transfer, de-risk green investments through blended finance, foster entrepreneurial solutions for climate and nature challenges, and support climate-vulnerable countries in building a more resilient and sustainable future.”
Launched in 2021, the annual Philanthropy Asia Summit serves as a collaborative platform to convene and connect global and regional philanthropists to catalyse partnerships. It aims to activate multi-sector stakeholders and design Calls to Action to collectively address societal challenges in achieving greater impact and common good. Philanthropy Asia Summit 2023 featured Showcase Calls to Action that aim to address issues centred around three mandates – Climate & Nature, Holistic & Inclusive Education, and Global & Public Health. More than 300 people attended the event, including alliance partners, members, philanthropists, foundations, and family offices from over 16 countries.
About Crescent Enterprises
Crescent Enterprises is a leading multinational company, growing diversified global businesses that are sustainable, scalable, and profitable. Headquartered in the United Arab Emirates, with business operations in 15 countries, it operates under four enterprise platforms:
- CE-Operates, an operating business platform, focusing on smart infrastructure as the main driver of economic development and growth.
- CE-Invests, a strategic investment platform investing in late-stage businesses and private equity funds.
- CE-Ventures, a corporate venture capital platform targeting technology-enabled high-growth companies and venture capital funds globally.
- CE-Creates, an internal business incubator, building start-ups that are socially and environmentally conscious.
Crescent Enterprises operates with a value system and culture that embraces corporate governance, inclusive growth, and responsible business practices.