CAPS Spotlight: Who’s Doing Good

1 January - 12 January 2022
Dear Friends,

Welcome to our first newsletter of 2022!

What does the year have in store for Asia’s social sector?

Devex is looking towards the “growing scale of private philanthropy” and the push to maximize the impact of social investments, predicting greater collaborations between private funders and grassroots organizations.

The Chronicle of Philanthropy is optimistic, looking to economic recovery from Covid as a positive indicator for the growth of philanthropy in 2022.

Sustainability is firmly on the global agenda in 2022 as the world reflects on COP26 and a month of major natural disasters in Asia. Our thoughts are with our colleagues across the region dealing with floods, storms and other extreme weather events.

Best,

Ruth A. Shapiro
Co-Founder and Chief Executive

Philanthropy responds to natural disasters. Relief efforts are ongoing in the Philippines following Super Typhoon Odette. The Filipino-Chinese Community Calamity Fund, a coalition of 11 major Filipino-Chinese business and organizations, have thus far raised ₱75 million (approximately US$1.46 million) for typhoon victims. The Aboitiz Group donated almost ₱15 million (approximately US$293,000) to Odette relief, with more than a third collected through the Group’s crowdfunding platform, Kinder. Yayasan Food Bank Malaysia has collaborated with the CIMB Foundation and Xiaomi Malaysia to support residents impacted by flooding in Kajang in late December. And the Gates Foundation, Tata Trusts and Chaudhary Foundation are among the members of Stronger Foundations for Nutrition, a coalition of philanthropies working together to galvanize efforts in overcoming hunger and malnutrition. The group aims to attract philanthropists and corporate foundations to fund country-level interventions, including in India and Nepal.

Covid relief targets communities in need. Chinese companies including Alibaba, Tencent and Xiaomi sent more than ¥100 million (US$15.74 million) in donations and supplies to Xi’an City, which remains under Covid-19 lockdown, reports The Global Times. Nepal received medical supplies from The Hong Kong Ex-Servicemen Association and Sean and Mary Jean Hotung. This includes the provision of oxygen concentrators to 139 health facilities across the country, reports República Nepal.

Asia’s philanthropists celebrated across the region. The Chronicle of Philanthropy’s list of major charitable gifts in 2021 includes Joe and Clara Tsai, who gave US$220 million to establish a medical research nonprofit, and Gerald and Ronnie C. Chan’s Morningside Foundation, which gave US$175 million to the University of Massachusetts’ Chan Medical School. Meanwhile, People Magazine Pakistan named Pakistani-American Danial Schon “Man of the Year” for his contributions to philanthropy and entrepreneurship. Schon has encouraged other philanthropists to create more models for sustainable, long-term development in Pakistan.

China’s companies respond to ESG push. Tencent Holdings plans to sell off 14.5 million shares in a tech company to raise US$3.1 billion for philanthropy and social initiatives. The move is seen as a response to a nation-wide push for “common prosperity”, or greater wealth distribution, according to Business Times. Meanwhile, Greenpeace China named Alibaba as the top e-commerce platform for climate-related commitments, as well as action on greenhouse gas emissions: “China’s net-zero pledge turned climate commitments into one of the major lenses for these companies’ social impact to be judged”. Alibaba has pledged to be carbon neutral across its operations by 2030.

Wealth, philanthropy growing in India. Fortune India has a round-up of key reports related to private wealth, including Bain & Company and Dasra’s Indian Philanthropy Report 2021, which found that private-sector funding increased by 23% compared to the previous fiscal year. In addition, 95% of family business owners have philanthropic interests and commitments, according to a report from Edelweiss. Continue reading in Fortune India→

Green and sustainable bonds in Asia. The Export-Import Bank of Korea (Kexim) has launched a 10-year green bond, the first issued under Kexim’s sustainable finance framework. The net proceeds from the green bond will fund renewable energy, sustainable transportation and resource management projects. The Airport Authority of Hong Kong is preparing its first-ever green bond, aimed at financing green projects such as green buildings. However, a proposed plan for a new runway raises concerns about what constitutes a “green” project, according to The Asset. And Stanford Social Innovation Review has an excerpt from a new book on Net Zero Finance, highlighting some of the transitional risks for a green finance system in Asia and the world.

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

9 December – 22 December 2021

Dear Friends,

In the blink of an eye 2021 is drawing to a close. This year, Asia’s social sector has shown enormous resilience in the face of challenges on multiple fronts and has demonstrated the ability to adapt to the long-term impacts of pandemic disruption.

We’ve seen the morphing of the boundaries that lie between profit and purpose: NGOs have found second income streams, governments have procured the services of social enterprises, and public-private partnerships have emerged in new areas in an effort to address community and social needs.

The increasing willingness of stakeholders to experiment with market mechanisms to attract private capital has seen innovation in the area of blended finance. As always, CAPS is committed to keeping you abreast of these emerging trends in the social sector. In the new year, we will be releasing a briefing on the topic of blended finance, covering themes such as social impact bonds, public-private partnerships and social stock exchanges.

2021 was also a year in which we saw ESG considerations shift from a “nice to have” to an almost essential part of any credible business model. Corporations can no longer position themselves as separate from social and environmental issues, and investors are turning up the heat on those who have been slow to demonstrate a commitment to a more sustainable and socially responsible future.

Wishing you a safe and happy holiday season,

Ruth A. Shapiro
Co-Founder and Chief Executive

Forbes Asia’s 2021 Heroes of Philanthropy. 15 prominent givers are on the list, including CAPS’ Chair Ronnie C. Chan, who, along with his brother Gerald, has been a key figure in education philanthropy. Cho Tak Wong (Fuyao Glass Industry Group), Rina Lopez Bautista (Knowledge Channel Foundation), Azim Premji (Wipro), Jeffrey Cheah (Sunway Group), Lin Chen-Hai (Pau Jar Group), Takemitsu Takizaki (Keyence), Michael Kim (MBK Partners) and Joseph Tsai and Clara Wu Tsai have been recognized for their contributions to learning and education. Kin Jung-Ju (Nexon) and Anil Agarwal (Vendata Resources) are lauded for their efforts in the areas of healthcare, Pham Nhat Vuong (Vingroup) and Teresita Sy-Coson (SM Investments) for pandemic recovery donations, and Wee Wei Ling (Pan Pacific Hotels Group) for her commitment to disability inclusion. Continue reading in Forbes Asia →

Donations for schools, universities across the region. Robin Zeng, founder and Chairman of Chinese battery producer CATL, pledges US$206 million to his alma mater, Shanghai Jiao Tong University. Philanthropists Mahmudul Huq and Monisha Anwar Huq donate ৳38 million (approximately US$440,534) to Independent University, Bangladesh, through their endowment trust. And BASF Vietnam joins forces with partner companies to break ground on its sixth school renovation project in rural areas.

Boosting support for small businesses, entrepreneurs. In India, tech corporations including Microsoft and Accenture look at ways to go beyond “chequebook philanthropy”, offering technical support and mentorships to startups looking to scale solutions to social problems. In Cambodia, state-owned Khmer Enterprise is working with Oxfam and Platform Impact Co to accelerate and grow SMEs, while at the same time educating entrepreneurs about social and environmental considerations for businesses that plan to reach international markets.

Companies in Asia make bold commitments in sustainability push. Malaysia’s CIMB Group pledges RM30 billion (approximately US$7.133 billion) for sustainable financing as part of its mission to become a regional leader for sustainability. CMFL Hong Kong signs its first sustainability-linked term loan worth US$445.7 million, a reflection of the increasing urgency for the shipping sector to implement ESG practices. HSBC Indonesia’s president director says partnership is key to meeting the climate change financing gap. The company is planning US$1 trillion in sustainable finance and investments globally by 2030. The Philippines’ Aboitiz Foundation partners with national and local government to innovate around community disaster and climate change adaptation. India Climate Collaborative, writing for The Times of India, highlights the role of private funds in meeting environmental challenges: “Philanthropic capital has an indispensable role to play in the crisis, given its intrinsic ability to be patient, flexible, compassionate, and ambitious.”

New reports on the state of the social sector, philanthropy. The US Agency for International Development releases its 2020 Civil Society Organization Sustainability Index for Asia, covering key issues in eight economies across the region. Unsurprisingly, the ongoing pandemic emerges as a key challenge facing civil society organizations, as are political tensions, movement of refugees and the tightening of regulations by governments. And Mercer’s latest report looks at the top considerations for endowments and foundations in 2022, highlighting how growing Chinese wealth, sustainability and impact investing will likely affect the business of doing good in the coming year.

Communities come together to do good. Shanghai’s charity month goes digital, with a new online donation platform launched via the city’s public service app. It is hoped that the greater ease of donation will encourage more people to give, directing funds towards supporting at-need households in Shanghai. And rural Cambodian district Tboung Khmum constructs 667 wells thanks to philanthropic donations from Malaysia, Singapore and Brunei.

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

29 September 2021 – 12 October 2021

Corporates donate big to flood relief efforts in Shanxi Province, China. Companies including tech giants Tencent, Alibaba and Pinduoduo, and smartphone makers Xiaomi, Oppo and Vivo, have pledged US$46 million to aid over 1.75 million people affected by severe rainstorms and floods. The giving comes amid a nationwide call of common prosperity, the concept championed by President Xi Jinping that companies should focus on stakeholder value and contribute to overall societal wellbeing. Continue reading in the South China Morning Post →

Sustainable infrastructure platform launched in Singapore. Temasek has partnered with HSBC Bank to set up a US$150 million platform dedicated to sustainable infrastructure projects. Initially focusing on Southeast Asia, the aim is to scale the platform to US$1 billion in loans within 5 years. The platform will target projects in renewable energy and storage, water and waste treatment, and sustainable transport to offset the impact of climate change. Continue reading on HSBC’s website →

India’s social sector gets a boost. The country is set to establish its first social stock exchange, paving the way for nonprofit organizations and for-profit social enterprises to access capital markets. Organizations will be able to raise funds through equity, impact bonds, and other market instruments. Also, India just celebrated DaanUtsav, a week-long festival of giving and the fifth year of GivingTuesday India, led by nonprofit and CAPS partner GuideStar India. This year’s events focused on impacting millions of lives through donations and volunteering.

India’s richest are investing big in clean energy. Mukesh Ambani tops the Forbes and Hurun India’s respective rich lists, followed by Gautam Adani in second spot. Both are making significant investments in clean energy, with Reliance spending US$10.1 billion over 3 years, and the Adani Group investing US$50-70 billion over the next 10 years. These investments show Asian energy companies recognize the need to focus on renewable and clean energy sources.

Corporates and foundations seek to address social issues in Hong Kong. New World Development launches a nonprofit social housing enterprise, New World Build for Good, to research and pilot programs in pursuit of solutions for the city’s housing issues. The Wofoo Foundation donates to Hong Kong’s Lingnan University with funding to establish a laboratory in support of adolescent wellbeing. This adds to a previous donation from the foundation in 2019.

Nobel Peace Prize honors an investigative journalist in the Philippines. This year’s prize acknowledges Maria Ressa for her courage and commitment towards independent and fact-based journalism, according to the Norwegian Nobel Committee. Continue reading on the Nobel Peace Prize’s website →

Accolades for environmental justice organization in India. The nonprofit Legal Initiative for Forest and Environment (LIFE) is one of four global awardees of the 2021 Rights Livelihood Award, recognizing the organization’s contribution in providing access to justice for those protecting the country’s forests and biodiversity. Continue reading in the Hindustan Times →

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

15 September 2021 – 28 September 2021

Hong Kong-based Yidan Prize Foundation unveils 2021 award winners. Regarded as one of the world’s highest education accolades, the Yidan Prize recognizes individuals and teams with significant contributions to education research and education development. This year’s Yidan Prize for Education Research laureate is Stanford University’s Professor Eric Hanushek, and the Yidan Prize for Education Development laureate is Dr. Rukmini Banerji of the Pratham Education Foundation. Each laureate will be awarded HK$30 million (approximately US$3.9 million). Continue reading on Yidan Prize’s website →

Pakistan’s local startups see record investment. Maqsad raised the nation’s largest edtech funding to date of US$2.1 million, marking the latest milestone among the nation’s startup industry, reports Bloomberg. In total, the country’s startups have raised over US$244 million in 2021—more than the previous six years combined, according to venture capital fund, Invest2Innovate. There is even more room for growth; according to CAPS’ study Business for Good, only 26% of social enterprises in Pakistan receive private investment. Continue reading in Bloomberg →

Tencent’s “99 Giving Day” 2021 raises ¥4.2 billion (approximately US$649.5 million). This year’s event spanned 10 days and saw over 68.7 million donors contribute ¥3.6 billion (approximately US$557 million), while Tencent Charity Foundation pledged to give ¥600 million (approximately US$92.5 million). Continue reading on Tencent’s website →

Bloomberg Philanthropies and Goldman Sachs pledge US$25 million to advancing clean energy solutions in South and Southeast Asia. The new Climate Innovation Fund, to be managed by the Asian Development Bank, will focus on clean energy solutions in India and Vietnam to begin with. This initial philanthropic funding has the potential to unlock up to US$500 million in private and government investments. Continue reading on Bloomberg Philanthropies’ website →

Corporates, governments and foundations continue contributing to Covid-19 relief and aid efforts in the region. BRAC Bank and SME Foundation signed an agreement to provide loans to help small businesses in Bangladesh recover from the impact of the pandemic. The Philippines’ SM Group intensifies vaccination of employees and stakeholders. The Macquarie Group Foundation allocated AU$20 million (approximately US$14.5 million) to 40 community organizations around the world working to combat Covid-19. This included helping seed two Gender Lens Funds in the Philippines. In Vietnam, the American Chamber of Commerce donated over VND5.2 billion (US$227,000) for the purchase of essential medical equipment. Intel Malaysia earmarked a second round of funding amounting to RM2 million (approximately US$477,000) towards relief efforts.

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

01 September 2021 - 14 September 2021

Alibaba commits ¥100 billion (US$15.5 billion) to “common prosperity” vision. China Daily reports that the funding will go towards supporting technological innovation, economic development, developing a high-quality workforce, caring for vulnerable groups, and setting up a ¥20 billion (approximately US$3.1 billion) common prosperity development fund. Continue reading in China Daily →

The family of CAPS’ Chairman Ronnie Chan has been active on both sides of the Pacific. In Hong Kong and mainland China, their Hang Lung Properties group hosted a sustainability-themed volunteer day where 800 corporate volunteers in 10 cities dedicated their time to promoting low carbon living and delivering care to over 5,000 people in need. And in the US, the Chans’ Morningside Foundation has donated US$175 million from their philanthropic organization to the University of Massachusetts Medical School.

Hyundai Motor Group’s honorary chairman Chung Mong-koo pledges ₩10 billion (US$8.63 million) for vaccine research. The funds will be donated to the Korea University Medical Center for establishing a vaccine research center to expand the infrastructure needed to develop homegrown vaccines for infectious diseases. Continue reading in The Korea Herald →

WWF India and the Confederation of Indian Industry (CII) launch the India Plastics Pact. India generates 9.46 million tonnes of plastic waste annually. Almost half (43%) of all plastics produced are used for packaging, with the majority being single-use. The Pact brings together businesses, government, and NGOs to resolve these issues by promoting a circular system for plastics. India is the first Asian economy to launch a Plastics Pact. Continue reading in Business Line →

Cambodia’s Prince Holding Group signs MoU with the Ministry of Education, Youth and Sport (MoEYS) to launch the Chen Zhi Scholarship. The company has pledged US$2 million over seven years to support 400 students attending top Cambodian universities. Prince Group will work with MoEYS to ensure the students receive financial support, training, mentoring and employment opportunities. Continue reading in the Khmer Times →

India’s water quality and scarcity issues require solutions that offer speed, scale, and sustainability. Arghyam’s Jayamala Subramaniam and Amrtha Kasturi Rangan share how a people-centric, participatory and digital driven approach can help India manage its water more effectively. CAPS’ report, Public-Private Partnerships for Social Good, highlights the strategies successful PPPs such as Arghyam use to achieve sustainable social impact. Continue reading in India Development Review →

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

18 August 2021 - 31 August 2021

Spending on CSR in India crosses INR1 lakh crore (US$13.6 billion) milestone, seven years after mandatory CSR law came into effect. According to CRISIL, as much as 40% of this total was raised in the last two years as companies stepped up to fight the Covid-19 pandemic. Corporate funding is integral to the social sector—CAPS’ Doing Good Index 2020 shows that 51% of social delivery organizations in India receive funding from corporates. Continue reading on CRISIL’s website →

Chinese billionaires donate big. Donations from just seven billionaires this year amount to US$5 billion, exceeding total nationwide giving for 2020, reports Bloomberg. This year’s pledges arrive as the government pushes for “common prosperity” and signals it wants to close the country’s wealth gap. Tencent has pledged to invest US$15 billion in social responsibility programs while Pinduoduo has announced a ¥10 billion (approximately US$1.55 billion) investment in agriculture development. Continue reading in Bloomberg →

2021 Ramon Magsaysay Awards recipients announced. The award, established in honor of former president of the Philippines Ramon Magsaysay, honors individuals and organizations committed to building solutions to vital and complex issues in their society. This year’s recipients include four individuals covering Pakistan, Bangladesh and countries in Southeast Asia, and one organization from Indonesia. Continue reading on the Ramon Magsaysay Award Foundation’s website →

Three-quarters of Asia Pacific’s economic output and half of the region’s labor force is exposed to significant disruptions from climate change, according to Deloitte. Their recently released report, “Asia Pacific’s turning point: How climate action can drive our economic future,” seeks to reframe the debate on climate change by highlighting the opportunity for climate action to be a driver for economic prosperity. Separate reports for China, Japan, Korea, India, Taiwan and Southeast Asia are also available.

Diaspora philanthropy has untapped potential for Pakistan. Pakistan Centre for Philanthropy’s Executive Director Shazia Maqsood Amjad shares that more awareness and work to mobilize funding from the 9 million Pakistanis that live abroad can help address the country’s social needs. Continue reading on WINGS’ website →

Have a story to share? Contact us at research@caps.org.

The Third Pillar: How Markets and the State Leave the Community Behind

Raghuram Rajan (Penguin Random House)

This book provides a big picture analysis of the three pillars that support societies—markets, the state, and communities—and how they interact. It pinpoints the neglect of communities as the cause of modern discontent. This is illustrated through examples in history where shifts in technology, economic and political forces have further alienated communities, leading to wealth inequalities, and spurring the rise of populism and political radicalization. The book argues for a rethinking of the relationship between markets and civil society, and advocates for strengthening local communities to remedy the imbalance in society’s pillars. Read it here.

CAPS Spotlight: Who’s Doing Good

21 July 2021 - 3 August 2021

Philanthropists, corporates and the social sector donate to flood relief in Henan Province. China’s largest tech companies, including Tencent Holdings, Alibaba Group Holdings, Meituan, ByteDance and others, announced donations amounting to nearly ¥1 billion (US$154 million). State owned enterprises donated ¥686 million (approximately US$106 million).

Foundations and nonprofits also stepped up, including the Chinese Red Cross FoundationChina Siyuan Foundation for Poverty AlleviationLi Ka Shing Foundation and AmCham ChinaReuters reported that donations nearing US$300 million flowed to the flood-hit region.

Alibaba founder Jack Ma tops the 2021 Forbes China Philanthropy List. Ma and Hangzhou-based Alibaba made combined cash donations of ¥3.2 billion (approximately US$493.4 million) in 2020. The top 100 philanthropists donated a total of ¥24.5 billion (approximately US$3.79 billion)—a 37% increase from the preceding year. Continue reading in the South China Morning Post 

Sasakawa Peace Foundation commits US$5 million to supporting female entrepreneurs in Southeast Asia. The capital will be invested in Beacon Fund, an investment firm working with women-owned and women-focused enterprises. It will add momentum and help build the gender lens investing ecosystem in the region. Continue reading on Sasakawa Peace Foundation’s website 

Google.org commits US$7.5 million in grants and other support to help alleviate the current pandemic crisis in six Asian economies. US$1.5 million will go to UNICEF and support urgent needs in Pakistan, Thailand, Malaysia, Vietnam and the Philippines. US$1 million will go to the International Federation of Red Cross and Red Crescent Societies (IFRC) to address needs in Indonesia. US$5 million worth of Ad Grants will go to local government agencies and organizations across Southeast Asia to run public health information campaigns for free. Continue reading on UNICEF’s website →

United In Diversity (UID) Foundation and Gajah Tunggal Group donate 2,000 tons of liquid oxygen to fight Indonesia’s surge in Covid-19 cases. The donation was made to the Ministry of Health and will be distributed to hospitals experiencing oxygen shortages. Continue reading in Antara News →

LGT Private Banking launches first impact fund. US$900 million worth of investments will be made in rapidly growing, innovative and sustainable businesses in India, Europe and Latin America. Most of the investments will be in sectors such as education, healthcare, sustainable food and agriculture, renewable energy, fintech and others. Continue reading on LGT’s website →

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

07 July 2021 - 20 July 2021

Wipro commits an additional ₹1,000 crore (approximately US$134 million) of grants for Covid-19 relief. These funds will focus on universal vaccinations and build on the company’s donation of ₹1,125 crore (approximately US$150 million) in the early days of the pandemic. Wipro’s founder and chairman Azim Premji has been recognized as one of the world’s leading donors in Covid-19 relief efforts. Continue reading in The Times of India →

Corporates and foundations are pooling resources to support relief efforts as Southeast Asia’s Covid-19 infections surge. To aid relief in Indonesia, Temasek FoundationTanoto FoundationBakti Barito FoundationDBS Bank and a dozen other businesses are coordinating the sourcing and shipments of 11,000 oxygen concentrators. Indonesia’s largest tech company GoTo is leading efforts to develop a facility that will provide an uninterrupted oxygen supply directly from a production plant in East Jakarta, addressing severe shortages in hospitals. The Indonesian embassy in Singapore is also collecting donations and medical supplies from the Indonesian expat community with a target of raising US$1 million, half of which have been collected thus far.

Other economies are also receiving Covid-19 relief. Procter & Gamble is providing 300,000 care packs, worth SG$3.1 million (approximately US$2.3 million), to support migrant workers in Singapore. The Jack Ma Foundation and Alibaba Foundation announced further donations of essential medical equipment to seven Asian economies, including India and Vietnam.

Rotary and Tata Trusts announce a five-year collaboration to scale community interventions in India. The partnership will focus on water and sanitation, health, education, Covid-19 relief, economic empowerment and education, with an emphasis on women and children. The joint programs are aligned with the Government of India’s objective of achieving the UN Sustainable Development Goals. With an existing overlap in interest and convergence of activities, the collaboration seeks to scale impact and reach more communities in need. Continue reading on the Tata Trusts website →

Xiaomi Corp. co-founder Lei Jun donates US$2.2 billion to charity. Lei transferred 616 million Xiaomi shares to the Xiaomi Foundation and Lei Jun Foundation, just as the company becomes the world’s second largest smartphone maker. With this donation, the billionaire joins the likes of other Chinese tech company founders in substantially growing their philanthropic giving. Continue reading in Bloomberg →

Philanthropist Rohini Nilekani and institutional investor Social Alpha invest ₹3.05 crore (approximately US$548,000) in DanaMojo, a payment solutions platform for NGOs. The investment will help DanaMojo grow the platform, and reduce the time, energy and cost for nonprofits in managing donations. Since its inception, DanaMojo has onboarded over 900 NGOs. Continue reading in The Economic Times →

Have a story to share? Contact us at research@caps.org.

CAPS Spotlight: Who’s Doing Good

23 June 2021 – 06 July 2021

With total donations valued at US$102.4 billion, India’s Jamsetji Tata—founder of the Tata Group—tops the 2021 EdelGive Hurun Philanthropists of the Century list. This is the first time EdelGive Foundation and Hurun Research Institute have spotlighted top philanthropists spanning a century. The 50 most generous individuals come from five economies, including three from China and two from India. Continue reading on the Hurun website →

Corporates and the social sector continue to support relief efforts as Asia experiences a resurgence of Covid-19. In India, Standard Chartered BankGoogle India and Vedanta Resources have pledged support towards relief efforts. Vinamilk, a Vietnamese dairy company, is supporting the domestic and regional fight against Covid-19. Korean, Taiwanese and Japanese companies operating in Vietnam are contributing to the government’s vaccine fund. In Taiwan, the Buddhist Compassion Relief Tzu Chi Foundation becomes the third organization to win approval to procure vaccines, following Foxconn and Taiwan Semiconductor Manufacturing Co. (TSMC).

CAPS explains how Asian business leaders are championing public-private partnerships for social good. As the world comes to grips with the social and economic repercussions of Covid-19, the need and potential for multi-stakeholder collaborations are becoming more evident. CAPS’ Senior Researchers Annelotte Walsh and Wilson Lau discuss how a deeply rooted desire to do good can drive business leaders to partner with government for social good. Continue reading on the WINGS website →

Zhang Yiming, founder of TikTok owner ByteDance, gives ¥500 million (US$77.3 million) to education. Zhang’s donation will be transferred to an education fund in his hometown of Longyan city. The funds will be used for teacher training, ed-tech infrastructure and the construction of dormitories, reports Bloomberg. This donation is in line with the recent trend we have reported of Chinese tech billionaires giving big. Continue reading in Bloomberg →

HKEX Foundation launches HK$10 million (approximately US$1.3 million) HKEX Impact Funding Scheme to support community projects run by local NGOs. The scheme will be implemented in partnership with the Hong Kong Council of Social Service (HKCSS) and focus on four thematic areas: financial literacy, diversity and inclusion, poverty relief, and environmental sustainability. Applications close on 11 August. Continue reading on the HKEX website → 

Indian companies unveil ambitious plans to push clean energy. Mukesh Ambani of Reliance Industries pledges INR750 billion (US$10.1 billion) over three years to clean energy investment. Last year Reliance set itself the target of becoming a net-zero carbon company by 2035. Gautam Adani of Adani Group plans to turn his business carbon negative, aiding the government’s goal to expand the country’s renewable capacity nearly fivefold and meet its 2030 climate commitments.

Singapore-based EcoWorth Tech wins at the 2021 SAFE STEPS Disaster Tech (D-Tech) Awards. The winner in the for-profit category, Eco-Worth is the creator of the Carbon Fibre Aerogel (CFA) sponge. The sponge is made from low-cost natural materials and can be used to clean organic materials from wastewater. The awards, by Prudence Foundation and partners, recognize the essential role that technology plays in protecting and saving lives before, during and after natural disasters. Continue reading on the Safe Steps website  

Have a story to share? Contact us at research@caps.org.