Janet Ogundepo
The Chief Executive Officer of the Bill & Melinda Gates Foundation, Mark Suzman, has called on philanthropists to give more to meet the unprecedented challenges nations across the globe face in combating poverty, eradicating disease, and fighting inequality.
Suzman, in his annual letter published on Monday and distributed by the African Media Agency, stated that since the COVID-19 pandemic, the world had witnessed backsliding progress at a time when low-income countries had fewer resources to meet basic needs.
He added that despite the situation, there was a robust pipeline of health, technological innovations and proven solutions that could be scaled up or catalysed with the advent of additional philanthropic dollars.
“Philanthropy can take risks and help fill gaps that would otherwise be overlooked or underfunded. We have the opportunity to realise the full potential of philanthropy at the moment when the world needs it most,” Suzman stated.
According to Forbes, the net worth of the world’s 2,640 billionaires is at least $12.2tn.
The BMGF CEO asserted that with just $1bn in additional giving, which is a tiny fraction of that amount, philanthropists could fund a set of high-impact. These low-cost interventions could save the lives of two million additional mothers and babies by 2030.
The AMF statement further noted, “With $4bn, they could help half a billion smallholder farmers become more climate resilient and reduce greenhouse gas emissions from agriculture by 1 gigaton a year by 2030. With a little more than $7bn, they could get vaccines to 300 million people, preventing at least seven million deaths.”
The AMF further stated that the Gates Foundation stepped up its funding support earlier in the month and accelerated progress to compound global crises.
“Earlier this month, the Gates Foundation’s board of trustees approved a 2024 budget of $8.6bn, the largest ever, which the foundation will use to fund innovative ways to save and improve lives. In 2022, the foundation announced its intent to increase its annual payout to $9bn by 2026, and it is committed to spending down its endowment within 20 years of its founders’ deaths to focus on solving urgent problems now and helping set up sustainable systems for the future,” the AMF stated.
Suzman, in his letter, further highlighted the growth and evolution of philanthropy globally, stating, “The philanthropic ecosystem looks different than it did when I started doing this work over 15 years ago, and that’s a good thing. Donors around the world are bringing bold vision and lived experience to complex challenges.
“Today’s world has no shortage of complex problems to be tackled or innovators ready to take them on. But without generous investment and persistent support, great ideas remain just that: ideas. If more people step up their commitments and focus their resources on the areas of greatest need, those ideas can translate to impact.”
He also underscored the impact of small donations made by millions worldwide, stating that nearly half the world’s countries participate in Giving Tuesday, a movement that has facilitated more than $13bn in donations since 2012.
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