By the Multilateral Development and Finance Division, Department of Foreign Affairs and Trade
DFAT is collaborating with Philanthropy Australia to sponsor the inaugural Australian International Philanthropy Award. The Award honours significant achievements in Australian international philanthropy for grants or impact investment(s) allocated to countries in the Indo-Pacific region. Sponsoring the Award helps raise awareness of the importance of building new partnerships to reduce poverty in our region, and to achieve the Sustainable Development Goals.
Sponsoring the International Philanthropy Award furthers our efforts to build partnerships that achieve results. The unfortunate reality is that there is an annual USD2.5 trillion financing gap between the resources required to achieve the Sustainable Development Goals in developing countries, and those currently available. Donor governments need to think and act more innovatively to catalyse changes that reduce poverty and improve people’s lives at a large scale. And Australia’s aid policies call on DFAT to collaborate with partners across the private, public and civil society sectors who can help reduce poverty and contribute to human development in the Indo-Pacific region.
The philanthropic sector is growing fast in Australia, with the total value of the main types of philanthropic endowments (there are several) increasing from around AUD4.5 billion to just over AUD12 billion over the last five years or so. Philanthropic foundations are valuable partners not just for the resources and skills they bring to efforts to improve people’s lives, but also for their business networks and perspectives that can help unlock opportunities to achieve shared value outcomes – financial and social returns. DFAT shares with the philanthropic community an interest in social impact investing – investments that provide a public or social good as well as a financial return, and which attract interest from investors with a greater appetite for commercial risk in return for social impact.
A deeper relationship between DFAT and Australia’s influential philanthropy community provides opportunities to build on existing collaborations, and explore potential for further partnership.
The International Philanthropy Award will be presented at the 2018 Australian Philanthropy Awards on 26 July at the Sydney Opera House. Selection criteria focus on efforts to reduce poverty and help achieve the Sustainable Development Goals in the Indo-Pacific region. Nominations for the International Philanthropy Award are open to any Australian philanthropic organisations.