CSR and philanthropy are essential to developing innovative and sustainable ideas towards societal causes

Over the past few years, philanthropy efforts amongst businesses locally and internationally have rapidly grown, driven by national efforts, with companies committing more effort and resources in areas such as Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG).

For instance, earlier this month, Sun Life Singapore launched a charity fund named Life is Brighter that focused on charity and philanthropic initiatives in Singapore and advocated towards environmental, governance and other social causes over time. 

This, in turn, has allowed Christopher Albrecht, Chief Executive Officer of Sun Life Singapore, to reinforce its longstanding commitment towards being a sustainability champion and empowering future generations to live happier and healthier lives.

As part of the fund's inception, Sun Life is partnering with Community Chest to advocate health and wellness causes in Singapore, primarily around preventing and supporting individuals with diabetes and mental well-being. 

Additionally, the fund aims to not only create a positive social impact but also to cover areas such as ESG more broadly over time in working towards a more significant societal impact, which is a testament to Sun Life's heritage of being purpose-driven, as well as a global industry leader in sustainability.

Empowering businesses through philanthropic efforts

In empowering businesses through philanthropic efforts, businesses can contribute to philanthropy by adopting practices that contribute to the business's CSR efforts and promote sustainability through ESG efforts.

For instance, Sun Life Singapore is the first mover in the insurance industry, leading the change towards sustainable philanthropic giving. It launched the Philanthropic Pledge in July 2023, which advocates philanthropy and aims to inspire others to give back to the community.

In addition, the charity fund would also allow Sun Life Singapore to pool together donations from its Philanthropic Pledge, other donations and fundraising initiatives to be managed centrally and channelled to selected causes. 

"We are delighted to announce the setting-up of our Sun Life Singapore "Life is Brighter" charity fund, as we continue to further cement our commitment to philanthropy as part of our sustainable enabler to our ESG strategy," said Mr Christopher Albrecht, Chief Executive Officer of Sun Life Singapore. "We hope to continue inspiring others to 'pay it forward' and give back to the community and society that we live in."

Albrecht added that the fund is an essential milestone in underscoring the ESG framework and the commitment towards being a purpose-driven and sustainable business.

He also believes in caring not only for clients' lifetime financial security and healthy lives but also for the community and the environment's future. Moreover, the charity fund reflects its commitment to maximising the positive impact on society and the environment.

Philanthropy on the rise

Philanthropy has been a growing trend over the past few years, encouraged by government efforts, with many more businesses adopting philanthropy practices through local and international partnerships.

For instance, Singapore state investor Temasek's philanthropic arm, Temasek Trust, launched a digital marketplace named Co-Axis that sought to connect funders in supporting meaningful projects with themes such as climate, health and employment.

In addition, the Singapore Business Federation (SBF), an apex business chamber championing the interests of the Singapore business community, has partnered with firms such as A*STAR, PwC, and Singtel to launch a new localised emissions registry that aims to provide Singapore businesses with a crucial tool for accurate carbon emissions reporting.

The localised registry is expected to enhance the precision of sustainability reports and enable businesses to make more informed decisions regarding their environmental impact.

Building on the momentum, Sun Life's ultimate mission would be to align CSR and philanthropic goals through their partnerships with like-minded organisations such as Community Chest and to work on innovative and sustainable ideas together to give back to society in the long term.