Philanthropy has a long and storied history of supporting important causes and making a positive impact on society. In recent years, the philanthropic sector has undergone a major transformation, with new technologies, shifting societal priorities, and changing political climates all playing a role. As we move into 2023, there are several trends that are likely to shape the philanthropic landscape and influence how philanthropists, non-profits, and other organisations approach their work. Here are the top five trends in philanthropy to watch for in the coming year.
1. Increased Focus on Racial Equity
The ongoing Black Lives Matter movement and ongoing discussions about systemic racism have brought racial equity to the forefront of public consciousness. As a result, there will be a heightened focus on addressing racial inequities and promoting diversity, equity, and inclusion in the philanthropic sector. This will involve a greater focus on supporting organisations and initiatives that work to address the root causes of racial injustice, as well as initiatives that promote diversity and inclusion within the philanthropic sector itself.
2. Climate Action and Environmental Sustainability
Climate change continues to be a major concern for philanthropists, and there will likely be a growing emphasis on supporting initiatives aimed at reducing carbon emissions, promoting renewable energy, and preserving natural habitats. This could include investments in renewable energy companies, support for organisations working to protect wildlife and their habitats, and efforts to promote sustainable agriculture and forestry practices.
3. Technology for Social Good
The increasing role of technology in society will continue to drive philanthropic investment in technology-based solutions that address social problems, such as access to education, healthcare, and financial services. Philanthropists will look to support organisations and initiatives that harness the power of technology to create positive social change, such as online education platforms, telemedicine programs, and financial services that are accessible to underbanked populations.
4. Mental Health and Well-Being
The COVID-19 pandemic has brought mental health and well-being to the forefront of public consciousness, and this trend is likely to continue in the coming year. Philanthropists will focus on supporting initiatives aimed at improving mental health and reducing the stigma surrounding mental illness, such as funding for mental health research, support for community-based mental health programs, and campaigns to promote mental health awareness and reduce stigma.
5. Community-Led Solutions
Philanthropists will increasingly look to support community-led initiatives that empower local communities to address the challenges they face, such as poverty, access to healthcare, and education. This approach prioritises the voices and perspectives of those who are most directly affected by social issues and seeks to promote sustainable, community-driven solutions. Philanthropists will work with communities to identify the most pressing needs and develop strategies to address them, providing financial and technical support along the way.
These five trends are likely to shape the philanthropic landscape in 2023 and beyond. Philanthropists will continue to be an important force for positive change in the world, and these trends will provide new opportunities for them to make a meaningful impact on society. Whether they are supporting organizations working to address racial equity, environmental sustainability, or other pressing social issues, philanthropists will play a critical role in shaping the future of our world and making it a better place for all.
