ESG-driven philanthropy could reduce charitable giving, new essay warns CanadiansInvest
VANCOUVER – Corporate charitable giving driven by ESG could produce more harm than good when it comes to overall charitable donations, warns a new essay released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
Environmental, social and governance is a growing movement designed to pressure businesses and investors to pursue larger social goals including philanthropy. ESG advocates argue that greater corporate philanthropy will increase public awareness of non-profit organizations and encourage donations of money and time.
While it’s too early to know whether or not increased corporate philanthropy, spurred by ESG, has reduced the charitable giving of individuals, some trends are worth tracking.of 114 countries surveyed. Canada, also usually in the top 10, fell to 25. And in 2019, the latest year of available data, only 19 per cent of Canadian tax-filers claimed charitable donations—down from 25.5 per cent in 2000.
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