OneWorld.net (U.S.)

Nominated by: OneWorld editors

© Gates FoundationEntrepreneurs took a major turn toward the philanthropic in 2006, pouring billions into socially responsible projects. In late June, Warren Buffett pledged $40 billion dollars of his personal fortune to various causes, including $30 billion to the Bill and Melinda Gates Foundation, already a multi-billion dollar charitable enterprise. Buffett's move is good news for international development and marks a departure from traditional giving, notes one expert analyst, particularly because "it's flexible, patient, and has a risk-reward calculus as part of its DNA."

For its part, the Gates Foundation announced that it would devote another $500 million to the fight against HIV/AIDS, a welcome commitment at a time when, according to some advocacy groups, many countries are looking to shirk their financial responsibility. At mid-year the Gates Foundation also announced its commitment to bring together researchers and encourage collaboration in the search for an HIV vaccine.

© virgin.comThen, in September, executive and entrepreneur Richard Branson promised that all future proceeds to his Virgin Group from its airline and train interests will be invested into renewable energy initiatives and biofuel research--a sum expected to be worth $3 billion over the next 10 years. The pledge was made during the annual meetings of the Clinton Global Initiative, a philanthropist bazaar that raised an astounding $7.3 billion in 2006 for concrete efforts to tackle poverty, disease, conflict, and climate change.

In addition to Branson's Virgin Group, many other international corporations are making important contributions to global economic and social causes. In the telecom industry, for example, British Telecom is supporting OneWorld South Asia's "Lifelines" project, which will help Indian farmers get agricultural information by telephone, and T-Mobile has pledged to provide broadband Internet access to Montenegro's schools.

And then there are the social entrepreneurs, like Stephan Wrage, who is hoping to turn a profit and reduce global greenhouse gas emissions by outfitting cargo ships with massive sails.

Whether these efforts are truly altruistic or intended to burnish individuals' and corporations' images, there is no doubt that 2006 saw an impressive boost in private resources devoted to philanthropic purposes.

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