Gambling on Green

Chapter 8Partnership, Philanthropy, and the Pursuit of Social Good

The first order of business for firms wanting to engage with ESG is to weave sustainability concerns into their daily operations. A second potentially fruitful path is to develop partnerships with other entities, such as non-governmental organizations (NGOs). Businesses that engage with partners may find themselves with increased resources and expertise, especially as it relates to delivering climate and community-focused solutions as part of their company strategy. Successful partnerships between corporations and NGOs can result in better products, more effective philanthropy, and improved outcomes in arenas such as social justice and environmental protection. Understanding how collaborative ventures can play a role in your overall strategy is a good first step toward developing partnerships that support your ESG ambitions. Before we review the benefits of partnerships and how they operate, let's look at different types of organizations that partner with businesses.

Important Definitions

Philanthropy involves efforts made by an individual or organization to further an altruistic desire to assist others in some way. Businesses sometimes form private foundations to facilitate their philanthropy.

NGO is a broad term used to classify organizations not under government control. These entities generally address social, environmental, and political concerns. Though they operate as nonprofits, NGOs may maintain ...