Business Barbados 2022

Designing A Sustainable Philanthropic Ecosystem At only 166 square-miles, Barbados is smaller than many cities and is highly vulnerable to external shocks. The island’s high cost of living, rising unemployment numbers and myriad of challenges resulting from climate change, Covid-19 and historical disenfranchisement call for urgent solutions to growing systemic challenges affecting Barbadians. This need for critical intervention is self-evident at a time when public funding for many social needs is severely strained, unavailable or even being reduced. The Barbados Third Sector addresses needs and develops solutions in areas like Climate Sustainability; Food security; Environment and Animals; Public and Societal Benefit; Poverty Alleviation and Economic Empowerment; Health; Human Services; Youth and Family Empowerment; Women and Girls; Arts, Heritage, Culture and Humanities; Education and Research. Different from the Public and Private Sectors, Barbados’ Third Sector (social / civil / non- profit sector) is large, mostly unpaid and financially vulnerable. Nevertheless, Barbados has • An active civil society of over 1000 registered organisations; • A culture of informal, activity-based giving by local companies with growing private sector awareness of corporate social responsibility; • Many philanthropists with strong Barbados connections, who have made material and impactful donations in the last decade • Emerging civil society policy and governance standards and emerging investor awareness of Environmental, Social and Governance (ESG) impact. Creating an enabling environment (ecosystem) to support the development of Barbados’ Third Sector is essential to maximising the potentially huge influence this Sector can have on our communities and society at large. In doing so, we can generate new innovative investments, attract foreign exchange, develop more skills, and create good jobs, whilst improving the quality of life for many, especially those at the lower end of the wealth table. Tested and evolved over years, the Substance Abuse Foundation Inc.’s (SAF - Registered Charity #206) approach acts as a pilot and, along with other related initiatives, informs the evolution of a proposed philanthropic ecosystem. The SAF relies on an integrated approach to sustainability that utilizes the ‘Triple Bottom Line’1 and shifts the organization to a more financially sustainable and resilient path. Their approach, combines philanthropy, renewable energy revenue, Government support and other Debbie Estwick Design Strategist Peter Boos Founder and Advisory Board Chairman ASPIRE Foundation 111 BUSINESS BARBADOS 2022 D E S I G N I N G A S U S T A I N A B L E P H I L A N T H R O P I C E C O S Y S T E M