The pace of global poverty is quickening. 90% of countries are failing to improve the quality of life for their populations, and the U.N. projects that 600 million people will be living in poverty by 2030. Geopolitical events, climate change, and natural disasters further exacerbate systemic disparities making the drive to end poverty seem intractable.
Around the world, systemic racism and other structural barriers trap families in a cycle of poverty, passing it from generation to generation. Economic inequality, access to quality healthcare, education, housing, and employment opportunities, along with migration and internal displacement, are some of the many causes of intergenerational poverty. This cycle disproportionately affects Black, Indigenous, people of color, and other underserved communities.
Across each aspect of our work, we fund programs that promote resilience, racial and gender equity, and place decision-making power within communities. We believe this approach will help drive the systemic and social change that will bring us closer to breaking this cycle.
Generating the resources and momentum to combat intergenerational poverty demands new methods of engaging and activating the public at scale. We know donors, especially the next generations, want to use their collective impact to address long-standing challenges like intergenerational poverty. And with Millennials and younger generations standing to inherit $30 trillion in wealth from the generations before them, their opportunity to create change is enormous. And yet they remain untapped as the philanthropic sector is seeing a decline in giving, with the number of US households making charitable commitments dropping below 50% for the first time.
Uniquely Comic Relief US has bucked this trend by meeting donors where they are and inspiring them to action – this year, raising a record-breaking $50 million via our signature Red Nose Day campaign driven by individual giving.
Now we are poised to do more.
Today we are announcing our commitment to deliver $1 Billion of social impact over the next ten years to accelerate our work toward breaking the cycle of intergenerational poverty. We intend to scale our core programs with increased investment in community-based, front-line organizations and will launch initiatives to mobilize new audiences and donors with a fresh perspective.
To ignite our efforts, we have established a new Innovation and Growth Fund. Joined by long-standing partners like the Bill & Melinda Gates Foundation and new donors invested in our vision, we are hard at work implementing our next generation of ideas using the power of entertainment to drive social change.
As we embark on this new chapter, we want to thank our incredible corporate and grantee partners and donors who have worked alongside us in the U.S. and around the world. It is your courage, creativity, and generosity that inspire us every day to innovate and grow.
We hope you will join us in the next chapter of our work, and we look forward to sharing much more in the coming weeks and months.