Corporations become unlikely financiers of racial equity

An unexpected group, not known for activism, emerged in 2020 as an unlikely financier of social change: corporations. The philanthropy research organization Candid says corporations pledged about $8.2 billion out of the $12 billion in contributions. Experts say its the first time direct corporate giving to racial equity causes has reached this magnitude. But tracking those funds can pose a challenge since many of the initial pledges lack details on where the money is going. Candid’s figures don’t even count other types of investment pledges by companies, which a report by the management consulting firm McKinsey & Company December found reached $66 billion in October.