Pervasive opportunity gaps have widened the already vast racial wealth gap between Black Americans and other racial groups. Sweeping action is needed to change this, and it looks like Deloitte is putting their money where their mouths are.
The leading financial firm recently announced in a news release the launch of a $1.5 billion social impact investment to address three critical areas of disparity that plague the Black community: education and workforce development, financial inclusion, and health equity.
“Our three focus areas are inextricably linked to each other and to the opportunity for people to have prosperous lives in our society,” said Kwasi Mitchell, chief purpose officer at Deloitte in a news release. “Deeply-rooted inequities are larger than any single entity can take on alone. The broader ecosystem, and those proximate to the issues and their communities, can be powerful instruments for sustained change.”
To kick-off the investment, Deloitte has partnered with key community organizations including OneTen, The Black Economic Alliance Foundation and New Profit.
OneTen’s involvement will center on education and workforce development while The Black Economic Alliance Foundation’s partnership aims to promote financial inclusion. Lastly, New Profit’s Health Equity Catalyze Cohort will focus on advancing health equity.
This major investment from Deloitte is a part of what the company says is a 10-year commitment to foster significant social impact in underserved communities.
“Deloitte is proud to work with innovative and forward-thinking organizations to make a sustained impact together,” said Alicia Rose, deputy CEO at Deloitte in a news release. “At Deloitte, we strive to embed purpose in everything we do, and this is the latest step in our deep and abiding commitment to enact lasting social change.”
More details about the social impact investment can be found in their 2022 Global Impact Report.
