21 January 2008
Inaugural partner Chevron to commit US$ 30 million
Geneva, Switzerland, and SAN RAMON, Calif., 21 Jan 2008 - The Global Fund to Fight AIDS, Tuberculosis and Malaria today announced the launch of the Global Fund Corporate Champions program, an innovative way for multinational corporations to significantly invest in the fight against the three diseases.
Chevron Corporation (NYSE:CVX) is the program's inaugural Corporate Champion, making a commitment to invest US$ 30 million over three years in Global Fund-supported programs in parts of Asia and Africa.
The Global Fund Corporate Champions program has been designed as an integrated platform for public/private partnership, giving companies the opportunity to make a substantial commitment to global health. Each Corporate Champion will make a financial contribution to Global Fund-supported programs in countries where it operates, thereby significantly expanding upon its own workplace and community projects and investing in high-quality, rigorously monitored and results-focused health programs aligned with national needs and strategies.
In addition, Corporate Champions will leverage their people and assets to improve the effectiveness and reach of health programs. Companies can achieve this by lending their management skills and business infrastructure to the development and implementation of national strategies in the fight against AIDS, TB and malaria. Corporate Champions also are required to demonstrate a long-term commitment to fighting these global health issues. Chevron was selected as the inaugural partner as a result of its highly-successful community engagement programs tackling AIDS and malaria and its award-winning HIV/AIDS workplace programs.
"Global companies with large, long-term investments in developing countries understand that fighting disease is a necessary part of their strategic investments," said Rajat Gupta, chairman of the Board of Directors for the Global Fund. "The Global Fund Corporate Champion program provides the opportunity for these companies to make significant, effective, results-driven investments in national health programs. We are extremely pleased with the commitment from Chevron. Its long-standing dedication to combating HIV/AIDS combined with its needs-based partnership approach to community engagement makes Chevron an ideal first Corporate Champion."
"AIDS, TB and malaria are critical health threats in many of the communities where we operate around the world," said Dave O'Reilly, Chevron chairman and CEO. "The key to the success of the Global Fund has been the strength of its partnership and collaboration model, which is an approach that Chevron shares. For a company such as ours, it makes clear business sense to join with the Global Fund and leverage resources in the fight against these diseases."
"Chevron's strategic investment in the Global Fund sets a standard others should aspire to," said Ambassador Richard Holbrooke, Global Business Coalition's president and CEO. "This exceptional new commitment to global health supplements Chevron's ongoing programming on HIV, TB and malaria, which is already recognized as best in class. The Chevron/Global Fund partnership will enhance-already strong programs in hard-hit regions, strengthen local communities and bring Chevron's business skills and human resources to bear on some of the most daunting challenges of our time."
Since its creation in 2002, the Global Fund has become the dominant multilateral financer of programs to fight AIDS, TB and malaria, providing well over 20 percent of all international finance against AIDS and two-thirds of global financing for TB and malaria. So far, programs supported by the Global Fund have averted two million deaths by providing AIDS treatment for 1.4 million people and TB treatment for 3.3 million people, and by distributing 46 million insecticide-treated bed nets that help prevent the spread of malaria.
The Global Fund is a unique public/private partnership dedicated to attracting and disbursing additional resources to prevent and treat HIV and AIDS, tuberculosis and malaria. This partnership between governments, nongovernmental organizations, the private sector, and affected communities represents a new approach to international health financing. The Global Fund works in close collaboration with other bilateral and multilateral organizations to supplement existing efforts dealing with the three diseases.
Chevron is one of the world's leading integrated energy companies. It has approximately 58,000 employees, and operates across the entire energy spectrum — producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.