The financial crisis has no doubt put many companies' budgets for corporate social responsibility (CSR) under pressure.
Revenues of major international corporations have been hit hard by the tightening of credit and falling consumer demand.
The International Monetary Fund expects the global economy to improve and recently revised its forecast of growth next year from 1.9 per cent to 2.5 per cent.
But most companies are still taking a wait-and-see approach over allocating more cash to fund CSR projects, according to Hong Kong-based Stephen Frost, executive director at CSR Asia, a consultancy on sustainable business practices.
While potential projects have been put on hold, some companies that have started CSR initiatives have chosen to cut back on spending.
Despite the uncertain economic outlook, Mr Frost said some companies were keen to go ahead with projects.