Google has just announced "Google.org". They have committed 1% of their profits and equity towards philanthropic efforts. In this article, they mention a few things they are planning to do with the one percent.
1) 5 million dollars towards the Acumen Fund, a non-profit venture fund that invests in market-based solutions to global poverty.
2) They are working with TechnoServe to help economic growth in developing countries.
3) They also mention the "One Laptop Per Child" program to which they are donating 2 million dollars to.
Read the official google blog for more information