Recent advancements in large language models (LLMs) have unlocked unprecedented possibilities across a range of applications. However, as a community, we believe that the field of Natural Language Processing (NLP) has a growing need to approach deployment with greater intentionality and responsibility. In alignment with the broader vision of AI for Social Good (Toma\v{s}ev et al., 2020), this paper examines the role of NLP in addressing pressing societal challenges. Through a cross-disciplinary analysis of social goals and emerging risks, we highlight promising research directions and outline challenges that must be addressed to ensure responsible and equitable progress in NLP4SG research.