No you can get a red Bumper for your iPhone and do good.
Apple has just released a new iPhone 4 bumper for the iPhone 4 and iPhone 4S. The new red (PRODUCT) RED bumper slips around the edge of your iPhone. With metal buttons for volume and power, two-tone colors, and a combination of rubber and molded plastic, Bumpers add protection and style to any iPhone 4S or iPhone 4.
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The Product RED bumper is yet another product in the Apple product line-up supporting Bono's Global Fund that fights AIDS. Get the new Bumper on the Apple Store for $29 (Same price as other Bumpers).
If the new Bumper will fit the new iPhone 5 when comes out is unlikely. iPhone 5 bumpers are expected to be slimmer.