DanielLC comments on The Value of Theoretical Research - Less Wrong
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In any case, Give Well looks into a lot of charities. There's many where the difference is quite obvious.
I don't know of a specific charity that does the same thing but better, which would be an ideal counterargument. That said, raising a child can cost hundreds of thousands of dollars. Is it worth hundreds of lives? Thousands of peoples' sight?
Also, it seems to be based on the idea that what you do is more important that what charity you donate to. It seems like it would be better to raise them to donate large amounts of money to charity. Or to try to convince people you know to donate.