A September to remember

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Subject: A September to remember

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

As you read this, we are less than three weeks away from the start of the 2X Global Summit 2024, co-hosted by MEDA, and anticipation is building.

We are headed to Nairobi focused on all the ways in which we can do more together, a mission informed by the 2024 Summit theme ‘Solutions for Systems-Level Change’. This year’s theme challenges us to take collective action to leverage the power, knowledge and expertise of the whole finance ecosystem to unlock the trillions more needed in gender-smart capital.

Directing more investment towards women in tech will be a key pillar of this year’s Summit, with deep dive sessions on agritech, fintech and climate tech planned. We can’t wait to meet many of you in Nairobi!

A major milestone set for the Summit is the official launch of 2X Certification, our independent, robust certification mechanism designed to drive higher standards in gender lens investing.

After a nearly two-year journey, 2X Certification is ready to come to market, having benefited from the input and insight of nearly 600 stakeholders and rigorous research and analysis from our team. 2X Certification builds on the foundation of the 2X Criteria, the widely-used industry standard for gender lens investing, originally created to underpin our 2X Challenge.

2X Global has continued to make the 2X Criteria available as a public good and earlier this year we updated and strengthened the 2X Criteria, incorporating the learnings from the past five years’ of investments under the 2X Challenge and utilising more current data. Investors, fund managers and other stakeholders who use the Criteria can learn more about the updates at an upcoming public training session, scheduled for October 8th. Interested parties can register here.

In other news, 2X Global, in collaboration with Aspen Network of Development Entrepreneurs (ANDE) and supported by Canada’s International Development Research Center (IDRC), is launching an innovative research project seeking to improve the outcomes for women-led clean energy enterprises through applied research. This applied research will focus on Sub-Saharan Africa, Latin America and the Caribbean, and Asia-Pacific.

We are looking for local and women-led fund managers across these regions with an investment thesis and strategy that has a gender and climate lens and seeks to contribute to a low carbon energy transition. For more information, go to 2xglobal.org/opportunities.

Last, September 30th is the deadline for interested independent experts to apply to be a part of 2X Global’s new Independent Complaints Mechanism. For more information and to apply, head to the 2X Global website.

Now to our monthly global round up of GLI news and views.

In Community,

2X Global team

News from the field

Mainstreaming gender lens investing. The experience of city life can be very different for women and men, a factor that has not traditionally been accounted for in urban planning. The European Investment Bank (EIB) worked with the city of Bologna to implement projects that address the gender gap. Similarly, Valencia received support from the EIB in an ambitious new project to make new public housing projects gender inclusive. This powerful and personal op-ed from KCB Bank Kenya Limited MD Annastacia Kimtai, underscores the argument for investing in African women entrepreneurs.

Gender and Climate Investing. EIB committed a record €2.7 billion in new financing for climate adaptation projects in 2023 - read about this and more in the EIB’s new Sustainability Report. Seeking to navigate the climate finance landscape in Nigeria? This primer from UKNIAF is a helpful place to start. Just how dangerous are the chemicals found in plastics? A new study from Minderoo Foundation and JBI at the University of Adelaide, raises “a red flag for the world.” Wales Pension Partnership has awarded a £2 billion real estate mandate to Schroders Capital, targeting social impact and achieving net zero goals. The Catalytic Climate Finance Facility is taking stock of the current practices in the gender responsive climate blended finance market, honing in specifically on the energy nexus.

Leadership, Culture and Policy. An expansive new study covering over 300,000 federal employees in the United States, looks into how LGBTQI employees encounter discrimination and bias in the workplace. Ford, Harley-Davidson and Jack Daniels are among the latest companies walking back or scrapping DEI initiatives and policies under sustained pressure from threatened right wing boycotts.

Data and Tools. What are the barriers and just as importantly, the enablers for women angel investors in Africa? The answers are in new research from AEEI, made possible by the ARISE project funded by Global Affairs Canada and implemented by 2X Global, ANDE and Criterion Institute. Are fund managers ready to hold themselves accountable to impact investing targets? A new study from Bluemark has some of the answers. Another ARISE grantee, Rose Grant, has published a new report on the best ways for Mexican women entrepreneurs to access finance. They’ve also helpfully published companion guides in English and Spanish - find the report and guides here.

Care Economy. A new World Bank study is examining how care economy improvements can increase women’s workforce participation in Indonesia. A three-year study by Kore Global on the care economy revealed some intriguing findings - for example, 73% of businesses profiled were women-founded. A new study from Carers UK asserts that the British economy could realise £8.2 billion in productivity gains by introducing paid carers leave. Despite a decline since the COVID-19 pandemic, U.S. women still have the highest rate of maternal death of any high-income nation and worse access to health care, according to a new study from the Commonwealth Fund.

Resilience (GBVH, Financial Inclusion, Security). Policy insights and lessons learned about what works (and doesn’t) in terms of social protection programmes for women and girls - from the World Bank’s Africa Gender Innovation Lab. Two months was the difference needed - Yale Professor Rohini Pande writes about her findings on how small changes in well designed microfinance programmes can make a world of difference to women. Horizon Magazine takes an in-depth look at the critical role of women in the finance sector and how gender-smart decision-making can create more effective and inclusive financial solutions. A great Q&A featuring Greta Bull, Director of Women’s Economic Empowerment at the Gates Foundation, outlining their latest thinking and approach to increasing women’s incomes.

Community Calendar

9-12 September

Impact Minds, Latimpacto's annual conference, brings together capital providers from the global social and environmental impact ecosystem, with a special focus on Latin America and the Caribbean, register here.

16 September

Join us open the 2X Global Summit for a Nairobi Ecosystem Cocktail Reception, which we are co-hosting with Open Capital.

22-29 September

Climate Week NYC returns, bringing together civil society, activists and world leaders for urgent discussion and action on climate change. Find the list of events and register to attend or watch here.

24-27 September

SuperReturn Asia, the largest private equity conference in the Asia-Pacific region, will take place in Singapore. Learn more.

25-27 September

This year’s Women’s Private Equity Summit Europe 2024, will kick off with an Investing in Africa forum hosted by the Africa Private Capital Association. 2X Global’s Elena Haba will be a speaker. Register here.

8 October

2X Global is hosting public training on the updated 2X Criteria. Interested parties can register here.

Thank you to our partners and supporters

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Subject: A September to remember