Hope fuels action

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Subject: Hope fuels action

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

We hope.

For many of us, hopefulness underpins the work we get up to do each day. We hope for a world where women receive investment at the same rates as men. We hope for intersectional justice, equity and inclusion that allow all to live in safety and prosperity. We hope that policy and practice changes faster, so that we can transform not just systems of finance, but society at large.

That relentless, persistent hope is the fuel for action and for us at 2X Global and the month of May was full of critical action.

The publishing of our Project Catalyst report started the month on a hopeful note. The study which was published in collaboration with Sagana and with the support of the Visa Foundation, showed that gender lens investments in private markets have increased by 30% since 2021.

May has also seen us working towards the third edition of the 2X Challenge, which will be launched at the G7 Summit in Italy next month. Our CEO Jessica Espinoza joined the W7 Summit to share the journey of the 2X Challenge and its success in mobilising US$27.7 billion in gender lens investments since 2018. At the same event, Antonella Baldino, Chief International Development Finance Officer at Italy’s CDP, reaffirmed their commitment to the Challenge. The W7 is the official engagement group of the G7 Summit, convening feminist organisations and women’s rights advocacy groups.

If your organisation wants to join this bold capital commitment, please reach out to the 2X Challenge team.

Also in May, 2X Global shared the stage with Secretary Hillary Clinton at a forum co-hosted by the Clinton Global Initiative and Domuschiev Impact, which was focused on advancing investment in women entrepreneurs. Over the course of the two-day forum, they discussed innovative solutions to close the finance gap for women entrepreneurs and address some of the biggest challenges of our time.

As we look to the month ahead, we also want to briefly take this moment to take a look back as we salute 2X Global’s inaugural board. Two years ago, they accepted the mission to steer our then-new organisation – today they hand the metaphorical baton on to our governing board which takes over on June 1. Their imprint will remain, and we are grateful for their dedication and hard work.

In Community,

2X Global team

News from the field

Mainstreaming gender lens investing. Melinda French Gates will invest USD$1 billion in new funding for women’s and girls’ causes over the next two years, as she charts her new path in philanthropy and activism. The Female Entrepreneurship Fund, a new investment vehicle for women entrepreneurs in Central America, has been launched by a coalition of partners, including Luxembourg’s Ministry of Foreign Affairs. As VC First Round celebrates its 10^th anniversary and explores a decade of data, one big finding – firms with at least one woman founder perform 63% better. Find out what the AVPN learned from its pilot of its new Gender Lens Giving Principles. Swedfund’s Project Accelerator announces investments in Ukraine’s energy sector, with focus on renewable energy. 2X Ignite alumnus Beacon Fund, publishes its 2023 Impact Report.

Gender and Climate Investing. A new IRENA report on the energy transition cautions against transposing thinking from the fossil fuel era in making decisions about renewable energy investment and development. Best practices on integrating gender and climate action into impact investing strategies, are outlined in this new report from Sweef Capital and One Point Five. What’s one benefit of investing with both a climate and gender lens? This report from the UK’s Climate Finance Accelerator has four. The Netherlands’ FMO explores more than a decade of involvement with sustainability bonds in its 15^th annual Sustainability Bonds newsletter. Stakeholders from government agencies across 10 Asian countries are now better equipped to accelerate gender responsive climate action and NDCs. UNEP has published its new framework to address the challenge of the financing gap for climate adaptation.

Leadership, Culture and Policy. The third iteration of the Bridgetown Initiative, the proposal spearheaded by Barbados’ Prime Minister Mia Mottley, to revamp the international financial architecture to meet the needs of a world impacted by climate change, is now open for public comment. Do women leaders drive gender responsiveness of climate governance? A new report from IFC explores. What will it take to make something out of almost nothing? FMO is looking to foster market creation, an ambitious goal that’s part of its Strategy 2030. This snapshot from UN Women explores the critical role of legal action and frameworks to advance gender equality, looking at data from 120 countries.

Data and Tools. The 2024 edition of the Gender Gap dashboard from the OECD compares gender equality across the world’s wealthiest economies. How can practitioners and producers center women in designing products and services? Woman Centric Design’s new toolkit provides practical guidance. More data please – this article from KIC makes the case for more robust data about gender in climate investments.

Resilience (GBV, Financial Inclusion, Security). This article outlines steps which financial services providers should take to support clients like small businesspeople and farmers, increasingly impacted by climate disasters. Small island developing states (SIDS) are a test case for climate and financial justice, asserts UN Secretary General Antonio Guterres at the opening of the SIDS4 conference this week. Supporting women entrepreneurs and farmers is key to achieving lasting impact, finds the International Fund for Agricultural Development (IFAD).

Care Economy. CAD$1 billion in new funding to expand child care infrastructure was announced by Canada’s Finance Minister Chrystia Freeland in the 2024 federal budget. In Australia, treasurer Jim Chalmers allocated billions for wage increases in the aged care and child care sectors while Labour and Social Services Minister Amanda Rishworth announced a revision of labour rules for unpaid carers to allow more flexibility in the hours carers work or study. A policy brief from the White House’s CEA explores the implications of the United States’ now historically low fertility rate and advances investment in the care economy as one major piece to solving the puzzle. The National League of Cities has launched Decades in the Making, a two-year initiative spotlighting some cities that are leaders in early childhood success. The project will track over the next two years, uncovering lessons learned.

JEDI, Power, and New Economic Systems. As concepts of gender evolve, what are the implications for women’s and girls’ organisations? New research out from Media Matters illustrates the algorithmic pipeline from ‘trad wife’ content to far-right conspiracy theories and misinformation.

Community Calendar

5-8 June, 2024

Meet with members of the 2X Global team in Park City Utah at the Sorenson Impact Summit, being held this year under the theme Elevating Impact for a Regenerative Future.

11-12 June, 2024

The Confluence Advisors Forum and Climate Summit will be taking place on back to back days, focusing on scaling the values-aligned investment industry and ways in which philanthropy can scale climate solutions.

13-17 June, 2024

During this Italian G7 Presidency, a multitude of institutional gatherings will take place across various locations in Italy to showcase and promote local regions. The new ambitious target of 2X Challenge will also be announced. Learn more.

25-26 June, 2024

SuperReturn Private Equity Emerging Markets Conference Amsterdam convenes emerging market investors and delegates from 45+ countries. Book your slot here to get 10% off.

22-30 June, 2024

The London Climate Action Week is an annual festival that brings together individuals, organisations, and communities for climate action. Register your interest here.

16-18 September, 2024

Looking ahead, we are hosting the next 2X Global Annual Member Meeting 2024 in Nairobi, Kenya. If you are interested in joining this event, please contact us by email to explore 2X membership opportunities.

Thank you to our partners and supporters

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Subject: Hope fuels action