July gist: 2X Certification public comment, gender-smart climate finance grows and news from the field

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Subject: July gist: 2X Certification public comment, gender-smart climate finance grows and news from the field

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

As August beckons, it brings new climate normals of unrelenting heat and summer breaks in parts of the world. The 2X Global community is deep in co-creation and preparations for upcoming initiatives and events.

We shared an update of the 2X Certification methodology and framework, making it open for public comment and consultation (until 13th September). The framework builds on the 2X Criteria that has played a significant role in building the field of gender lens investing (GLI). The 2X Certification will create more transparency, accountability, and credibility in GLI.

In case you missed it, read this interview with our Director of Strategy Sana Kapadia in Infrastructure Investor on how a gender-smart approach to infrastructure can aid the transition to a more just and equitable economy. In other 2X news, our Board Member Andia Chakava and Programme Manager Elena Haba joined the launch of the African Venture Philanthropy Alliance’s membership programme in Cape Town.

We are also hiring a Programme Manager, focused on 2X Certification.

Lastly, at 2X Global, we believe in providing our team with time for rest, integration and personal growth. To facilitate this, we will be closing our office for two weeks on 14th-25th August.

Read on for a round up of GLI news and knowledge.

In Community,

2X Global team

News from the field

Mainstreaming gender lens investing. MasterCard Foundation’s Africa Growth Fund on their first investment in Aruwa Capital Management reveals that over 60% of the portfolio companies are women-led and women represent 70% of the total direct and indirect jobs. The Business Development Bank of Canada launches Thrive Lab, a new $100mn initiative to support early stage, women-led businesses across Canada. USAID shares findings from their WomenConnect Challenge on strategies used to effectively engage men and boys as champions working for gender equality. Value for Women releases two new studies: how to close the gender gap in agricultural investments and a multi-country study on women-led MSMEs with a special focus on microenterprises. First time fund managers in Africa are paving the way for innovation and growth in the region.

Gender and Climate Investing. Melinda French Gates pens a piece reminding those at the negotiating table not to miss the reality on the ground for the poorest hit hardest by the climate crisis. Reflections from the Summit for a New Global Financing Pact on reshaping climate finance to be equitable for all. A recent conference convened by the United Nations Convention to Combat Desertification (UNCCD) highlighted the critical role of women’s leadership in driving innovation for food security. This case study from the Russell Family Foundation provides a useful guide for family offices and other philanthropic funders seeking to reduce their carbon footprint and reach net zero. The nexus of blue bonds and gender in Asia is explored in this report. The OECD examines risks and opportunities across regions in the green economy.

Leadership, Culture and Policy. Amidst an eventful week in Dutch politics, the new Dutch cabinet now has more women than men as ministers for the first time. SoFi, a digital financial service company, launches a ‘Face in Finance’ campaign to rectify gender bias ingrained in artificial intelligence about women and money. A milestone in female board representation is within reach in Spain as the Ibex-35 listed companies have reached 39% female directors, just short of the 40% threshold recommended by state regulator agency CNMV. Twenty-four out of a total of 186 central banks around the world are led by women; why and how this needs to change. Equity Group’s sustainability report revealed a 52% gender pay gap at Equity Bank Kenya and other markets. This World Bank policy note provides guidance to identify and address gender norms and promote gender equality.

Resilience (GBV, Financial Inclusion, Security). With cyber violence against women on the rise, World Bank released analyses on laws around the world that protect women and girls from cyberviolence while Ada Prince Williams writes how philanthropic funders can meaningfully address sexual violence by centering and supporting survivor-led initiatives. World Bank also took stock of their progress on Gender-Based Violence prevention and response in the last decade. A mid-term review of the first major agreement made within the framework of the Sustainable Development Agenda, the Sendai Framework for Disaster Risk Reduction 2015-2030 (Sendai Framework), revealed significant gender gaps in its implementation. Mastercard Center for Inclusive Growth shares insights in advancing the financial health of women in supply chains.

Data and Tools. A new report from UN Women and the UNDP, introduces two new indices to assess global challenges faced by women and provides a roadmap for targeted interventions and policy reforms. Publish What You Fund shares recommendations on how to improve disclosure on 2X investments and the opportunity to drive investment transparency through 2X Certification. Bloomberg’s research outlines the gradual albeit promising shift in the proportion of female CEOs globally. In the drive to support women-led businesses, this World Bank policy brief examines how to address gender gaps in areas including skills, access to finance, technology uptake, legal and regulatory constraints and social norms. Investing in Women’s latest report finds that impact investing in the South East Asia region has ramped up significantly in the past 15 years. Women were disproportionately impacted in the waves of highly publicised tech layoffs that swept through Silicon Valley in recent months.

Care Economy. A new piece on Open Democracy outlines the link between the care and climate crisis as symptoms of a much larger, fundamental problem. The cost of child care is impacted by policy and inflation around the world, and the US announces actions to lower child care costs. The 2023 State of the World’s Fathers report puts a spotlight on the need for a fundamental overhaul of power structures, policies and social norms around paid and unpaid care work. Analysis from the World Bank looks at how interventions in the area of care policies and care services impact women’s economic empowerment.

JEDI, Power, and New Economic Systems. A comparative report from a range of UN and other agencies, shows the alarming state of maternal health in the Americas for women of African descent. Dreilinden shares the progress and impact update on Incluye, an SME loan product driving diversity, equity and inclusion (DEI) at medium-sized businesses in Mexico. Three years on from the murder of George Floyd, Black executives surveyed say they have seen some positive changes in hiring, retention and promotion of Black talent but more work is still to be done. This UN report looks at more than 150 initiatives across five regions and offers recommendations on priorities and entry points to advance gender equality and women’s empowerment in digital transformation.

Community Calendar

27-30 August, 2023

Latimpacto - Impact Minds: Standing Together will convene the Latin America and Caribbean impact ecosystem to promote innovative proposals and alliances to attract more capital. Register here.

6 September, 2023

Convergence XX: Systemic Risk and the Future of Justice is a virtual month-long convening that will unite thought leaders from across the fields of finance and social change to explore social injustices as a systemic investment risk. Register here.

12-14 September, 2023

ANDE Annual Conference hosts this year's event in Accra, Ghana with the theme Accelerating Action: Small Business Solutions and the SDGs. The West Africa Regional Conference is scheduled on the second day of the conference. Register here.

18-19 September, 2023

UN SDG Summit 2023, New York. At the mid-point implementation of the 2030 Agenda for Sustainable development, the summit will follow-up and review the progress made towards the 17 Sustainable Development Goals. Learn more.

28-29 September 2023

The 2X Annual Members’ Meeting 2023, hosted by 2X Global in partnership with the European Investment Bank (EIB), will be held in Luxembourg this year. 2X Global members can RSVP here.

2-5 October 2023

Building Bridges is a collaborative initiative that gives a voice to a large community of decision-makers, advocates, experts, and financial actors from both the Global North and South. RSVP here.

3-5 October 2023

PRI in Person 2023 will focus on responsible investment practices and debate the impact of emerging ESG issues and global trends. Register to join the conference in Tokyo here.

4-5 October 2023

The GIIN Impact Forum 2023 is designed to advance and scale the impact investing market by bringing all of the crucial elements of the world’s impact ecosystem together in one place. Register to join the event in Denmark.

16-20 October, 2023

The 8th World Investment Forum will be held in Abu Dhabi this year. The Empretec Women in Business Awards will also be held during the Forum, acknowledging the contributions of inspiring women entrepreneurs to the implementation of the Global Goals. Learn more.