Momentum in Manila

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Subject: Momentum in Manila

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

Momentum. This is the overwhelming feeling coming out of the 2X Global Summit 2025, held in Manila, the Philippines at the start of this month.

It is no secret that many of the foundational pillars of gender finance have been facing tremendous headwinds over the past year. This has manifested itself in myriad ways, from withdrawals of financial support, to corporate retreats from previous commitments to justice, equity, diversity and inclusion, to a rising tide of propaganda and misinformation targeting the fundamentals of gender lens investing.

This year’s Summit, coming against the backdrop of such troubled times, ended up being a welcomed boost of energy and momentum for our collective mission to unlock more capital and hence, economic opportunity for women the world over.

Our panelists and keynote speakers rose to the occasion, bringing optimism grounded in facts and data - proving the benefits of and the business case for, gender lens investing.

Case studies, success stories and solutions came and were shared - from the infrastructure sector in South Asia to emerging green industries in Africa, from the philanthropic sector in Australia to social enterprises in Latin America.

Over the course of three days, our Summit attendees heard and got to learn from the powerful, real-world examples and compelling statistical evidence from their peers in gender finance.

At the end of it all, attendees shared that they left with clarity about the work that still needs to be done and determination to collaborate on the solutions needed to push gender lens investing forward.

While nothing beats the real thing, if you missed it, you can catch up on some of the highlights from the Summit on our website.

Day 1 highlights

Day 2 highlights

Day 3 highlights

The 2X Global Summit 2025 was co-hosted by the Asian Development Bank, and with the support of the Australia Department of Foreign Affairs and Trade, Minderoo Foundation Investing in Women, FinDev Canada, MEDA, the Private Infrastructure Development Group and the International Finance Corporation.

In addition to the Summit, we’ve been busy on the publishing front, with several publications, reports and articles coming out from 2X Global over the past month.

Together with the Luxembourg Stock Exchange, we jointly released a new study on the gender-focused bond market: Empowering Change: The Rise and Role of Gender-Focused Bonds’. Powered by the LGX Data Hub, the study analyses data on nearly 600 outstanding sustainable bonds which allocate all or a portion of their proceeds to financing projects or set clear objectives that contribute to gender equality and women’s empowerment. It’s a treasure trove of actionable data insights into the state of the market and signposts what more can be done to advance financing for women’s economic empowerment.

Our CEO Jessica Espinoza penned an op-ed for AI Journal on how gender lens investing is a powerful lever to bring more balance to artificial intelligence tools and large language models, which as of now, still reflect and replicate deep-seated gender biases existent in the world.

And last but not least - 2X Global’s 2024 Annual Report is now out! The report spotlights the impact of the field-building work and strategic initiatives from 2X Global and our members and partners, taking a look back at many of the highlights and milestones accomplished in the past year.

In Community,

2X Global Team

News from the field

Mainstreaming gender lens investing. Impact Investor explores the new gender bond study from 2X Global and the Luxembourg Stock Exchange, with insights from our CEO Jessica Espinoza on how gender bonds are helping channel more capital toward women’s economic empowerment. Itochu is issuing Japan’s first ‘Orange Bond’ to fund initiatives promoting women’s empowerment, including supply chain projects and daycare centres. The bond raised 15.2 billion yen, with strong investor interest. Standard Bank has allocated USD 10 million to the African Women Impact Fund (AWIF) to support women fund managers and women-owned businesses in Africa. The initiative aims to promote gender equality, inclusive growth, and financial inclusion across the continent.

Gender and Climate Investing. Finnfund has secured €80 million in its first close for the Digital Access Impact Fund I LP, aiming to mobilise private capital for digital infrastructure projects that enhance inclusion across Africa, Asia and Latin America. The IFC has released Guidelines for Blue Finance 2.0, offering financial institutions a framework to identify, structure and scale investments that support sustainable use of ocean, water, and coastal resources. OAS has approved a USD 125,000 for a project targeting women and underserved communities in the tiny multi-island nation of St. Vincent & the Grenadines, aiming to reduce climate impacts and enhance livelihoods via inclusive climate action.

Leadership, Culture and Policy, JEDI. In one of her largest single donations ever, philanthropist Mackenzie Scott has given USD 70 million to the United Negro College Fund (UNCF) which is the United States’ largest provider of scholarships to minority students. The funding will be put towards building endowments for Historically Black Colleges and Universities (HBCUs), which still trail non-HBCUs by 70% when it comes to endowments. This Girl Can is aiming to put women into the picture of sports and wellness - literally. Their first TV ad campaign in give years, We Like the Way You Move, celebrates women moving on their own terms. This comes against the backdrop of statistics from Sports England showing that only 40% of people pictured in online sport and activity images are women. A national group of Latino public health leaders in the United States have launched a new research institute, which they say is a response to the hundreds of millions in federal funding cuts related to diversity, equity and inclusion initiatives. Who are the innovators and impact-makers making the world more accessible for people with disabilities? Find them on Forbes’ inaugural Accessibility 100 list.

Data and Tools. The global gender gap closed 0.4% between 2024 and 2025, according to the World Economic Forum, in its recently published Global Gender Gap Report 2025. However, at current rates, gender parity is still more than a century away - 123 years to be exact. Eight Asian families are intentionally deploying capital for positive social, environmental, and financial impact - moves profiled in a new CSP / ImPact report. The SSE Initiative’s report offers practical guidance and best practices for stock exchanges to promote gender equality. The report outlines a practical Gender Equality Action Plan for stock exchanges — advising them to promote gender-focused financial products, set gender targets and disclosure requirements for listed companies, and lead by example through internal policies and reporting.

Care Economy. It’s a new day - from November 1, New Mexico will become the first U.S. state to make licensed childcare free for nearly all families with children aged 0-5, aiming to ease financial burdens, boost workforce participation (especially for parents and caregivers), and improve child development outcomes. Latin American and Caribbean states have committed to a decade of action centred on the care economy, adopting the Tlatelolco Commitment to accelerate gender equality and build a “care society” — with transformations across political, economic, social, cultural, and environmental spheres. Selangor is the only state in Malaysia with a dedicated care economy policy and now it’s seeking to position itself as a care economy hub that treats care as a viable and thriving economic sector, not just welfare, providing training for home-based childcare providers, grants to nannies, aiming to improve standards, and pushing to reduce unpaid care burdens that keep women out of formal work.

Resilience (GBVH, Financial Inclusion, Security). Infosys is tackling the career gap barrier, with a new referral programme encouraging employees to refer women professionals who have taken career breaks to rejoin the workforce. It’s part of the ‘Restart with Infosys’ programme, which supports women re-entering tech roles. Employees are then eligible for referral bonuses of up to Rs 50,000, depending on the candidate's level, upon successful hiring. Wellcome Leap and Pivotal Ventures are jointly investing USD100 million to accelerate breakthrough women’s health research in areas like cardiovascular, autoimmune, and mental health — aiming to compress decades of progress into just a few years.

Community Calendar

2 October

2X Global CEO Jessica Espinoza will deliver the keynote at the Gender Impact Investment Summit - an annual convening focused on advancing gender finance in Nigeria. Learn more.

8 October

Join 2X Global and our member the Global Gender-Smart Fund in Berlin for a 2X Investor Meet-Up. Connect with peers in gender finance, plan new collaborations and hear what’s next for the field. Click to RSVP.

7-9 October

The GIIN Impact Forum will be hosted in Berlin this year, bringing together hundreds of stakeholders in the impact investing space.

14-15 October

Interested in investment opportunities in Africa? AFSIC, the largest Africa investment conference taking place outside of the continent, returns to London.

14-15 October

The 23rd meeting of the OECD’s DAC Network on Gender Equality, takes place in Paris.

27-29 October

The SOCAP conference, one of the leading convenings in the impact economy, will come off in San Francisco.

5 November

The Loan Market Association’s Sustainable Finance Conference will take place in London, gathering industry leaders to discuss the latest developments, challenges, and opportunities in sustainable finance.

5-7 November

The All Africa Pension Summit takes place in Kampala, Uganda, with decision makers from African pension funds, international finance institutions, private equity and more, gathered to discuss unlocking the full potential of Africa’s pension capital to tackle the continent’s most pressing challenges.

2-4 December

Meet senior LPs and GPs from across the African continent and beyond and explore new investment opportunities at Super Return Africa, being hosted in Cape Town, South Africa. Learn more.

Thank you to our partners and supporters

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Subject: Momentum in Manila