New gender and climate finance report, and a global news round-up

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Subject: New gender and climate finance report, and a global news round-up

2X Global: Unlocking gender-smart capital at scale

Dear Friend,

We want to start off February’s newsletter by expressing our utmost compassion and deepest sympathies to those affected by the devastating earthquake in Turkey and northern Syria on 6 February. Against the backdrop of the ongoing war in Ukraine and global economic uncertainty, never before has it been more critical to create the resilient and equitable world we all know is possible.

This month saw 2X Global celebrate a multi-year support from the Ministry of Finance of Luxembourg who have pledged a €1 million catalytic support to our organisation over a four year period. This will further enable 2X Global in its efforts to empower women entrepreneurs and gender-smart businesses, and increase access to capital and financial services, in particular through our 2X Challenge, 2X Ignite, and a new 2X Certification mechanism.

2X Ignite GP Sprint: 2X Ignite launched a 6-month acceleration programme for 6 female-led or gender-balanced fund managers with gender-smart investing strategies across Africa. The Sprint has an ambitious goal to accelerate these fund managers’ timeline to a first or subsequent close in 2023. These GPs are now working closely with the 2X Ignite team and an extended team of investment experts and mentors, receive tailored and constructive feedback from an LP perspective as well as hands-on support. Meet the 2X Ignite GP Sprint First Africa Cohort here.

Inclusive Gender & Climate Finance: 2X Global is releasing a new guide this month entitled Inclusive gender and climate finance: Centering frontline, that looks at how a shift towards more inclusive finance, that accounts for gender inequality and climate vulnerability, would help tackle the world’s most pressing challenges. Insights from the report will be discussed in an online event on March 14 2023, at 5:00 - 6:00 pm CET.

2X Certification: The development of the 2X Certification continues to move forward productively inclusive of feedback from stakeholders across the globe. We thank everyone who has contributed their thoughts and experience to this process to date. Our next Co-Creation Workshop is on March 29, 2023. To stay updated about the development of the 2X Certification, participate in co-creation sessions, and learn more about the opportunity to be among the first in the world to pilot the 2X Certification with your institution, sign up here.

Lastly, we are looking for women entrepreneurs, representatives of women’s & civil society organisations and a wider range of thought leaders in gender lens investing to join our 2X Global Forum for strategic advice and engagement by March 30. We are hiring a Climate Lead who will have the overall responsibility and ownership of all the gender and climate finance work throughout 2X Global.

Here’s a global round up of GLI news and views. See you next month!

In Community,

2X Global team

News from the field

Mainstreaming gender lens investing. Despite a year where sustainable investments struggled, Morningstar's sustainability indexes that were focused on gender equality and renewable energy outperformed in 2022. Norway's $1.35 trillion wealth fund will step up its work on gender diversity on company boards this year and expand its focus beyond European and North American companies. According to new research, U.S. active equity funds with gender-balanced investment teams tend to outperform those that have all-male or all-female teams. Through a blended finance initiative, Deetken Impact, financed a social enterprise providing microfinance to women, resulting in greater financial inclusion and empowerment for women in Haiti. Freyda Limited’s Danielle Lawrence, is the winner of the 2022 UBS Female Founder award, a recognition that’s helping to bridge the gap and move the needle towards a more equitable distribution of funding and opportunities. Morgan Stanley Investment Management has launched a new ETF platform with six sustainable Calvert ETFs. The Asian Development Bank has raised 18.75 million Georgian lari (or about $7.1 million) in the first gender bond to be issued in this currency, with proceeds directly financing ADB’s Crystal Gender Bond project, which provides financing to women-owned micro, small, and medium-sized enterprises. A new report provides an evidence base to reform procurement systems to be more gender-responsive.

Gender and Climate Investing. GSG’s Krisztina Tora looks at the lack of women voices in the climate debate at last year's COP27 & how addressing this imbalance starts with driving forward a solid gender-smart climate finance agenda. Financial institutions will play a leading role in the transition to a net-zero economy, but new skills and capabilities will be required to help institutions manage risks and explore opportunities as they put their net-zero plans into practice. A new roadmap looks at how we can achieve Gender-Transformative Climate Finance (GTCF) in Sub-Saharan Africa by examining the convergence of the entrepreneurial ecosystem. Sagana’s Kelly Robbins on what’s next for gender finance in 2023 and why gender-smart investing is a smart financial decision. Canada’s commitment to climate finance builds on its long time support for climate action in developing countries. A practical toolkit focusing on gender-inclusive financing for last-mile renewable energy markets in sub-Saharan Africa. Investigating how gender equality and climate change intersect by exploring programmatic experience on the gender-climate nexus, identifying promising entry points and solutions and offering recommendations for development practitioners, policymakers, and businesses. Jacobs launches $500mn sustainability-linked loan, linked to gender diversity and climate targets.

Leadership and Culture. The Board Diversity Charter calls for leading corporations and small and medium enterprises to demonstrate leadership in gender diversity by committing to maintaining at least 30% of women on their board. Any attempt at a global recovery must include women, which is why governments and companies need to rigorously consider gender-based factors in their investment decisions. Gender lens investing has the potential to only boost GDP but also serve as a platform to bridge the gender gap and reduce poverty. Current gaps in terms of care policies and provision of care services primarily for women entrepreneurs, with existing intervention models to expand provision and contribute to job and enterprise growth in the sector.

Data and Tools. The Australian Government has introduced new legislation that requires companies with more than 100 employees to publish their gender pay gap data from 2024. To reduce the gap between men and women when it comes to earnings and ownership, we need to improve access to credit, financing and market opportunities women need to get businesses off the ground. Improved gender inequality in Europe could potentially create an additional 10.5m jobs by 2050, 70% of which would be taken by women. AlphaMundi Foundation’s impact report, detailing their journey to gender lens investing for climate.

JEDI, Power, and New Economic Systems. Impact Shakers’ Alina Klarner looks at five reasons why emerging and diverse fund managers outperform. The first ever data set on UK LGBTQ+ founders and VCs including original research, anonymous stories and actionable recommendations. The New Majority Network is a community of Angel Investors and Venture Capitalists sharing dealflow of New Majority led startups. There is evidence that companies have done better on racial equality in the past three years, in part because asset managers have ramped up their efforts on this important and sensitive theme. A strategy for how philanthropies can shift capital and power to frontline BIPOC communities who are building local regenerative economies. IADEI's Diverse Manager Database is the largest open-source database of diverse-owned and diverse-led investment firms.

Community Calendar

1-2 March, 2023

Tickets are now on sale for the Latin American Impact Investing Forum. Find more info and purchase tickets here.

North America’s leading event for ESG in private markets, The Responsible Investment Forum, returns for its seventh year. Find more info and purchase tickets here.

8 March, 2023

For IWD, 2X Global, Building Bridges and the Gender Lens Initiative for Switzerland are hosting a webinar that explores tangible examples of how GLI strategies can be applied in public and private markets, as well as wealth management. Register here.

10 March, 2023

OECD, Austria, Canada and Ireland are co-organising a side event to the CSW67 that will explore the role of development partners in promoting and funding gender equality in the digital age. Register for the in person event here.

29 March, 2023

To indicate your interest in joining the next 2X Certification Co-creation Workshop, please complete this Expression of Interest form.

31 March, 2023

The Gender-Responsive Climate Finance Window, made possible with support from the Government of Canada, is accepting Concept Notes for its Spring Round. Apply here.

23-25 May, 2023

Women's World Banking's Making Finance Work for Women Global Summit is taking place in Mumbai, India and will be its first in-person conference since 2019. Find more info and purchase tickets here.

We are looking for a Climate Lead who will have the overall responsibility and ownership of all the gender and climate finance work throughout 2X Global. We encourage global talent to apply.

Explore 2X Global Opportunities

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