New Framework to Ensure Climate Financing Supports Gender Equality
The Women in Finance Climate Action Group is a group that aims to support women in the financial industry in their efforts to address the issue of climate change. They made a framework to help financial institutions help women with the transition to a net-zero economy and reduce the negative effects of climate change on women.
The framework has a list of rules and best practices that financial institutions should follow to help women switch to a low-carbon economy and ensure that climate change doesn't hurt them too much.
The Action Framework is a document created in collaboration with the Oliver Wyman Forum and 2X Global.
The Group comprises women leaders from various sectors, including business, the public sector, and civil society, and includes members from organisations such as WWF-UK and the Bank of England.
Amanda Blanc, Aviva’s Group CEO, said: “Private capital is key to mobilising the trillions of dollars required over the next three decades to limit warming to 1.5 degrees. And yet the global private finance sector does not currently have the tools or incentives in place to evaluate and improve the impact of climate finance on gender equality. We need more data to measure the impact of specific climate investments or project financing on women and girls. We hope that this Framework will provide financial institutions with the tools they need to begin measuring and delivering greater gender equality when pursuing net zero action."
Rupal Kantaria, Partner, Oliver Wyman Forum, added:
“This first-of-its-kind Action Framework for investors embeds gender considerations into climate investment decisions. Both are critical for financing a faster and more just climate transition.”