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Invest in women. Invest in the world.

The 2X Challenge was launched at the G7 Summit 2018 as a bold commitment of development and multilateral finance institutions to invest in the world’s women. Since then, the flagship initiative has raised gender lens investments totaling US$33.6 Billion.

The next round of the 2X Challenge is now open to public and private capital providers. This collective commitment aims to unlock at least US$20 billion over three years and encourage gender and climate investments.

Move billions with us. Join the 2X Challenge.

What is the
2X Challenge?

The 2X Challenge is a movement launched at the G7 Summit in Canada in 2018 to collectively mobilise $3 Billion in private sector investments in developing country markets over 3 years. This played a critical role in building the field of gender lens investing, mobilising a total of US$33.63 Billion to support gender equality and women’s economic empowerment since 2018 (2018-2023).

The G7 Leaders’ Summit 2024 in Italy welcomed the new commitment by Development and Multilateral Finance Institutions to invest at least US$20 Billion over three years (from 2024-2027) to advance measurable changes and financing directed to women’s empowerment. They also called upon other public and private actors to join the 2X Challenge.

We invite capital providers to join us in this bold new collective commitment.

Why invest in women?

  • Credit gap: Women SME’s worldwide face a $320 billion shortfall in access to credit despite women anecdotally having lower non-performing loan rates than men.

  • A multi-trillion dollar opportunity: According to a McKinsey study, closing the gender labor gap could add $28 trillion, or 26 percent, to annual global GDP in 2025.

  • The world’s largest emerging market: The female economy represents a market more than twice the size of India and China combined. By 2028, female consumers will control around $15 trillion of global consumer spending.

$28tn

OPPORTUNITY

Closing the gender labor gap could add $28 trillion, or 26 percent, to annual global GDP in 2025.

$15tn

OF CONSUMER SPENDING

By 2028, women consumers will control around $15 trillion of global consumer spending.

$320bn

SHORTFALL

This obtains despite women anecdotally having lower non-performing loan rates than men.

Who are 2X Challenge participating investors?

2X Challenge participating investors are capital providers who qualify investments within their portfolio under the strengthened 2X Criteria and promote public reporting of finance for women. Given the urgency of climate action, investments at the nexus of gender and climate finance are encouraged.

To participate in the 2X Challenge, investors must be a 2X Global member and agree to the 2X Challenge Engagement Principles.

Investor benefits

Access pipeline and co-investment opportunities with like-minded investors

Tap into a peer group of similar investors to access aligned pipeline and co-investment opportunities, discuss and collaborate with like-minded investors.

Enhanced profile for you and your investee

Gain global recognition as a 2X Challenge investor, and provide recognition to your investees to enhance their own profile and co-investment opportunities. Get featured through online promotion and spotlighted at key industry events globally, including at the 2X Global Annual Summit. Use dedicated 2X Challenge logos for investors and investees.

Make your gender-smart investing even better through hands-on support

Receive expert support from 2X Global on gender lens investing. Access to 2X Challenge office hours where you can bring live cases of deals you are working on. Get questions on the 2X Criteria answered and other practical advice

Join a like minded investor network

Gain valuable peer learning, experience share, expert support and collaborative opportunities to structure gender-lens deals.

2X Challenge 2024-2027 Participating Investors

Development and Multilateral Finance Institutions

Private Sector Investors

  • FinDev Canada

    “FinDev Canada is proud to be a founding member of the 2X Challenge. We welcome the private sector members’ participation in this next iteration of the Challenge.

    Together, DFIs, MDBs and the private sector, we can do more to advance gender equality, especially at the nexus of gender and climate finance, through better access to finance.”

    - Lori Kerr, CEO at FinDev Canada

  • Deetken Impact

    “Deetken Impact is extremely proud to be one of the first private investors to join the 2X Challenge. Encouraged by the impressive results this initiative has achieved, we are eager to contribute towards its further expansion. With over a decade of dedication to women's empowerment, we reaffirm our commitment to advancing gender equality through investments designed with intention to catalyse meaningful and transformative change.”

    - Magali Lamyin, Managing Partner at Deetken Impact

  • Global Innovation Fund

    “We’re delighted that the Global Innovation Fund is joining the 2X Challenge, as one of the first non-DFIs to participate. GIF invests in innovations with the potential to improve the lives of the world’s poorest people. By placing an explicit value on women’s agency, we have successfully pursued transformative investments that empower women and girls – and seen their positive impact. We look forward to collaborating with partners who feel the same and are ready to take collection action.”

    -Joseph Ssentongo, CEO (Ag.) of the Global Innovation Fund

  • Investisseurs & Partenaires

    “I&P is proud to join the 2X Challenge, showcasing our commitment to best practices in investment choices, female entrepreneurship, and gender lens investing. Internally, we maintain a gender-balanced executive committee and investment team, promote women to leadership roles, and ensure strong female representation in public engagements. As active 2X Global community members, we continuously learn and enhance our practices.”

    - Sebastien Boyé, co-CEO at Investisseurs & Partenaires

  • Developing World Markets

    “It’s an honour to be among the first private sector investors to join the 2X Challenge. We’re inspired by what 2X has already achieved, and we hope many more investors will join us in this effort to create a more equitable world for women by investing with a gender lens.”

    - Hannah Schiff, Managing Director of Impact at Developing Word Markets

  • Advance Global Capital

    “Advance Global Capital is thrilled to be among the first private sector investors to join the 2X Challenge, an initiative which resonates deeply with our own values and approach. We have seen the impact of gender diversity and inclusion on investing and how it drives positive returns for individuals, companies and societies. We are excited to work alongside like-minded investors and industry leaders as participants in the Challenge.”

    - Sudha Bharadia, co-CEO at Advance Global Capital

  • Global Gender-Smart Fund

    “The GGSF benefits from the great support and drive of its anchor shareholders, alternative investment fund manager, portfolio managers and services providers. By requesting all investees conduct a gender assessment and commit to a gender action plan, with potential technical assistance support, we are confident we’ll meet our ambitious impact objectives: helping to address gender issues through financial inclusion. We’re very excited to commit to the new 2X Challenge, which we firmly believe will be transformational.”

    - Ruurd Brouwer, Chairman of the Board of the Global Gender-Smart Fund

  • Sarona Asset Management

    “This new phase of the 2X Challenge represents a significant advancement in gender lens investing. Sarona Asset Management is proud to embrace this challenge and join forces to achieve greater impact. We are dedicated to catalysing private investments in Emerging Markets, enabling impact and gender lens investing at scale, and driving transformative social and economic outcomes for women."

    - Ralitsa Rizvanolli, Partner and Head of Investments at Sarona Asset Management

Our achievements to date

US$ 33.6 billion investments since 2018

to advance women’s economic empowerment. This sent an unprecedented signal to the market globally, demonstrating the business and impact case of gender finance.

2X Criteria set as a global standard for gender finance

unifying investors under one framework and language. The 2X Criteria are used to assess and structure investments that provide women with leadership opportunities, quality employment, finance, enterprise support, and products and services that enhance economic participation and access. They have been widely adopted by investors, financial intermediaries and companies as well as other stakeholders worldwide to assess and monitor gender-lens investments. The 2X Criteria has been harmonised and integrated into major finance standard setting frameworks and have been adopted by hundreds of capital providers reaching thousands of businesses globally.  

2X Global is a global membership and field-building organisation for investors, capital providers, and intermediaries working in public and private markets, across both developed and emerging economies.

We engage our global network through a series of activities that advance intersectional investment agendas, scale the field, shift mindsets, and facilitate capital deployment. These include a series of Communities of Practice, educational forums, shared resources, certification and standards, and deal-sharing platforms.

With the support of our community, we will build on the success of the 2X Challenge that has raised over US$ 30 Billion and unlock even more gender-smart capital at scale as well as deepen the impact of capital flowing into crucial thematic investment areas.

About 2X Global