About the 2XChallenge: Our Work So Far
Our work so far
On June 9th, 2018 the G7 development finance institutions (DFIs) announced the 2X Challenge – a bold commitment to mobilize $3 billion by 2020 to invest in businesses and funds that contribute to gender equality. This ambitious target calls on DFIs to mobilize private capital in innovative ways to advance gender equality and women’s economic empowerment. Immediately following this announcement, the G7 DFIs established the 2X Challenge Working Group, which is responsible for implementing this ambitious commitment.
I am excited to announce that the 2X Challenge Working Group recently finalized the 2X Criteria, which we hope will serve as a global yardstick for what it means to “invest in women”. Much work went into developing the 2X Criteria. With the help of Dalberg Advisors, the Working Group started by benchmarking the current state of play for female entrepreneurs and leaders around the world. We then designed criteria that challenges the status quo. Because the 2X Criteria is only useful if it can be put into practice, the Working Group also worked with our investment teams to ensure that the 2X Criteria is actionable. I believe that what we developed not only counts women but values them.
The Working Group has also finalized the 2X Challenge Governance Framework. This Framework commits members of the 2X Challenge to principles of transparency and accountability, and it forms the foundation for our cooperation.
This is the first time that G7 DFIs have come together to jointly define an investment thesis and tackle it together. The hard work is yet to come, but if my experience over the last five months is any indication, the G7 DFIs are up to the task. We are excited to open our doors to female entrepreneurs and leaders around the world and to businesses that are ready to take meaningful steps to advance gender equality.
You will hear more from us over the coming months. We intend to use this platform to share lessons learned and best practices, to track progress, and to celebrate successes. I hope you will follow along.
2X Challenge Working Group Chair