Advancing the 2X Challenge: Mobilising Capital for Women’s Economic Empowerment

What have we been up to?

2X Challenge Working Group meeting.

In June 2024, the third round of the 2X Challenge was officially launched at the closing of the G7 Leaders’ Summit in Italy. Leaders reaffirmed the commitment of the Development Finance Institutions (DFIs) and Multilateral Development Banks (MDBs) within the G7 to the 2X Challenge. The 2X Challenge 2024-2027 includes private investors for the first time expanding the initiative to engage the full spectrum of capital providers. The renewed commitment by DFI and MDBs to invest at least USD 20 billion over three years marked a significant milestone, reinforcing the importance of directing finance toward women’s empowerment, particularly at the intersection of gender and climate. This pledge not only expanded the ambition of the 2X Challenge but has also served as a rallying call for broader public and private sector engagement.

Twenty one DFIs and MDBs and nine private sector investors have signed up to this edition of the 2X Challenge. We continue to encourage more institutions to join this collective effort, driving measurable impact for women and girls globally. 

What’s different this time round? 

An updated framework: The 2X Criteria framework which underpins the 2X Challenge was updated in January 2024. The update to the 2X Criteria was driven by reflections and feedback gathered over the first five years of the 2X Challenge. As the initiative evolved, there was a clear consensus on the need to strengthen the Criteria to drive deeper, more meaningful impact. This included moving beyond a focus on simply counting investments that meet a single criteria, and instead encouraging a more comprehensive, intentional approach. The update also allowed for the integration of new dynamic threshold data and key lessons learned into the updated Reference Guide. Additionally, it aimed to codify and standardise institutional approaches to ESG and gender intentionality, ensuring greater alignment and consistency across stakeholders. 

Following the updates to the 2X Criteria in January 2024, we placed strong emphasis on 2X Criteria training throughout 2024, hosting five public learning sessions, and have continued in with more sessions in 2025, building capacity and understanding across the ecosystem.

The 2X Criteria Threshold tool which is publicly available online is an interactive tool that can be used as a quick assessment of an entity's 2X alignment. It enables users to determine the threshold that must be met for the Employment and Leadership Criteria, based on the specific country and sector focus. The 2X Criteria sector list used to determine the variable thresholds for the Leadership and Employment Criteria was expanded and aligned to the International Standard Industrial Classification (ISIC) system and the Statistical Classification of Economic Activities in the European Community (NACE), to facilitate easier use of the 2X Criteria Threshold Tool.

Public disclosure and databases: As part of our continued commitment to transparency and accountability, in June 2024 we launched a public database listing all participating investors and qualified investments under the 2X Challenge. Transparency, reporting, and disclosure are core pillars of the 2X Challenge for the 2024–2027 period. All participating investors commit to publicly disclosing relevant data, including their approaches to environmental and social (E&S) standards, gender lens investing, and broader transparency practices. The database also features qualified investments, detailing how each meets the 2X Criteria. This initiative underscores our goal to place transparency at the heart of efforts to mobilise capital for women’s economic empowerment.

Private Sector Players join DFIs and MDBs for 2X Challenge 2024-2027: This was an exciting step forward, bringing new capital, innovation, and momentum to gender-smart investing. By joining DFIs and MDBs, private investors are helping scale impact and mainstream gender lens investing. It’s a powerful opportunity to align with a proven framework, demonstrate leadership, and be part of a global movement driving inclusive and sustainable growth. Now is the time for others to join and turn commitment into action. We encourage financial institutions, pension funds, foundations and all capital providers to join us in this bold initiative and move billions with us.

For 2X Challenge participation queries:
Jo McDonnell
2X Challenge Lead, 2X Global
Email: jo@2xglobal.org