The Women in Finance Climate Action Group believes that climate justice, equity and intergenerational fairness are the foundations of a truly sustainable financial system. The mission of this collective of women leaders is to improve gender equality in climate finance.
The group engaged the Oliver Wyman Forum to develop an action framework to equip investors to apply a gender lens to climate investments. The aim was to create a framework with practical guidance that investors can use that clearly articulates the value of applying a gender lens and covers various elements of the investment lifecycle.
This was a great example of using Oliver Wyman’s social impact mantra of capability rather than capacity. We applied our deep expertise in climate, our strong network and our stakeholder management capability to create an action framework which, from a user perspective, is tangible to drive a real change in decision making and outcomesRupal Kantaria, Partner, Oliver Wyman
The Women in Finance Climate Action Group, WIFCAG, is chaired by Amanda Blanc (Aviva) and includes members such as Aviva, World Bank Group, World Wildlife Fund-UK, UN Convention on Biological Diversity, Green Finance Institute, Ceres, Carbon Direct, Bank of England, Canadian Government, and Oliver Wyman Forum.
Over an eight-week period, Oliver Wyman analyzed existing gender and climate frameworks and reporting disclosures, tested ideas with 20 organizations to ensure relevancy and applicability (including asset managers, venture capital and private equity firms, development finance institutions and gender and sustainable finance experts). These inputs were used to develop a full framework ready for public launch. The goal of the work was to equip WIFCAG with a validated action framework that guides investors to apply a gender lens in climate investments.
The finance industry needs to be smarter in understanding the connections between investment, gender equality and climate change. This innovative framework from Oliver Wyman and the Women in Finance Climate Action Group helps us to do exactly that. I am really proud of the output and grateful to Oliver Wyman for the expertise and passion they brought to the projectPaddy Arber, Group Head of Government Engagement – Sustainability, Aviva Plc
The output was a succinct and visual document outlining practical guidance for investors in terms of target outcomes to achieve, changes to align organization and investment processes with the target outcomes, and example metrics to integrate into organization and investment processes. Guidance was provided across the investment lifecycle, from focusing the investing organization to promote gender equity, to setting gender-lens investment targets, to assessing potential impacts on women, and finally to stewarding portfolio companies to drive positive outcomes.
This project was an exciting opportunity to work with the WIFCAG to help improve gender equality across all areas of climate finance. It was a rewarding experience to be able to speak with like-minded people in the industry and work collaboratively to create an effective and impactful framework for investorsRiana Patel, Consultant, Oliver Wyman