By Wendy Teleki, Head of the We-Fi Secretariat | September 29, 2024
This month, I was honored to join the UNFCCC Standing Committee on Finance for their forum on Accelerating Climate Action and Resilience through Gender-Responsive Financing in Tanzania. The forum underscored an urgent priority: bridging the gender gap in climate finance.
While there were certainly differences of opinions among delegates, one thing was clear: supporting women entrepreneurs is not just about equity—it’s a crucial pathway to effective climate action. Women-led businesses are at the forefront of developing innovative solutions to climate challenges, yet they continue to face significant barriers in accessing the financing they need. Our recent working paper on supporting women entrepreneurs in the climate sector explores these challenges and provides actionable recommendations. I encourage everyone to explore its insights and join us in advocating for more inclusive climate financing mechanisms.
This message was continued in New York during UNGA and Climate Week. I’m energized by the knowledge that we have many partners working tirelessly to expand gender-responsive climate finance in East Africa and Europe. It’s inspiring to see the energy and commitment surrounding this movement.
Next month marks the first anniversary of the WE Finance Code. I’m pleased to share that over 30 countries have adopted their own national Codes, including Egypt and Madagascar, which held recent launches. WE Finance Code coalitions bring together regulators, financial institutions, investors, and donors to work together to close financing gaps for women entrepreneurs. From Nigeria to Indonesia, to the Dominican Republic, we are seeing a movement take root that will empower champions, improve data and spur action. We welcome new partners in this global effort to drive mindset shifts and systemic change. Please be sure to read the latest WE Finance Code Communique for an in-depth look at this movement taking off around the world.
At the 2X Global Summit in Kenya and the launch of IFC’s Ajira Sawa program in Tanzania, I also saw firsthand the power of female CEOs, central bankers, and fund managers. These women leverage their positions to elevate other women in the workforce and the economy, recognizing the vast potential of women. The leadership of women in finance will be crucial – indeed, it will be our greatest advantage — as we seek to unlock financing for women entrepreneurs. Women leaders fully recognize the potential of other women as clients and customers, and as employees, managers, and executives.
Looking ahead
In October, we are looking forward to convening women leaders and WE Finance Code champions at the World Bank-IMF Annual Meetings in Washington, DC. Stay tuned for more updates on our events. Additionally, We-Fi, in partnership with the Inter-American Development Bank (IDB), the European Bank for Reconstruction and Development (EBRD), American University, and UC Berkeley will be hosting the second annual We-Fi Research Conference later in October. This event will dive deeper into the research and best practices that are making a meaningful impact on women entrepreneurs around the globe.
At the upcoming COP29 in Baku, we have a pivotal opportunity to galvanize the development community and ensure that women are at the center of climate financing. COP29 will be a key moment to advance gender-responsive climate action, and it’s essential that women entrepreneurs—who are driving solutions on the ground—are empowered with the financial support they need. The road to Baku is a call to action for all of us.
Women entrepreneurs and leaders are addressing the most pressing challenges of our time—climate action, financial inclusion, and economic growth. But there’s still much work to be done. Now is the time for us to strengthen our collaborations, scale our efforts, and ensure women are at the center of every solution.
