While we cannot expect it to have an effect on the existing coronavirus crisis in Africa and South Asia, we know that we want to help the corporations we invest in around the pandemic, as well as to rebuild it in a sustainable way afterwards.
Investing for the future: Supporting women’s post-pandemic empowerment
On July 15, Devex and the CDC convened a panel of experts to discuss the effect of COVID-19 on women’s economic empowerment and livelihoods, as well as to explore responses to ensure their funding, employment opportunities and professional growth.
As my CDC Group colleagues have pointed out our number of occasions with Devex, our first priority as a progressive funding establishment in the UK has been to maintain the viability of our existing beneficiary businesses so that they can help their workers and protect their jobs.
This has been the case in the sectors most affected through COVID-19, where action has been very important to protect the positive environmental, economic and social effects of these companies. That’s why we provide technical assistance, recommendations, and execution capital to many of the corporations in our portfolio for their resilience and protection.
We also reflect on the effect of the pandemic on our strategic action spaces, adding gender equality and climate change, either at the heart of the event series. At this critical moment, it is imperative that we do not lose sight of these longer-term commitments and reflect on the opportunities they offer while rebuilding economies and societies.
The expected effect of each investment we read about is assessed through the prism of a progression has an effect within the framework that considers gender equality and sustainability along with others have an effect on objectives, such as the creation of tasks or the provision of credit, goods or services. This is helping us play our component in achieving the United Nations Sustainable Development Goals, adding poverty reduction, by supporting businesses in an inclusive and resilient way to address climate change.
One way to develop long-term shock resistance is through a growing, inclusive and productive personal sector.
As the last time of the series pointed out, the effects of COVID-19 are felt on women. For example, according to the World Health Organization, women represent 70% of international social and fitness workers and are more exposed to the virus.
Globally, women are more likely to lose their jobs as a result of the crisis, as they paint in the sectors most likely to be negatively affected by coronavirus-related disorders. They are overrepresented in low-skilled, low-paid and occasional tasks in sectors such as manufacturing, agriculture and customer services, and therefore face greater job hazards and a source of income insecurity. In fact, Citigroup’s research found that $1 trillion can be lost due to global expansion as female staff withdraw from the labor market during the pandemic.
Some of the issues we’ve assisted businesses with include the provision of adequately fitted and designed personal protective equipment for front-line female staff members, support of women working from home with limited access to technology, and ensuring gender-sensitive job protection plans. That’s why the guidance notes we’ve produced on job protection and remote working have been important to businesses, investors, and financial institutions considering how the pandemic may particularly affect women.
One way to develop long-term shock resistance is through a growing, inclusive and productive personal sector. Together with our peers, we call for a gender-sensitive technique among investors in quick responses and longer-term recovery responses to the COVID-19 crisis.
The pandemic has exacerbated the demanding pre-existing labour market situations faced by women, adding those faced by women selling in capital and the lack of women in leadership positions.
This emphasizes the role investors can play in resolving these disorders: through monetary intermediaries for women’s access to finance or by helping to protect a strong group of female skill among the paint force to create more powerful and more successful businesses. Achieving greater representation of women in leadership positions will take time, so it is imperative that these paintings start now.
COVID-19 has meant some delays to the climate agenda discussions. 2020 was meant to be the year that the U.K. hosted COP26, the 26th United Nations Climate Change Conference. Instead, the pandemic pushed the event — the first “global stocktake” outlined in the Paris Agreement — to next year. However, despite those setbacks, the pandemic has also exposed opportunities to rebuild economies in ways that can support a transition to “net zero.”
Opinion: Building resilience and economies in coronavirus recovery
The COVID-19 pandemic has highlighted the fragility of many jobs, and markets, around the world. NICK O’Donohoe of the CDC Group says the resilience of construction in the personal sector will ensure a faster and more sustainable economic recovery in the months and years to come.
Helping businesses be resilient isn’t just about surviving long-term pandemics financially; It’s also about creating corporations that can cope with the effects of climate replacement, such as the increasing frequency and severity of excessive weather events. There are many crosses between our plans for our coronavirus corporations and our recently launched climate replacement strategy, which we will put into effect in the recovery phase.
As part of that strategy, we’ll ensure our investment portfolio reaches net-zero emissions by 2050 — and we’ll make an investment only if it supports a country’s unique plan to meet its ambition to become a net-zero economy by 2050. We’ll also be investing more in sectors that deliver on climate and development goals, such as renewable energy and forestry.
We are also supporting a “just transition” to a net-zero economy by keeping the creation of decent jobs and skills development at the forefront of the change — something that countries will be very focused on when coming out of the coronavirus crisis. Finally, because we know that the countries in Africa and South Asia where we invest are particularly vulnerable to the negative impacts of climate change, we want to strengthen the adaptation and resilience of sectors, communities, businesses, and people.
This is based on the paintings already underway with our receiving companies. For example, at Zephyr Power, a company approaching a 50-megawatt wind farm in Pakistan, whose CEO spoke on a number of occasions, steps are being taken to use “nature-based solutions” at the site of potential flood risks. over time due to the increase in the sea point.
The unparalleled impact of COVID-19 across the globe has underlined the importance of ensuring business and economies are resilient to future shocks. But it’s also presented us with a unique and important opportunity to build back better. Supporting businesses to take steps to achieve this sustainable recovery will be crucial as we rebuild livelihoods and economies.