Around the world, women and grassroots communities are already leading the climate transition - in fields, factories, businesses and fund management offices. The capital just hasn't caught up.

That gap is playing out against a much bigger one. To meet international net zero goals, climate investment must increase fivefold to USD 7.4 trillion annually through 2030. Not at some distant point in the future, but right now. And we are falling short not only in quantum, but in quality: in terms of the depth, coverage and reach of climate finance.

Over the past decade, gender lens investing (GLI) has evolved from a niche concept into an increasingly established approach across the investment landscape, engaging both impact-focused and mainstream investors.

Dedicated funds have emerged, the 2X Criteria have provided a common framework, and development finance institutions, foundations, and private investors increasingly recognise women as entrepreneurs, employees, suppliers and consumers — while the field has progressively expanded its focus towards the quality and depth of gender impact.‍

Since its launch at the 2018 G7 Summit, the 2X Challenge has become a flagship of the global effort to mobilise capital for women’s economic empowerment. But as gender-lens investing (GLI) matures, there is also growing demand to understand: what is the actual business value of 2X qualification for investees?

Is it simply a signal of intent? Or does 2X qualification itself, translate into tangible commercial advantage? A new study by 2X Global, in partnership with Kore Global, set out to answer exactly that.

Gender-lens investing is often measured through a familiar set of indicators: how many women own businesses, how many hold leadership positions, and how much capital reaches female entrepreneurs.

These metrics matter. But they may only tell part of the story.

Just over a year ago, we launched the Rock Creek Global Equality Fund (RCGE) on NASDAQ — built on a conviction we have always held: companies that are demonstrated leaders on gender equality are quality investment opportunities. Culture matters for building winning organisations.

As of February 28, 2026, RCGE has delivered a one-year return of 23.38%, performing tightly in line with the MSCI ACWI ETF benchmark return.

PIDG announces it is joining the 2X Challenge, reinforcing its commitment to integrate a gender lens across infrastructure investments and ensure more inclusive, climate-resilient outcomes for all.

Since the launch of the 2X Challenge in 2018, the evidence supporting the business case for gender-lens investing has strengthened significantly, with growing research showing that gender diversity in leadership is associated with stronger financial performance.

Yet in practice, many fund managers continue to treat gender as a reporting requirement rather than a driver of value.

The question we hear most often from peers is not why — the financial case is settled — but how. How does gender lens investing actually work in practice, across a portfolio of 150+ companies spanning Asia, Africa, Latin America, and Eastern Europe?

This new report, Clean Energy as a Catalyst for Women’s Economic Empowerment  moves beyond that assumption.

From Caribou’s perspective, the shift is not just in the strength of the hypothesis, but in the consistency of evidence.

We can now say with confidence not only that clean energy can improve women’s incomes, but under what conditions, and where current investment approaches are likely to fall short.

Mercy Njoki was once among the billion people in Sub-Saharan Africa cooking meals with traditional indoor stoves over open fires, until she discovered ECOA, an electric cooking stove manufactured by BURN.

Today, Njoki, who lives in Ruiru near Nairobi, saves time and money with the electric cooker she purchased from a company that makes highly efficient electric, wood and gas stoves that are cleaner, need less fuel and protect families’ health.

In 2025, Triodos Investment Management launched its gender lens investment strategy, based on the conviction that finance can drive change by closing inequality gaps that unlock economic and social benefits, while delivering healthy financial returns for investors.

Over a third of working women worldwide are employed in agriculture and food systems, playing a critical role in global food security. Despite this, female farmers receive less than 10% of agricultural loans, a persistent barrier to gender equality in agrifood systems. This is compounded in smallholder communities with patrilineal inheritance structures that can prevent women from owning land, therefore, lacking the security and decision-making power that comes with ownership.

‍Since its launch in 2018, the 2X Challenge has mobilised over $33 billion into gender-smart investments globally–built on the assumption that meeting the 2X Criteria delivers real benefits for women. ‍ ‍

For the first time, we now have portfolio-wide evidence to test that assumption at scale. ‍

Led by Kore Global, a new synthesis of four independent evaluations—covering 81 unique investments across British International Investment (BII), Proparco, FinDev Canada, and FMO’s portfolios—offers the clearest picture yet of how the 2X Criteria play out in practice. Here is what we found. ‍ ‍

What does it really mean for an investment to be “2X qualified”? A 2X Challenge qualified investee is a company, fund, or financial institution that has received investment from a 2X Challenge participating investor and meets the 2X Criteria. Behind each qualification lies a unique journey, an inspiring business case, and a vision for inclusive, sustainable finance and growth.

“It’s the highest-performing investment strategy in the startup ecosystem”: 2X Global Australia Ambassador Roo Harris on the opportunities of GLI

Female entrepreneurs receive just a fraction of the available capital in private markets, and in Africa, the gap is especially stark. In 2024, female founders on the continent secured only 2% of total venture funding, the lowest level since 2019. Women-led startups raised just $48 million, while their male counterparts raised nearly $2.2 billion during the same period. This discrepancy exists despite mounting evidence that female-led businesses are not only viable, but they also often outperform. According to McKinsey, closing gender gaps in Africa’s workforce could add $316 billion to the continent’s GDP by 2025.

Through the 2X Global Summit 2025, we are collectively confronting a persistent challenge: despite decades of progress, women remain significantly underrepresented in decision-making spaces, in the capital flows that drive innovation and infrastructure, and in the systems that shape how we anticipate and respond to the crises defining our era. This exclusion is not only unjust—it undermines efficiency, innovation, and resilience.

Investing in women’s health goes beyond the individual woman - it is an investment in resilient, thriving communities. Across Latin America, women spend 25% more time than men coping with health issues throughout their lives . Yet, structural barriers, gaps in care, and gender biases in health systems continue to limit their access to the services they need.

While we have long understood climate change disproportionately impacts women and girls, a crucial piece of the conversation has been overlooked: if women bear the brunt of climate risk, they also hold the key to climate action.

So why is climate finance still missing them?

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 a positive provocateur in the financial space, we understand that true transformation doesn't happen in isolation. It requires the activation of networks, fostering deep connections, and the courage to share challenges.