G7 and Gender Equality
Following on from their meeting in May, G7 foreign and development ministers met in Cornwall between 11-13 June 2021, discussing a range of issues around post-pandemic recovery.
A key proposal was to develop infrastructure financing in developing countries to provide better outcomes. It was noted that this is to be achieved in a financially, environmentally, and socially sustainable manner. Thus, it seems that ESG will be gaining even more momentum in a post-pandemic economy for further investments and partnerships. Most notably, the social aspect of ESG and gender equality remained integral to these discussions. For example, G7 leaders pledged to support evidence-based, prevention and victim-oriented programmes in partner countries and conflict zones.
G7 leaders also reiterated their commitment to an additional $15 billion of new funding for the 2X challenge, which was announced last month. The COVID-19 pandemic has exacerbated existing gender inequalities, including women’s unpaid care, unemployment, and domestic violence. As primary carers, women have been disproportionately affected by the pandemic and face extra barriers in accessing capital, leadership roles and jobs. The 2X challenge aims to support investments that focus on helping women and girls in developing countries, especially girls’ education. Therefore, the G7’s commitment to creating gender-responsive solutions is a promising step forward.
However, many spectators have accused the UK of hypocrisy. Boris Johnson announced that £430 million of funding for girls’ education will be spread over five years, which will average to £86 million per year. This is lower than the UK's national spending in previous years, which averaged £672 million: The UK has reduced their international aid budget from 0.7% to 0.5% of national income. Additionally, funding to other aspects of gender equality has been cut or stopped, including for women’s rights NGOs.
The G7 Gender Equality Advisory Council 2021 outlined 14 recommendations for the G7 summit and called for the renewed commitment to the target of 0.7% of Gross National Income for Official Development Assistance. The UK’s G7 presidency and emphasises on gender equality is a good start, however as many NGOs and feminists have pointed out, the cuts in national spending prove counterproductive and insufficient.
The G7 outcomes precede the Generation Equality Forum in Paris, which is being held between 30 June to 2 July 2021. It is expected that a five-year, well-funded plan will be formulated to achieve gender equality. The Forum, convened by UN Women and co-hosted by Mexico and France, will bring together a wide range of stakeholders in global gender equality. So far, Melinda French Gates (co-chair of the Bill & Melinda gates foundation) has announced $2.1 billion in funding from her Foundation for projects supporting women’s rights over the next five years.
Other foundations, such as the Ford Foundation, have made similar pledges and it can be expected that many others will follow in their footsteps. Women’s participation and gender equality remain fundamental to global cooperation for a future equitable economy.