Joe Biden, President of the United States, launched his multimillion-dollar “Climate Gender Equity Fund” on Friday at the United Nations climate conference COP 27 in Egypt to address women’s perceived inequalities in climate finance.
To “provide women climate leaders with the technical expertise, support systems, and financial resources they need to develop and implement effective climate solutions,” the Climate Gender Equity Fund “leverages contributions from the private sector,” as stated by the White House.
The Climate Gender Equity Fund is an initiative proposed by the Biden administration to help women gain access to “technical skills, networks, and cash to innovate and scale climate solutions.”
Amazon contributes to the project’s funding as well as the United States Agency for International Development.
The seed funding for the initiative totals $6 million, thanks to investments from online retailer Amazon and a matching grant of $3 million from the United States Agency for International Development.
Amazon claims this program will give women “access to the networks and technical abilities they need to speed the development of their climate change products on a global scale.”
Kara Hurst, Amazon’s vice president of global sustainability, has issued a report.
To effectively tackle climate change, we must guarantee that women business entrepreneurs have equitable access to financing, resources, and knowledge. Our work with USAID and the Biden administration aims to increase the global impact of climate solutions driven by women.
Amazon notes a decline in the percentage of venture capital funding going to businesses with female founders since the outbreak began. It was also announced that another $50 million of Amazon’s Climate Pledge Fund would be allocated to groups led by women in the field of climate technology.
To “enable the continuous climate stewardship by Indigenous peoples and local communities strengthening their access to climate financing,” a $2 million “Indigenous Peoples Financing Access Facility” was established during Biden’s presidency.
In an effort to curb inflation, President Biden set up the Climate Gender Equity Fund and approved a $430 billion climate expenditure plan.