Held at the Greenzone Actionist Hub during COP28, the tenth in a series of Changemaker Majlis events organised by the UAE Ministry of Climate Change and Environment (MoCCAE) explored challenges and opportunities for mainstreaming gender equality in climate financing.
With a focus on increasing support for women-led climate tech entrepreneurs and fostering gender diversity in the field, the session delved into the challenges women climate entrepreneurs encounter and examined the changes needed in the financing ecosystem to promote gender equality, diversity, and inclusion in this sector, which is a core component of ensuring a just and equitable transition.
Despite the critical role women play in addressing climate change, gender disparities persist in the climate tech entrepreneurship ecosystem. Women-led startups, particularly those in the climate tech sector, face significant barriers to accessing financing and resources. Moderated by Khulood Al Atiyat, Senior Strategist at Salama Bint Hamdan Al Nahyan F
oundation, the Majlis discussed the disparities in financing for women-led climate tech startups and the changes required to address them.
During the discussion, Shabnum Sarfraz, Global Director for Gender and Health at Harvard Global Health highlighted the challenge faced in accessing financing by women entrepreneurs in the climate change sector. It was pointed out that funding is available but not designed to be accessible to women. She pointed out that women entrepreneurs themselves should be present in the designing of the solution to these challenges as well as the decision-making process in providing the financing.
Initiatives to create a financing ecosystem that is more inclusive and supportive of women entrepreneurs were also debated. The role of governments and regulatory bodies in implementing policy measures and incentives that encourage investment in gender-diverse climate tech ventures was discussed, as was how to promote gender equality in climate financing by supporting women-led climate tech
startups.
Discussions during the Majlis underlined the importance of understanding the context of female entrepreneurs in the sector and suggested the need to have alternative funds that are accessible to women as well as the creation of incentives to enable access.
Sharing similar sentiments, Rachel Rivera, Chief Operating Officer of Wild Lives Foundation pointed out that most of these companies need resources and support in scaling up to be investable. In a situation where financing is refused, the Majlis agreed that women entrepreneurs should ask investors why their company is denied and what it takes for them to be investable.
Zainab Salbi, Co-founder of Daughters for Earth, underlined the importance of information sharing and a sense of shared responsibility in providing financing to women-led companies.
The dialogue also took a deep dive into how investor biases impact funding decisions, creating gender disparities in climate tech financing. Participants agreed on the importance of storytelling in c
ountering unconscious bias as it assists in bringing the challenges and the ‘real story’ light.
This Ministry of Environment and Climate Change-led Majlis series highlights the UAE’s model of present, open leadership as an approach to problem-solving. It also underlines the goals of COP28, to be an inclusive platform for strong, collaborative, and collective action.
The Changemakers Majlis concept is firmly rooted in UAE tradition, paying homage to the widespread culture of majlises as a discussion forum, as they remain a common way to gather the community to discuss and find solutions to pressing challenges.
Source: Emirates News Agency