Second Global Inclusive Growth Summit Launches New Programs to Fight Increasing Inequality
Gathering unveils 10 new programs, more than
These new commitments include efforts to support housing stability and build financial infrastructure in marginalized communities; investing in companies that support the resiliency of unsecured workers in
The COVID-19 pandemic has both accelerated the shift to a digital economy, and exacerbated inequality around the world. Here in
Today’s sessions covered three thematic areas: People, Planet & Prosperity: Creating Growth that Sustains; The Global Agenda for Financial Security; and TechTonic Shifts: Putting Technology to Work for the Common Good. Global leaders shared their perspectives on “rebuilding for all”, as well as the risk of not acting:
“When we harness our collective innovation and determination, we maximize our impact. Take the business community, for instance. There are employers across our nation that are leading the way on gender equality. They are committed to pay transparency, intentional in hiring and promoting, thoughtful in ensuring, flexibility and predictability.
And studies have shown that they are seeing higher equity returns, increased profit margins, and greater productivity. So, here is my on-going challenge to business leaders, foundation leaders, and non-profit leaders across our country: think about what more you can do to remove barriers to opportunity within your own businesses and organizations. To make those businesses and organizations as inclusive as they are strong. And then, please do it. Because we need your help to build an economy that works for women and for all. In this moment of transformation, I believe that change is possible if we make it together. So, let's get to work.”
“As the COVID-19 pandemic has painfully reminded us, far too many people have been left out and left behind for far too long. We have both a rare opportunity and a moral imperative to bring people together from across sectors and around the world, to build economies that give every person the chance to succeed. The investments being announced today will support both the immediate needs of the workforce and set up our economies for long-term inclusive growth and prosperity.”
“I think it's really important that everyone understand that systemic racism and indeed any structure or institution that restricts opportunity based on a person's skin color or their family connections or any of those sorts of things is an economic issue because it constrains the access to opportunity and it really limits the ability of people and communities of achieving their full potential. And if they don't achieve their full potential, we all lose because we have smaller economies than we should, and we have less resilient economies than we should. At the Atlanta Fed, we are committed to ensuring the economy works for everyone and to creating a foundation upon which all individuals, communities and businesses can thrive.”
10 partners launch 10 new programs with a singular focus: impact
Programs focused on driving financial inclusion for individuals:
Mobility Capital Finance,
Mastercard, and the City of Birmingham will jointly develop, launch, and manage Birmingham’s financial services infrastructure program to help 50,000 underbanked and unbanked residents in marginalized communities.
JPMorgan Chase will commit
$8.4 millionto improve household stability as part of the firm’s $400 millionfive-year commitment to close the housing affordability gap for Black, Hispanic and Latino households. These commitments and policy solutions are part of the firm’s $30 billioncommitment to advance racial equity and help drive an inclusive economic recovery.
Prudential is building on the impact of its decade-long partnership with the
Aspen Institutewith a pledge of $11 millionover five years to together establish “Equity Re-imagined” to improve job quality, empower people to build financial security, and amplify wealth creation opportunities for historically underserved communities.
Solutions to help small businesses scale:
STRIVE COMMUNITY will launch a
$1 million Innovation Fundto build, test, or enhance solutions that support small business growth.
GRAB, Southeast Asia’s leading super-app, announced a regional partnership with Mastercard’s
Center for Inclusive Growth, to provide millions of informal workers and small businesses on the Grab platform access to digital upskilling opportunities to create more pathways and income opportunities for them.
Initiatives to better equip the workforce of tomorrow:
Mastercardand Microsoft will link workers to training providers and employers; unlocking access to capital for small businesses; reducing bias in the financial services industry by identifying and mitigating bias in data and algorithms used by financial services providers.
AARP, in partnership with the Organisation for Economic Cooperation and Development(OECD) and the World Economic Forum, will identify and share multigenerational, inclusive workforce practices among international member companies to enable expansion of those practices in diverse industries.
Acumen, with initial support of the Target Foundation, will develop an accelerator for a cohort of early-stage companies focused on promoting green jobs and circular models that aim to drive sustainable and equitable economic growth in Indiaand provide seed capital to select early-stage companies on their path to scale.
Bolstering access to capital:
Beyond The Billion will secure pledges from venture funds and limited partner investors as part of their goal to unlock
$10 billionin venture capital to be invested in a diverse group of women founders.
In addition, Senator
“As the global economy begins to recover, the necessity of creating inclusive and sustainable growth has never been greater,” said
“When we launched the
"As people live, learn, and earn longer,
“The effects of the climate crisis – resource depletion, urbanization, and pollution – are exacerbating problems for the informal, migrant workforce in
"Investing in women is just good business. We've learned from our journey that to truly fuel women-led innovation, we need to address the entire supply chain of capital, and this is why we're excited to work with limited partner investors - from some of the largest pensions, endowments, foundations to families to diversify and advance the global venture ecosystem,"
“Access to safe, affordable housing is key to building wealth but out of reach for far too many families,” said
“MoCaFi is committed to the movement for economic justice. We are proud to partner with companies and organizations that assist us in creating sustainable financial pathways for marginalized communities, and our program in Birmingham matches our initiatives with the visionary leadership of Mayor Woodfin. This program will serve as a model for the country and how technology can bring productive financial solutions to the most vulnerable residents and neighborhoods. MoCaFi is honored that the
“Prudential is committed to closing the financial divide as an urgent moral and business imperative,” said
CGI provided assistance to select summit participants in developing the programs announced today. Over the years, CGI and its successors have brought together leaders from across sectors to improve the lives of more than 430 million people in 180 countries worldwide.
Building on a lifetime of public service,
As an operating foundation, we work on issues directly or with strategic partners from the business, government, and nonprofit sectors to create economic opportunity, improve public health, and inspire civic engagement and service. Our programs are designed to make a real difference today while serving as proven models for tomorrow. The goal of every effort is to use available resources to get better results faster – at the lowest possible cost.
We firmly believe that when diverse groups of people bring resources together in the spirit of true cooperation, transformative ideas will emerge to drive life-changing action.