Equal participation of all people in decision-making and leadership across all aspects of life is not just a fundamental right, it is crucial to addressing the climate emergency and specific challenges around energy access as recognised by the Parties of the United Nations Framework Convention on Climate Change (UNFCCC) and the 2030 Agenda for Sustainable Development.

 

The Intergovernmental Panel on Climate Change (IPCC) in its sixth Assessment Report recognises that climate change affects groups differently because of the intersection of discrimination based on social factors such as urban or rural location, sexual orientation, educational background, income, gender, ethnicity, age, class and (dis)ability. Gender-sensitive and equity-based approaches aim at reducing the vulnerability of marginalised groups across multiple sectors and are actively supported and implemented by Camco. We believe that gender-smart investing is crucial to addressing climate change and that diversity in the workplace leads to better business results, as evidenced in McKinsey Global Institute’s The Power of Parity report series.

 

Our approach to ensuring equality involves five key elements:

 

1. Develop an equality strategy

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In early 2018, Camco established our twin-track Gender Equality Strategy, which involves mainstreaming gender equality into our management and operations while working with donors and financiers to ensure that gender equality is incorporated into the design, implementation, monitoring and assessment of all the investment initiatives we manage. A year later, we established a gender mainstreaming policy for the Camco-managed Renewable Energy Performance Platform (REPP).

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This strategy stipulates internal and external actions, including:

• the appointment of a gender focal point to serve as a responsible person for the coordination of the Gender Equality Strategy;

• ensuring a safe working environment, in accordance with Camco’s Safeguarding Policy;

• incorporating gender analysis in project due diligence;

• making specific gender assessment a part of stakeholder engagement incl. marginalised and vulnerable persons;

• working with in-country project partners to promote gender mainstreaming in project design and execution; and

• establishing a results measurement framework.

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2. Establish a GBA+ action plan

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We subsequently developed our Gender Action Plan and a broader Diversity Action Plan for our own operations, and now undertake annual diversity gap analyses. As of the end of Q4/2023, 46% of our team members were women and 50% were from Black, Asian and Minority Ethnic groups. Fifty per cent of team members were based in emerging markets.

 

In addition, all investee companies of Camco-managed funds must:

• carry out a gender-based analysis plus (GBA+) on itself, its countries of operation and the targeted sector;

• establish an investee-specific GBA+ action plan by identifying GAB+ performance indicators and targets, against an established baseline; and

• monitor and report performance indicators.

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GBA+ considers many identity factors such as sex, gender, race, ethnicity, religion, age, and (dis)ability, and acknowledges that the interaction between these factors influences the way we experience climate change and proposed intervention differently.

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3. Work closely with portfolio companies

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Camco helps investees to establish their gender baselines and GAPs and undertakes comprehensive capacity-building measures to support them across a spectrum of issues. These measures include one-on-one onboarding on Camco’s gender equality requirements and a review of the investee’s gender baseline and GAP.

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We also host webinars and other training events, and have established a gender equality toolkit to support equality in the renewable energy sector.

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4. Proactively support diversity

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Camco deliberately targets companies and projects to invest in that support women’s interests and vulnerable persons. Our gender-smart investment strategy seeks to align with 2X Challenge’s criteria for gender lens investing (GLI) and GAB+ by investing over 30% of funding to:

• women- and minority-owned and/or led businesses;

• companies where >30% of the workforce are women or are from other marginalised groups, and which have an equality policy; and

• product(s) or service(s) specifically or disproportionately benefitting women and other marginalised groups.

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Marginalised groups are therefore considered in all deal origination, due diligence and structuring carried out by Camco.

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At the end of Q1/2023, Camco, had dedicated 46% of all funds invested through AUM to women-owned and/or led businesses in accordance with the 2X’s GLI criteria. We also place value on and actively support locally owned and managed companies.

 

5. Incentivise equality

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We provide financial incentives to encourage companies to implement GAB+ action plans and raise ambition. Incentives can take the form of either:

• technical assistance funding to help businesses to establish or implement their GAPs, or

• results-based finance for the successful implementation of those GAPs.