Social Implications of Climate Change and the Opportunity for Women’s Empowerment November 2016

Economic Case for Gender Parity Social Implications of Climate Change and the Opportunity for Women’s Empowerment Economic Case for Gender Parity Julie Fox Gorte Senior Vice President for Sustainable Investing Pax World Funds www.paxworld.com Gendered Implications of Climate Change Najada Kumbuli Senior Investment Officer Calvert Foundation www.calvertfoundation.org

Living Dangerously in the Future Two of the biggest problems the world must address are climate change and gender equality So why am I talking about living dangerously? Because the world faces several systemic problems, and these are challenges that we must address in order to live less dangerously. By “dangerously”, I mean living in a world that sees the chances of conflict and strife rise markedly year after year, due to anger, unrest, and anything that causes mass dislocations. The biggest problems the world has to solve are well laid out by the UN Sustainable Development goals. Several of those goals relate to both climate change and gender equality: goal 1 (no poverty), 5 (gender eqaulity), 7 (affordable clean energy), 13 (climate action), 14 (life below water), 15 (life on land) and 16 (peace, justice and strong institutions). While many of these problems will require unique and tailored solutions, we should be eternally vigilant in finding solutions that are synergistic. It will take far less effort if the work we do to solve any problem contributes to the solution of others. Happily, that is almost certain to be true: solving poverty will be easier when there is more gender equality; women are more likely to be poor, but when they do get money, they tend to spend it on education and family needs rather than entertainment. A less volatile climate will reduce the pressures for mass migration; there could be hundreds of millions of climate refugees if we let warming proceed as it will in a business as usual scenario. Solving climate change will reduce the pressure on life, both above sealevel and below it.

What’s our business case? Gender equality is better for economic health Diversity makes for better decision making. Having better gender balance in boardrooms and executive suites is positively related to better financial performance

The business case for solving climate The price tag for inaction on climate: $4-$24 trillion Where are the world’s stock markets?

Why do we care about climate change and energy access © wame

The feminization of energy poverty and climate change One in five people (1.3 billion) live in extreme poverty AND lack access to any form of electricity Hours a day women spend collecting water – enough to build 30 Empire State Buildings 75 % of them are women and girls Two in five people (2.7 billion women) cook in open fires 4 Million Deaths a year, more than malaria, HIV/AIDS and lung cancer combined 200 Million 1 Billion People served by health facilities that are completely without electricity

Correlation: Energy Access & Women Empowerment “The Sustainable Energy for All initiative sets ambitious targets for 2030: Universal access to modern energy sources…but we cannot have the future we want without full equality for women. Today, I call on everyone to help put the “power” in our drive to empower women. Then they can help light our world.” Secretary General of the United Nations, June 22, 2012

Manage Risks That Matter Because any model of economic growth based on causes of systemic risk is ultimately doomed to self-destruct.

Most Critical Systemic Risks

 It requires 3,000 to 4,000 kWhs per year for a person to have what we consider a good life. It will take over 30 trillion kWhs per year worldwide to get everyone above that – in other words, to eradicate global poverty http://www.forbes.com/sites/jamesconca/2015/11/05/choking-our-health-care-system-with-coal/#34f203a9182f

“Any attempt to follow high-carbon growth will eventually be self destructive.” That 30 trillion kWhs must come from renewables. https://www.theguardian.com/environment/2016/oct/27/10-years-on-from-the-stern-report-a-low-carbon-future-is-the-only-one-available

Economic inequality leads to collapse  Unequal enrichment provokes asset bubbles, excessive demand for debt and, finally, economic failure.

Economic inequality leads to collapse Joy Behar: Trump’s win proves ‘men can get away with anything and women can get away with nothing’

So we need diversity and equity, everywhere If we want an economy that can thrive indefinitely, we must work towards a renewables-powered, waste-to-value based economy that has fully enfranchised the 100%.

Social Implications of Climate Change and the Opportunity for Women’s Empowerment November 2016