Our approach to gender equality
The full and equal participation of women 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 UNFCCC and the 2030 Agenda for Sustainable Development. We believe 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 gender equality involves five key elements:
1. Develop a gender equality strategy
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).
2. Establish a gender action plan
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 August 2021, 46% of our team members were women and 36% were from Black, Asian and Minority Ethnic groups.
In addition, all investee companies of Camco-managed funds must:
carry out a gender equality analysis on itself, its countries of operation and the targeted sector;
establish an investee-specific gender action plan by identifying gender performance indicators and gender-disaggregated targets, against an established baseline;
monitor and report performance indicators.
3. Incentivise equality
We provide financial incentives to encourage companies to implement gender action plans and raise ambition. REPP investees, for example, are offered discounted interest rates if they successfully implement REPP’s Gender Mainstreaming Policy.
4. Work closely with portfolio companies
Camco helps investees to establish their gender action plans and undertakes comprehensive capacity building measures to support them across a spectrum of issues. We have hosted webinars on gender mainstreaming in the renewable energy sector on behalf of REPP, and established a gender mainstreaming toolkit to support equality in the sector.
5. Proactively support women’s interests and diversity
Camco deliberately targets companies and projects to invest in that support women’s interests. In the case of REPP, for example, 52% of the portfolio fulfilled the 2X Challenge gender-lens investing criteria as of June 2021. We have previously issued a gender-themed call for proposals aimed specifically at women-owned and/or managed companies and projects that promote economic empowerment of women. We also place value on local ownership and actively support locally owned and managed companies.