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Women are leading the world in so many ways. It’s time we really invest in them. This includes women from emerging markets like India, whose purpose-driven businesses are generating tremendous value for underserved consumers and communities around the world. These companies outperform their peers, create better workplaces for their employees, and drive real social impact alongside financial profit. Take Ajaita Shah, the founder and CEO of <keyword id="131723" type="General" weightage="80" keywordseo="frontier-markets" source="Orion">Frontier Markets</keyword>. Founded in 2011, Frontier Markets today employs <a href="https://www.frontiermkts.com/our-impact">12,000 women across India</a>. It boasts a customer base of 3.5 million, reaching rural communities with essential and affordable products and services, including clean energy and digital financial solutions, agricultural tools, and home appliances. The company earns commission from each sale, plus marketing fees from suppliers; it shares 70% of revenue with its saleswomen, with the remaining 30% used to scale into new locations. Frontier Markets has overcome many challenges that have prevented other companies from achieving meaningful market penetration in critical sectors among key consumer segments, including women in remote rural communities in areas such as off-grid energy solutions and affordable healthcare. Traditional companies typically lack the insights, connections, and data on consumer demand in these areas and end up paying high supply chain costs since they do not have the networks and resources best positioned to reach these customers. Frontier markets is one of many examples of profitable, high-impact women-led businesses around the world that reach underserved communities and consumers with innovative business solutions. This is particularly true in developing and emerging markets, where 85% of the world population lives (and 90% of people under the age of 30) and where women-owned enterprises account for <a href="https://www.ifc.org/wps/wcm/connect/2a9123b3-d369-4115-8cbf-19083218ce64/G20_Women_Report.pdf?MOD=AJPERES&amp;CVID=jqeI-xk">approximately 30-37%</a> (8–10 million) of all Small to Medium sized enterprises (SMEs). Unfortunately, we rarely hear these stories or invest in these women! SMEs are increasingly important in developing economies, as they contribute to nearly half of the labour force. Yet, the International Finance Corporation (IFC)<a href="https://www.ifc.org/wps/wcm/connect/d7623440-8bb4-4827-9ce5-470dcb6f86b1/Entrepreneurship+Offering+Brochure+July2017.pdf?MOD=AJPERES&amp;CVID=lQps6KM"> estimates</a> that as many as 70% of women-owned SMEs in the formal sector in developing countries are unserved or under-served by financial institutions. This amounts to an approximately $260 – $320 billion financing gap per year. A McKinsey Global Institute (MGI) <a href="https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth">report</a> found that $12 trillion could be added to global GDP by 2025 by advancing women’s equality. According to another<a href="https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth"> </a>MGI <a href="https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth">report</a>, the Indian economy alone could grow by an additional 60% by 2025, adding $2.9 trillion, if women were represented in the formal economy at the same rate as men. Investing in women’s entrepreneurship is not just essential for economic growth - it’s also plain good for business. While marketing firms come up with cute spins for women leaders – branding them as “Girl Bosses” or “Mompreneurs” - the truth is that women-led companies outperform their peers and are smart financial investments for both commercial and retail investors. For example, data collected by First Round Capital found that, among companies it had funded, the female-led ones performed 63% better than the all-male founding teams. This was supported by<a href="https://www.kauffmanfellows.org/wp-content/uploads/KFR_Vol7/Juliana_Garaizar_vol7.pdf"> research</a> by the Ewing Marion Kauffman Foundation, which found that women-led teams generate a 35% higher return on investment than all-male teams. On top of that,<a href="https://www.forbes.com/sites/carolinecastrillon/2019/03/24/why-women-led-companies-are-better-for-employees/?sh=75f5cf933264"> numerous studies</a> have shown that women-led companies have happier employees due to more purpose-driven work, generous benefits, better leave policies, and compassionate leadership, among other factors. So yes, women represent a significant business opportunity. And with this sea of data, you would think investors would be lining up to get their slice of the pie. Yet, there is a $300 billion gap in financing for women-owned small businesses, according to the International Finance Corporation. And<a href="https://news.crunchbase.com/venture/global-vc-funding-to-female-founders/"> data</a> compiled from Crunchbase found that global venture funding to women-founded companies fell considerably in 2020 to a low of just 2.3%. Alongside systemic gender inequities, including education, the pay gap, and domestic responsibilities, it’s this pervasive financial inequality that profoundly limits women’s potential as business leaders. This is especially true in many developing and emerging markets, where the odds are even more stacked against women due to cultural and socioeconomic barriers - in addition to the legal, regulatory, and technical ones. But when women are set up to succeed, they are an economic force to be reckoned with. I witnessed this first-hand in my journey as an entrepreneur, meeting with women and girls across Kenya, India, Indonesia, Thailand, Cambodia, and Haiti. With access to funding and non-financial support, women across emerging markets are starting businesses and creating transformational change. Take <keyword id="14504534" type="General" weightage="50" keywordseo="praava-health" source="Orion">Praava Health</keyword> as another example. Founded in 2016 by Sylvana Q. Sinha, <keyword id="14504532" type="General" weightage="80" keywordseo="praava" source="Orion">Praava</keyword> brings high-quality and affordable healthcare to families and communities across Bangladesh, where barriers to access healthcare are high, and up to 20% of market pharmaceutical drugs are counterfeit. To date, when the world has navigated the greatest pandemic of our time, the company has served more than 3,50,000 patients through doctors practising protocolised medicine, spending real time with each patient, and documenting proper diagnoses. Praava is tripling growth each year with a tech-forward model designed to be efficient, accessible, and scalable across emerging markets. Today, it has become Bangladesh’s fastest-growing consumer healthcare brand! It was designated a 2021 World Economic Forum Technology Pioneer and 2020 Fast Company World Changing Idea and Developing World Technology. Equity investments of $11.1 million made this all possible. Investing in companies like the Frontier Markets and the Praavas demonstrate what we have been saying all along, which is stated best by <keyword id="6421975" type="General" weightage="50" keywordseo="indra-nooyi" source="Orion">Indra Nooyi</keyword>: “No economy can succeed without tapping the incredible potential of women.” SEE ALSO: <a href="https://www.businessinsider.in/sustainability/article/opinion-esg-investing-remains-strong-even-as-the-markets-crater-across-the-globe/articleshow/92175049.cms">ESG investing remains strong even as the markets crater across the globe</a> Alix Lebec is the founder and CEO of <keyword id="14504533" type="General" weightage="80" keywordseo="lebec-consulting" source="Orion">Lebec Consulting</keyword>. She spent two decades leading successful entrepreneurial efforts at the intersection of impact investing, philanthropy, and ESG—including global efforts on behalf of the World Bank, Water.org, WaterEquity, and Giving Pledge member. <keyword id="14504535" type="General" weightage="50" keywordseo="jessica-gisondo" source="Orion">Jessica Gisondo</keyword> is Director of Communications &amp; Partnerships at Lebec Consulting. She has worked at the intersection of philanthropy and social change for over a decade—including at Bloomberg Philanthropies, Open Society Foundations, and the <keyword id="6355833" type="General" weightage="50" keywordseo="united-nations" source="Orion">United Nations</keyword>. Hannah Kovich is Director of Programs &amp; Research at Lebec Consulting, with 11+ years of extensive experience in non-profit fundraising, grants strategy and management, donor stewardship, investor relations, and in-depth research. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.

OPINION: Women-led businesses—an untapped opportunity in sustainable investing

As the need for real environmental, social, and governance (<keyword id="77363" type="General" weightage="100" keywordseo="esg" source="Orion">ESG</keyword>) investing skyrockets, so too should our concern over the state of society and the planet if we fail to meet the United Nations Sustainable Development Goals (SDGs) by 2030 and achieve Net Zero carbon emissions by 2050. Focus on real estate is vital in these efforts, as the building and construction industry accounts for <a href="https://www.mckinsey.com/industries/real-estate/our-insights/climate-risk-and-the-opportunity-for-real-estate">roughly 40% of global carbon emissions</a>. It also happens to be a sector with several tangible actions that can bring these emissions down to net-zero while further mitigating climate change by ensuring long-term energy and water usage efficiency and minimising waste production. And, in a global economy dependent on the sustainability and availability of natural and human capital, doing good is not just an ethical choice - it’s the smart choice for investors. For example, global green finance has risen over 100-fold in the last decade, <a href="https://www.reuters.com/business/sustainable-business/global-markets-greenfinance-graphics-2022-03-31/#:~:text=March%2031%20(Reuters)%20%2D%20Global,TheCityUK%20and%20BNP%20Paribas%20showed">according to Reuters</a>. Global borrowing by issuing green bonds and loans, and equity funding through initial public offerings targeting green projects, swelled to $540.6 billion in 2021, up from $5.2 billion in 2012. This tidal wave is contributing largely to ESG investing emission reduction practices by incentivising real estate managers to make tangible changes. In doing so, they can leverage subsidies by federal and state tax rebates and by local utility companies. In addition, the intersection between ESG and impact investing provides ample opportunities for investors to proactively generate value and social impact in real estate, alongside long-term profitability. <keyword id="14817863" type="General" weightage="50" keywordseo="esusu" source="Orion">Esusu</keyword> Financial, one of the first Black-owned startups to reach a $1 billion valuation with a successful $130 million Series B round, is an excellent example. With early-stage investments from impact investing pioneer Acumen, Esusu (now backed by SoftBank) is a fintech company that targets immigrant and minority groups. It provides rent reporting and data solutions for credit building, helping underserved families get credit for paying their rent on time and building their credit scores. That is why the question today is no longer if investment managers should consider ESG but rather how they should start integrating it into their business and strategy. After several years on the periphery of investment managers’ attention, it’s finally becoming standard practice—and the data reflects this. At their current growth rate, ESG-mandated assets are on track to represent half of all professionally managed assets by 2024, <a href="https://www2.deloitte.com/us/en/insights/industry/financial-services/esg-investing-and-sustainability.html">according to Deloitte</a>. This means a quadruple growth from $19 trillion in 2014 to $80 trillion by 2024. Much of this growth in global ESG-mandated assets is undoubtedly the result of rising client demand and disclosure regulations. The <a href="https://www.eurosif.org/policies/sfdr/">Sustainable Finance Disclosure Regulation</a> and the <a href="https://www.fsb-tcfd.org/">Taskforce for Climate-Related Financial Disclosure</a> (TCFD) are two of the biggest regulatory disclosure standards we've witnessed lately. While these recommendations were originally voluntary, in many countries they’re now becoming mandatory, placing increased importance on — and a stricter framework around — ESG and climate-related reporting. As a testament to this, the <a href="https://www.gresb.com/nl-en/">Global ESG Benchmark for Real Assets</a> (GRESB) — widely considered to be the leading international assessment and benchmarking tool for the sustainability performance of real estate assets — is developing a TCFD reporting tool to help companies simplify their TCFD disclosure efforts using data from GRESB Assessments. On top of that, the International Sustainability Standards Board (ISSB) has been launched by the International Financial Reporting Standards Foundation to develop a comprehensive global baseline of sustainability disclosure standards. There’s no question that the train is already barreling forward—and investment managers would do well to jump aboard sooner rather than later. Indeed, a number of real estate investment managers are already changing the game — largely due to client and investor demand and expectations, regulatory requirements, and the SDGs. Whether investing in new assets, retrofitting existing assets to make them value-additive, or investing during the construction and development phase, managers are increasingly focused on assets that have green building certifications like LEED and product certifications like Energy Star, BREEAM, <keyword id="14817861" type="General" weightage="50" keywordseo="green-globes" source="Orion">Green Globes</keyword>, WELL, or <keyword id="14817862" type="General" weightage="50" keywordseo="fitwel" source="Orion">Fitwel</keyword> that contribute to healthier buildings and improved wellbeing for the people residing and working in them. Additionally, an increase in diversity in leadership among managers, including women, will continue to advance progress and help these managers identify untapped, uncrowded opportunities at the intersection of impact investing and ESG. For example, Shubham is a leading provider of housing finance in India that recently raised $112 million in a round led by Premji Invest, British International Investments, LeapFrog Investments, and the Asian Development Bank. With this, Shubham aims to expand access to affordable housing among low-income households as well as increase inhabitants’ access to clean drinking water and safe sanitation. This investment in Shubham represents a larger trend in emerging markets, where green buildings represent an investment opportunity of more than $24.7 trillion by 2030, according to an<a href="https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/climate+business/resources/green+buildings+report"> International Finance Corporation (IFC) report</a>. As we enter a new era where global pandemics, climate change, the global water crisis, systemic racism, and gender and income inequality continue to hinder our progress and the sustainability of our planet — we have an urgent responsibility to rebuild our systems and walk the talk. Proactive ESG techniques in real estate represent engagement on all these fronts — as opposed to simply divesting and screening out negative investments. And engagement brings us closer to impact investing, which is undeniably what will create systemic change in the real estate space. Thus, companies are finding themselves at a juncture: Take a mechanical compliance approach to ESG, or view this as an opportunity to adjust to the changing socio-environmental conditions and create a new normal for business. This new normal can create real, tangible value for people and the planet, alongside long-term profitability. <keyword id="14817860" type="General" weightage="50" keywordseo="katie-orr" source="Orion">Katie Orr</keyword> is COO &amp; Head of ESG at Lebec Consulting. <keyword id="14817864" type="General" weightage="50" keywordseo="alix-lebec" source="Orion">Alix Lebec</keyword> is the Founder &amp; CEO of Lebec Consulting. This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s <a href="https://www.businessinsider.in/sustainability">Sustainability Insider</a>. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.

OPINION: Here’s what proactive ESG investing in real estate looks like

<ul class="summary-list"><li>High inflation and commodity costs are forcing chains to raise menu prices.</li><li>A New York college student created a searchable fast-food index to highlight prices in the US.</li></ul>Riley Walz is a business major at the Macaulay Honors College at the City University of New York and dabbles in coding. The 20-year-old one day hopes to run his own business. Until that happens, he's taken on the unofficial position of "fast-food data scientist," thanks to his latest side project, the <a href="https://fastfoodindex.walzr.com/">Fast Food Index</a>.Walz's index, distributed to classmates last month, tracks the pricing of four popular fast-food items: McDonald's Big Mac, Taco Bell's crunchy taco, Chipotle's chicken burrito, and Chick-fil-A's chicken sandwich. He created the searchable index last month after noticing his go-to chicken burrito from a Chipotle near Columbia University cost 15 cents more than his neighborhood Chipotle on the Upper East Side. As a business student, he understands that cost of living plays a factor in menu pricing, but he wondered why prices of the same item would vary that much from one part of the city to another."I was interested to see where's the cheapest burrito in the entire country and where is the most expensive one," he told Insider. Three weeks later, he had his answer.<div type="image" title="Fast Food Index" height="837" width="1116" msid="96056701" hostid="261" sizebytes="67452"></div>According to the <a href="https://fastfoodindex.walzr.com/" target="_blank" rel="noopener">Fast Food Index</a>, the most expensive Chipotle chicken burrito is sold for $11.10 in Manhattan's garment district. There's a three-way tie for the cheapest burrito in Iowa City, Iowa; Athens, Ohio; and Ann Arbor, Michigan.To create the index, he wrote a script that scraped menu data from the apps of each chain."It just kept making a request, pretending it was going to make an order at every single store," he said of the script. The index is searchable by Zip Code and highlights the average price of all four menu items in the US and the three cities where each item is the most and least expensive.While it makes sense that New York is home to the most expensive Chipotle burrito, Walz's index uncovered some head-scratching geographical pricing. For example, two rest stops on opposite sides of the Massachusetts Turnpike both have a McDonald's. One location charges $6.19 for a Big Mac, while the one directly across the highway charges $7.29.When asked about the $1.10 differential, as well as its overall pricing strategy, McDonald's told Insider that menu "prices are ultimately at the discretion of our franchisees and may vary by restaurant."Other Fast Food Index findings:<ul><li>At $7.89, a McDonald's in Lee, Massachusetts, is home to the most expensive Big Mac. The cheapest can be found in Eufaula, Oklahoma, for $3.39.</li><li>Generally, menu prices for restaurants close to college campuses are higher than nearby restaurants off campus, Walz said. </li><li>In metro areas like New York or Los Angeles, prices can vary up to 30% from neighborhood to neighborhood, except Chick-fil-A, whose prices are usually pretty consistent, Walz said. </li><li>Los Angeles, Washington, DC, and New York City are home to the most expensive Chick-fil-A chicken sandwiches, with prices ranging from $5.79 to $6.29. </li><li>Whittier, California, and Ellisville, Mississippi, are tied for the cheapest Taco Bell crunchy taco, at $0.99. The most expensive crunchy taco sells for $3.39 in Lebec, California, a town of fewer than 1,500 people.</li></ul><div type="image" title="Taco Bell Fast Food pricing index" height="837" width="1116" msid="96056703" hostid="261" sizebytes="61112"></div>Taco Bell couldn't explain the expensive taco price in Lebec, saying that franchisees set their own prices with the "goal of providing our guests with incredible value." Raising menu prices is becoming standard practice this year at chains like <a href="https://www.businessinsider.com/chipotle-is-raising-prices-again-how-much-2022-7" target="_blank" rel="noopener">Chipotle</a> and McDonald's. <a href="https://www.restaurantdive.com/news/mcdonalds-hikes-menu-prices-8-as-visits-fall-1/622903/" target="_blank" rel="noopener">Earlier this year, </a><a href="https://www.businessinsider.com/mcdonalds-food-inflation-changing-customer-buying-habits-2022-7">McDonald's told investors that menu prices were up between 8% and 9% in the second quarter.</a> Chipotle menu prices increased by 4% in August, and the company has raised prices for delivery. In the third quarter, delivery pricing at Chipotle increased by 13% compared to the same period last year. The restaurant consultant Tim Powell said inflation might play a factor in higher menu prices, as many chains are passing off higher commodity costs to consumers. In October, money spent on food away from home, which includes restaurants, rose 8.6% over last year, according to the Consumer Price Index.Powell, the managing principal at the industry consultancy Foodservice IP in Chicago, said menu prices are primarily influenced by the cost of doing business in a specific city or state, where labor and real-estate costs vary. "California and New York have very high labor and real-estate costs," he said. "Each franchisee may charge a different price based on the cost of labor or food or real estate."That's true for McDonald's, Taco Bell, and Chick-fil-A, the companies told Insider. Chipotle, which owns and operates all its restaurants, didn't return a request for comment. Walz's index helps illustrate how cost-of-living factors trickle down to the consumer, but the index is not foolproof. "I'm like 99.9% sure I have everything, but it's definitely possible I missed something," Walz said.His script scraped pricing from 13,273 McDonald's locations, 2,495 Chick-fil-A locations, 7,414 Taco Bell restaurants, and 3,083 Chipotles. But those store counts differ slightly from chain totals, according to research by Insider. Either way, Walz said he set out to confirm if New York City was home to the most expensive Chipotle burrito — and it was. Plus, he said, the coding challenge "was actually kind of fun."Are you a fast food insider with insight to share? Got a tip? Contact this reporter via email at nluna@insider.com or via Signal encrypted number 714-875-6218.

You may pay nearly $8 for a McDonald's Big Mac in Massachusetts versus $3 in Oklahoma. Here's why costs can vary — even for locations across the street from one another.

Companies worldwide are trying to differentiate themselves in the market, cut through the noise, and avoid becoming a casualty of the ‘Great Resignation’. A few important trends may help them remain relevant and innovative. Trust-based philanthropy has garnered traction alongside transformative corporate philanthropy models over the past decade. These are anchored around equitable, long-term partnerships aligned with a corporation’s purpose and significant resources rather than just a marketing campaign. Patagonia and <keyword id="6371031" type="General" weightage="20" keywordseo="ikea" source="Orion">IKEA</keyword> are two such examples. These philanthropic approaches seek to address the root causes of inequality and poverty and provide flexible and long-term funding that can also unlock other forms of financing, such as impact investment capital. Such approaches can help companies and their foundations meet their <keyword id="462897" type="General" weightage="20" keywordseo="social-impact" source="Orion">social impact</keyword> goals and environmental, social, and governance (ESG) objectives. <cmsannotation type="cmsannotation" annotationid="A business case for purpose" comment="subhead" text="A business case for purpose">A business case for purpose</cmsannotation> Indeed, there is an undeniable<a href="https://www.forbes.com/sites/afdhelaziz/2020/03/07/the-power-of-purpose-the-business-case-for-purpose-all-the-data-you-were-looking-for-pt-2/"> business case for purpose</a>, which positively impacts people, the planet, and a company’s bottom line and reputation. The research shows that more and more employees and consumers want to see companies make a difference and take a stand on social and environmental issues. This is particularly true of the Millennial generation, which will represent 75% of the global workforce by 2025 and account for trillions of dollars in spending across the globe. Global <keyword id="878850" type="General" weightage="20" keywordseo="market-research" source="Orion">market research</keyword> company, Forrester,<a href="https://go.forrester.com/blogs/millennials-want-credible-digital-content-so-give-it-to-them/"> reported</a> that four out of five Millennials prefer a company with a strong vision and voice. And according to Ellevest’s <a href="https://www.ellevest.com/magazine/disrupt-money/ellevest-financial-wellness-survey-2022">2022 Financial Wellness Survey</a>, more than half (56%) of Millennial women would leave their current company if its values on reproductive rights did not align with their own. Tired of what they see as government failure and inaction, this generation believes that businesses and cross-sector partnerships can be the most effective avenue to solve global challenges such as climate change and gender inequality. If companies fail to inspire and lead Millennials, they’ll be putting a major chunk of revenue at risk, not to mention will have a hard time recruiting talent. Additionally, companies with social impact, sustainability, and ESG objectives will, in a measurable way, be held accountable by shareholders and market regulatory bodies like SEC and SEBI for how they show up in the world, alongside all of their stakeholders. For example, the world’s largest tech company Apple and restaurant chain Chipotle are linking executive bonuses to ESG performance, along with these<a href="https://www.perillon.com/blog/17-major-companies-linking-executive-pay-to-esg-performance"> 15 other companies</a>. At the same time, MasterCard has made DEI (Diversity, Equity, and Inclusion) a priority for its 25,000 employees. DEI entails more<a href="https://www.spglobal.com/en/research-insights/featured/when-women-lead-firms-win"> diverse and women leaders</a> in executive positions, which is associated with higher profits, greater employee engagement, and increased customer satisfaction. <cmsannotation type="cmsannotation" annotationid="Trust-based philanthropy and new models of corporate philanthropy" comment="subhead" text="Trust-based philanthropy and new models of corporate philanthropy">Trust-based philanthropy and new models of corporate philanthropy</cmsannotation> These are reasons businesses and their foundations have integrated trust-based philanthropy as a corporate strategy to help achieve their ESG and social impact goals. Trust-based philanthropy is rooted in long-term partnerships and shared-power relationships based on transparency, dialogue, and mutual learning. On a practical level, this means abandoning restrictive, one-time gifts for multi-year, unrestricted funding to support organisational health and adequately address the root causes of systemic issues such as poverty and social exclusion — rather than apply band-aid solutions. Open Road Alliance<a href="https://openroadalliance.org/"> found</a> that funder-created obstacles represent 46 per cent of the challenges nonprofits face, largely because of the strings attached to the funds made available. Instead, unrestricted, flexible, catalytic, and long-term capital allows organisations to allocate resources where they are most needed, making room for innovation, emergence, and impact. Alongside companies like Target and Niagara Bottling, Thankyou is one example of a company bringing trust-based philanthropy to life. They fund a number of high-performing global nonprofits with flexible, long-term philanthropic support, including supporting global nonprofit iDE on their mission to end global poverty using a market-based approach. It’s important to note that trust-based philanthropy does not mean neglecting due diligence. On the contrary, this form of philanthropy is based on rigorous due diligence that values and respects local insights and organisations. Funders should fully embrace the idea that trust-based philanthropy encourages innovation and accelerates scaling and impact, something most companies value. It can derisk innovation, seed new ideas, and attract additional forms of capital long-term, including impact and ESG investors. Much like how the commercial sector places big bets on new ideas and business models, philanthropy is capable of taking big bets on an organisation’s vision, track record, and team — versus funding projects and micro-managing the execution. It may feel like risk-taking, but there is value in failing fast and trying a different approach that leads to more successful outcomes. This is a complex challenge. But we need locally-led innovation and the freedom to fail, learn, and pivot. Trust-based giving doesn’t necessarily work for everyone. However, there is an urgency for long-term, flexible philanthropy that supports people and organisations instead of one-time projects, given the USD5 trillion annual funding gap to solve the<a href="https://sdgs.un.org/goals"> UN Sustainable Development Goals</a>, the dire findings in the<a href="https://www.ipcc.ch/report/sixth-assessment-report-working-group-ii/"> IPCC report</a> (Intergovernmental Panel on Climate Change), and the fact that 300 million people fell back into poverty during the pandemic. There are already enough resources and ingenuity in the world to fight climate change and alleviate poverty, and we have an array of capital tools that we can use creatively to reach those living in extreme poverty, create markets that ensure affordable goods and services reach low-income families, and reduce dependency on aid. This is where companies can step up, amplify their impact, and show their customers they are truly walking the walk. Elizabeth Ellis is the CEO of International Development Enterprises (iDE). Alix Lebec is the founder &amp; CEO of Lebec Consulting and an iDE Board Member. Peter Yao is the Chief Impact Officer for Thankyou, an Australian-based corporation. This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s Sustainability Insider. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity. <h2>Recommended stories: </h2> <div type="Article" hostid="261" msid="94519001" title="The electric vehicle boom depends on mining. Rivian&amp;#39;s new chief sustainability officer is tasked with making it responsible." mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="94544778" title="PepsiCo wants to grow profits and shrink its carbon footprint. That requires the company to &amp;quot;go bigger&amp;quot; and &amp;quot;accelerate&amp;quot; climate action, a top sustainability exec says." mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

OPINION: Can trust-based philanthropy become the mainstream?

The intersection of <keyword id="77363" type="General" weightage="100" keywordseo="esg" source="Orion">ESG</keyword> (Environmental, Social, and <keyword id="56788" type="General" weightage="50" keywordseo="governance" source="Orion">Governance</keyword>) and impact investing isn’t just for the morally motivated anymore. In a global economy dependent on the sustainability and availability of natural and human capital, doing good makes financial sense. Today’s most visionary and responsible business, financial, and public sector leaders understand that and have the data to prove it. <cmsannotation type="cmsannotation" annotationid="The ESG success story" comment="subhead" text="The ESG success story">The ESG success story</cmsannotation> <a href="https://www.forbes.com/sites/stuartrlevine/2021/02/22/smart-esg-drives-business-results/?sh=59b2ab872413">Harvard Business Review</a> and several other studies attest that sound performance on ESG-related measures translates into better financial returns and accountability. This finding was echoed by the GIIN’s (Global Impact Investing Network) 2017 <a href="https://thegiin.org/research/publication/annualsurvey2017">Annual Impact Investor Survey</a>. Based on the analysis of more than 200 of the world's leading impact investing firms, the survey found that the majority of respondents achieved market-rate returns, with 91% claiming their returns met or exceeded their professional expectations. Today, where traditional markets have failed, many impact investment managers are succeeding by creatively using philanthropic and impact investment tools and taking big bets on enterprises that generate strong social and financial returns in the long term. Indeed, at a time of market upheaval and the worst April for equities in decades, ESG-labelled funds are drowning in cash. Global ESG assets are now on track to exceed $53 trillion by 2025, showing particularly strong performance in emerging markets. So, what gives? It’s pretty simple, actually! As socio-environmental issues like climate change, poverty, human rights, and gender and income inequality become more central to mainstream business decisions, more and more global business leaders and investors are realising that profitability and longevity are not just about the shareholders anymore. Progressive business leaders understand that their success is not just driven by one metric: the highest and quickest form of financial returns at the cost of everything else. Investing in both human and natural capital increases returns and reduces risks such as those associated with the escalating climate crisis. <cmsannotation type="cmsannotation" annotationid="Need for ESG investments in India" comment="subhead" text="Need for ESG investments in India">Need for ESG investments in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword></cmsannotation> This is especially relevant in a market like India, where the economic impacts of global warming are playing out in real-time. An unprecedented and deadly heatwave — <a href="https://www.worldweatherattribution.org/climate-change-made-devastating-early-heat-in-india-and-pakistan-30-times-more-likely/">made 30 times more likely by the climate crisis</a> — led to a substantial reduction in the country’s wheat crop yields. In turn, this caused the government to reverse an earlier plan to supplement the global wheat supply that has been impacted by the war in Ukraine. The soaring temperatures have also led to power and water supply shortages and forced millions of people to limit their activity to early morning and evening, reducing India’s overall economic productivity and output. Make no mistake — a regional heat wave across the world’s second-largest wheat producer has global implications in today’s world. That is exactly why investments in everything sustainable — from regenerative agriculture to clean energy to low-carbon and climate-resilient infrastructure, higher quality health services and education for all — are the need of the hour. <cmsannotation type="cmsannotation" annotationid="Sustainable investment opportunities in India" comment="subhead" text="Sustainable investment opportunities in India">Sustainable investment opportunities in India</cmsannotation> Take water, for example. A clean water supply is the backbone of a healthy economy, but it is woefully under-prioritised globally. India is the world’s fastest-growing major economy yet 50% of the population lacks access to safely managed drinking water, resulting in an estimated economic burden of approximately USD $600 million a year. This represents a tremendous opportunity for investments in water utilities and environmentally-driven companies that clean, purify, or distribute water to all. As part of the founding team at <keyword id="12336716" type="General" weightage="50" keywordseo="waterequity" source="Orion">WaterEquity</keyword>, I saw first-hand how investments in water in emerging markets helped entire families and communities create wealth and improve health. This potential cuts across all ESG-driven sectors, including renewable energy and gender equity. Wind and solar energy generated 10% of the world’s electricity last year alone and have very strong potential for scale. India, which announced its aim to reach net-zero emissions by 2070, is particularly well-placed to become a global leader in renewable batteries and green hydrogen. According to the <a href="https://www.iea.org/commentaries/india-s-clean-energy-transition-is-rapidly-underway-benefiting-the-entire-world">International Energy Agency</a>, these and other low-carbon technologies could create a market worth up to US$80 billion in India by 2030. <cmsannotation type="cmsannotation" annotationid="Investing in gender equality" comment="subhead" text="Investing in gender equality">Investing in gender equality</cmsannotation> There is also a substantial opportunity for growth and financial gains in India by improving women’s access to markets and financial assets and investing in women-led businesses. <a href="https://www.cfr.org/womens-participation-in-global-economy/case-studies/india/">Current estimates</a> place India's female participation rate in the formal labour force at only 24% — among the lowest in emerging markets. In the C-Suite, women account for only 4.7% of CEOs in India, while <a href="https://www.fsg.org/blog/investing-in-women/">less than 1% of Indian founders</a> who receive funding in Series A and beyond are women. Yet, <a href="https://www.mckinsey.com/featured-insights/employment-and-growth/the-power-of-parity-advancing-womens-equality-in-india">McKinsey Global Institute</a> (MGI) found that achieving gender equality in India would have a larger economic impact than in any other region in the world — US$700 billion of added GDP in 2025. According to another <a href="https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth">MGI report</a>, the Indian economy could grow by <a href="https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth">an additional 60% by 2025</a>, adding $2.9 trillion, if women were represented in the formal economy at the same rate as men. <cmsannotation type="cmsannotation" annotationid="Way forward" comment="subhead" text="Way forward">Way forward</cmsannotation> Now, I’m not saying ESG is going to magically solve all our problems. To the ESG critics, let me be clear — it’s true that ESG ratings today are suboptimal and disclosure requests are a work in progress. And when it comes to ESG and sustainability overall, too many of us are still not speaking the same language (which the development of the <a href="https://www.ifrs.org/groups/international-sustainability-standards-board/">International Sustainability Standards Board</a> may help us with). ESG in its fullest form has not yet been done, and its intersection with impact investing is very promising. This is where we begin to shift from passive, negative screening and divestment to proactive investments that generate both social impact and financial returns. The intersection of ESG and impact investing are the greatest tools we have for leveraging the power of capital markets in ways that reflect the type of world in which we want to live. So why are we not implementing these business and investment practices across the board? Why are we still defending business as usual when it has repeatedly failed the planet and left so many people behind? The cost of silence and inaction is far too great to settle for the status quo! Alix Lebec is the founder and CEO of <a href="https://www.lebec-consulting.com/"></a>Lebec Consulting, a women-owned and led firm that helps businesses and entrepreneurs with philanthropy, impact investing, and ESG investing. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity. This column is part of June 2022’s month-long awareness campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by <a href="https://www.businessinsider.in/sustainability">Business Insider India’s Sustainability Insider</a>.

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