Women-led and women-owned business incubator Villgro Philippines has secured a financial grant from the United States Agency for International Development (USAID) for its gender and climate initiatives.
While USAID did not disclose the grant amount, the aid agency said in a Sept. 23 statement that Villgro Philippines joined Altree Capital and The Rallying Cry as the three newest grantees of its Climate Gender Equity Fund (CGEF).
According to Villgro Philippines' website, the Makati-based social enterprise incubator and investor has more than 20 years of experience supporting Southeast Asian impact enterprises in the agriculture, fisheries and healthcare sectors as well as their climate action and gender equality initiatives.
USAID-led CGEF "seeks to increase access to climate finance for women-led and women-benefiting organizations working at the forefront of climate action."
CGEF is a public-private partnership with Amazon, Reckitt, UPS Foundation and Visa Foundation, USAID noted.
"CGEF is one of the first major activities of USAID's Climate Finance for Development Accelerator (CFDA), a $250-million initiative designed to mobilize $2.5 billion in public and private climate investments by 2030 to fund a range of climate change mitigation and adaptation solutions focused on scaling up the transition to an equitable and resilient net-zero economy," according to its website.
"Launched with an initial commitment of $6 million between USAID and Amazon, CGEF seeks to leverage at least $60 million in capital from corporations, foundations, bi/multilaterals, and other funders. CGEF will reach women climate leaders in global emerging markets where USAID operates," it added.
This fund formed part of the wider Women in the Sustainable Economy (WISE) partnership, which was launched by US Vice President and current presidential aspirant Kamala Harris last year. The WISE initiative was aimed at "bolstering women's economic security in sectors that address climate change," USAID said.
According to USAID, 33 civil society organizations, corporations, foundations as well as governments have committed more than $2 billion in total for WISE.