TC Web Desk
As the largest network of social investors across Asia-Pacific, Asian Venture Philanthropy Network (AVPN) has been appointed as Official Impact Partner of G20 Indonesia to ensure major economies prioritize social and environmental issues.
At an official B20 side event on November 12, designed to amplify the voices of the social investment community in the final run-up to the G20, AVPN announced a $25 million Asia Gender Equality Pooled Fund with support from Fondation CHANEL, Bill and Melinda Gates Foundation, The Target Foundation and members of AVPN’s Asia Gender Network which will invest in women’s economic empowerment across the Asia Pacific region.
It will also start a $3 million Sustainability Seed Fund, with support from Google and Asian Development Bank will be used for combating climate change and drive sustainability through technology in the Asia-Pacific and announced a strategic partnership with the Global Blended Finance Alliance to catalyse the growth of blended finance
On the occasion, Naina Subberwal Batra, chief executive of AVPN, shared, “AVPN is proud to be the official Impact Partner of G20 Indonesia, and I pay tribute to the excellent work of the Indonesian government in putting social issues front and centre of the G20. At AVPN, we will continue to mobilise the support of our community of more than 600 members to support this agenda and maintain the momentum as the baton passes to India, Brazil, and South Africa in the coming years.”
As emerging economies recover from COVID-19, many of the advances that had previously been made around poverty reduction and gender equality have been reversed, and this is now compounded by growing food security and energy access issues. It is only through collective action that empower global south leaders to come to the fore in identifying solutions that we can meet the enormity of these challenges. The Indonesian Presidency is putting a lot of effort into making sure that its policy discussions and recommendations meet the needs of the most vulnerable communities in the Global South that are not being met. The Indonesian Presidency is making sure that as economies recover, communities that were hardest hit by the pandemic are not left behind. They are doing this by fostering collaboration that leads to action across the Asia Pacific region.
Minister of Tourism and the Creative Economy of the Republic of Indonesia, Sandiaga Uno said, “it is important for governments to work with AVPN’s social investment community and to reach key development goals in areas like energy transition, global health architecture, and digital transformation. We also need to start thinking about innovative instruments, including blended finance, impact investing, and strategic philanthropy, to meet the needs of supporting a transition to net zero.” “We try to apply blended finance to the development of integrated and sustainable tourism. We believe that financing is channelled with the main objective of meeting development needs that do not solely expect a return on capital.” added the Minister.
Haje Schütte, Head of Finance for Sustainable Development, OECD Development Co-operation Directorate, shared, “The G20 Principles have been developed through extensive consultations, conducted by the OECD at the request of Indonesia’s G20 Presidency, with developing countries, the private sector, and foundations. AVPN has facilitated consultations with Asian foundations that have brought forward valuable insights into the practices and opportunities provided by blended finance approaches in Southeast Asia. These insights have also fed into the OECD G20 Stocktake report on the G20 Blended Finance Principles, which has been published.”
