Gathering unveils 10 new programs, more than
$54M in investments to promote economic opportunity and support
bottom-up growth in communities across the United States and around
the globe
Top business, government and civil society leaders will gather
today for the second Global Inclusive Growth Summit, co-hosted by
the Aspen Institute and the Mastercard Center for Inclusive Growth.
Key participants at the “Rebuilding for All” summit will announce
commitments of more than $54 million across 10 new programs that
will take action to help build inclusive and sustainable economies
in communities around the world.
These new commitments include efforts to support housing
stability and build financial infrastructure in marginalized
communities; investing in companies that support the resiliency of
unsecured workers in India; and working to reduce bias in the data
and algorithms that financial services institutions use in the U.S.
Select summit participants have been supported in the development
of their programs through a partnership with the Clinton Global
Initiative (CGI), an initiative of the Clinton Foundation.
The COVID-19 pandemic has both accelerated the shift to a
digital economy, and exacerbated inequality around the world. Here
in the United States, the pandemic has had a disproportionate
impact on Black, Latino, and Native American communities – with
wide disparities on both the health and financial effects of the
pandemic. It is critical that public, private and civic sector
leaders work together to address these longstanding disparities and
advance solutions to help create a more inclusive economic
recovery.
Today’s sessions covered three thematic areas: People, Planet
& Prosperity: Creating Growth that Sustains; The Global Agenda
for Financial Security; and TechTonic Shifts: Putting Technology to
Work for the Common Good. Global leaders shared their perspectives
on “rebuilding for all”, as well as the risk of not acting:
Vice President Kamala Harris, transcript remarks
“When we harness our collective innovation and determination, we
maximize our impact. Take the business community, for instance.
There are employers across our nation that are leading the way on
gender equality. They are committed to pay transparency,
intentional in hiring and promoting, thoughtful in ensuring,
flexibility and predictability.
And studies have shown that they are seeing higher equity
returns, increased profit margins, and greater productivity. So,
here is my on-going challenge to business leaders, foundation
leaders, and non-profit leaders across our country: think about
what more you can do to remove barriers to opportunity within your
own businesses and organizations. To make those businesses and
organizations as inclusive as they are strong. And then, please do
it. Because we need your help to build an economy that works for
women and for all. In this moment of transformation, I believe that
change is possible if we make it together. So, let's get to
work.”
Bill Clinton, 42nd President of the United States;
Founder and Board Chair, Clinton Foundation
“As the COVID-19 pandemic has painfully reminded us, far too
many people have been left out and left behind for far too long. We
have both a rare opportunity and a moral imperative to bring people
together from across sectors and around the world, to build
economies that give every person the chance to succeed. The
investments being announced today will support both the immediate
needs of the workforce and set up our economies for long-term
inclusive growth and prosperity.”
Raphael Bostic, President & CEO of the Federal
Reserve Bank of Atlanta
“I think it's really important that everyone understand that
systemic racism and indeed any structure or institution that
restricts opportunity based on a person's skin color or their
family connections or any of those sorts of things is an economic
issue because it constrains the access to opportunity and it really
limits the ability of people and communities of achieving their
full potential. And if they don't achieve their full potential, we
all lose because we have smaller economies than we should, and we
have less resilient economies than we should. At the Atlanta Fed,
we are committed to ensuring the economy works for everyone and to
creating a foundation upon which all individuals, communities and
businesses can thrive.”
10 partners launch 10 new programs with a singular focus:
impact
Programs focused on driving financial inclusion for
individuals:
- Mobility Capital Finance, Mastercard, and the City of
Birmingham will jointly develop, launch, and manage Birmingham’s
financial services infrastructure program to help 50,000
underbanked and unbanked residents in marginalized
communities.
- JPMorgan Chase will commit $8.4 million to improve
household stability as part of the firm’s $400 million five-year
commitment to close the housing affordability gap for Black,
Hispanic and Latino households. These commitments and policy
solutions are part of the firm’s $30 billion commitment to advance
racial equity and help drive an inclusive economic recovery.
- Prudential is building on the impact of its decade-long
partnership with the Aspen Institute with a pledge of $11 million
over five years to together establish “Equity Re-imagined” to
improve job quality, empower people to build financial security,
and amplify wealth creation opportunities for historically
underserved communities.
Solutions to help small businesses scale:
- STRIVE COMMUNITY will launch a $1 million Innovation
Fund to build, test, or enhance solutions that support small
business growth.
- GRAB, Southeast Asia’s leading super-app, announced a
regional partnership with Mastercard’s Center for Inclusive Growth,
to provide millions of informal workers and small businesses on the
Grab platform access to digital upskilling opportunities to create
more pathways and income opportunities for them.
Initiatives to better equip the workforce of
tomorrow:
- Mastercard and Microsoft will link workers to training
providers and employers; unlocking access to capital for small
businesses; reducing bias in the financial services industry by
identifying and mitigating bias in data and algorithms used by
financial services providers.
- AARP, in partnership with the Organisation for Economic
Cooperation and Development (OECD) and the World Economic Forum,
will identify and share multigenerational, inclusive workforce
practices among international member companies to enable expansion
of those practices in diverse industries.
- Acumen, with initial support of the Target Foundation,
will develop an accelerator for a cohort of early-stage companies
focused on promoting green jobs and circular models that aim to
drive sustainable and equitable economic growth in India and
provide seed capital to select early-stage companies on their path
to scale.
Bolstering access to capital:
- Beyond The Billion will secure pledges from venture
funds and limited partner investors as part of their goal to unlock
$10 billion in venture capital to be invested in a diverse group of
women founders.
In addition, Senator Chris Coons called for the creation of a
new Presidential Financial Inclusion Commission at the
Department of the Treasury tasked with creating a national,
interagency financial inclusion strategy. The Commission would
build on the Biden Administration’s work to create a more equitable
economy. In addition to working across federal agencies, the
Commission will bring in a diverse set of leaders with relevant
experience in the nonprofit and private sectors to produce a
federal strategy for improving the financial well-being of American
households.
And finally, CARE and the Mastercard Center for Inclusive
Growth announced progress on a commitment made at the 2019 Global
Inclusive Growth Summit. In 2019, a new partnership was announced
that included a $5.26 million grant to support 3.9 million small
businesses in Pakistan, Peru and Vietnam, where large segments of
unserved small businesses are ready for investment. Today, CARE USA
will announce that the program has so far reached over 1 million
entrepreneurs and their communities across the three countries.
“As the global economy begins to recover, the necessity of
creating inclusive and sustainable growth has never been greater,”
said Mike Froman, vice chairman of Mastercard. “Today’s Global
Inclusive Growth Summit shines a spotlight on the kind of
partnerships, digital technology and bold commitments that are
needed to substantively move the needle towards a more equitable
society. In order to tackle the scale of global challenges we face,
we cannot go it alone. We will need partners across public, private
and civic sectors to come together, expand pathways to the middle
class and help people and small businesses thrive and grow.”
“When we launched the Global Inclusive Growth Partnership in
2019, economic inequity was already an immediate challenge. Few
could have predicted just how fundamental the work of inclusive
growth would become, however, over the past 18 months. As the
global economy recovers from a devastating pandemic, we must act
with renewed urgency to build a more equitable society,” said Dan
Porterfield, President and CEO of the Aspen Institute. “The
commitments announced at the summit today, within this framework,
have the potential to transform the lives of people, families, and
communities around the world. Each sector—including business,
governments, and nonprofits—has an opportunity and a responsibility
to put these solutions into practice.”
Quotes from Global Inclusive Growth Summit Commitment
Partners
"As people live, learn, and earn longer, AARP is
committed to working with businesses to help them reap the benefits
of a multigenerational workforce where people can continue to work
for as long as they need or want to," said AARP CEO Jo Ann Jenkins.
“Research shows that age-diverse workforces have a positive effect
on employee engagement, productivity and the bottom line. It is
heartening to see that business leaders around the world recognize
this value, even as we’ve been concerned the pandemic could fuel
ageism.”
“The effects of the climate crisis – resource depletion,
urbanization, and pollution – are exacerbating problems for the
informal, migrant workforce in India. We know there are social
entrepreneurs building companies that can address the needs of
India’s informal workforce and mitigate the irrevocable impacts of
climate change. In the spirit of collaboration and putting people
and the planet first, we hope to leverage our collective resources
through this program and create greener and more equitable growth
in India in partnership with others who share these goals,” shares
Yasmina Zaidman, Chief Partnerships Officer at Acumen.
"Investing in women is just good business. We've learned from
our journey that to truly fuel women-led innovation, we need to
address the entire supply chain of capital, and this is why we're
excited to work with limited partner investors - from some of the
largest pensions, endowments, foundations to families to diversify
and advance the global venture ecosystem," Shelly Porges and Sarah
Chen, Co-Founders, Beyond The Billion.
“Access to safe, affordable housing is key to building wealth
but out of reach for far too many families,” said Heather
Higginbottom, President, JPMorgan Chase PolicyCenter and
Co-Head of Global Philanthropy. “Today’s announcement will help
promote immediate housing stability for underserved households and
is one step toward our goal of addressing barriers to affordable
housing and homeownership, especially for Black, Latino and
Hispanic families.”
“MoCaFi is committed to the movement for economic
justice. We are proud to partner with companies and organizations
that assist us in creating sustainable financial pathways for
marginalized communities, and our program in Birmingham matches our
initiatives with the visionary leadership of Mayor Woodfin. This
program will serve as a model for the country and how technology
can bring productive financial solutions to the most vulnerable
residents and neighborhoods. MoCaFi is honored that the Clinton
Global Initiative and the Aspen Institute have recognized this
collaboration and our dedication to providing economic mobility to
all Americans,” said Wole Coaxum, Founder and CEO, MoCaFi “Mobility
Capital Finance, Inc.”
“Prudential is committed to closing the financial divide
as an urgent moral and business imperative,” said Lata Reddy,
senior vice president of Inclusive Solutions at Prudential
Financial and chair of The Prudential Foundation. “For the past 11
years, the Aspen Institute has been a key partner to us in driving
innovation, narrative change, and policies that bring financial
stability to historically underserved communities. Through Equity
Re-imagined, our new $11 million partnership with Aspen, together
we will reimagine the future of work, wealth and capitalism.”
Launched in October 2019 with an inaugural summit, the Global
Inclusive Growth Partnership (GIGP) combines the expertise and
networks of both the Aspen Institute and the Mastercard Center for
Inclusive Growth to address systemic issues across a range of
topics including financial security, the future of workers and
portable benefits, growing micro and small businesses, and
commercially sustainable social impact.
CGI provided assistance to select summit participants in
developing the programs announced today. Over the years, CGI and
its successors have brought together leaders from across sectors to
improve the lives of more than 430 million people in 180 countries
worldwide.
To watch the summit live today, you can register here and watch
it here. Replays of the summit can be viewed at
www.globalinclusivegrowthsummit.com beginning Friday, Oct.
15th.
About the Mastercard Center for Inclusive Growth The
Mastercard Center for Inclusive Growth advances equitable and
sustainable economic growth and financial inclusion around the
world. The Center leverages the company’s core assets and
competencies, including data insights, expertise and technology,
while administering the philanthropic Mastercard Impact Fund, to
produce independent research, scale global programs and empower a
community of thinkers, leaders and doers on the front lines of
inclusive growth.
About the Aspen Institute The Aspen Institute is a
global nonprofit organization committed to realizing a free, just,
and equitable society. Founded in 1949, the Institute drives change
through dialogue, leadership, and action to help solve the most
important challenges facing the United States and the world.
Headquartered in Washington, DC, the Institute has a campus in
Aspen, Colorado, and an international network of partners. For more
information, visit www.aspeninstitute.org.
About the Clinton Foundation Building on a lifetime of
public service, President Clinton established the Clinton
Foundation on the simple belief that everyone deserves a chance to
succeed, everyone has a responsibility to act, and we all do better
when we work together. For nearly two decades, those values have
energized the work of the Foundation in overcoming complex
challenges and improving the lives of people across the United
States and around the world.
As an operating foundation, we work on issues directly or with
strategic partners from the business, government, and nonprofit
sectors to create economic opportunity, improve public health, and
inspire civic engagement and service. Our programs are designed to
make a real difference today while serving as proven models for
tomorrow. The goal of every effort is to use available resources to
get better results faster – at the lowest possible cost.
We firmly believe that when diverse groups of people bring
resources together in the spirit of true cooperation,
transformative ideas will emerge to drive life-changing action.
Learn more at http://www.clintonfoundation.org, on Facebook at
Facebook.com/ClintonFoundation, and on Twitter @ClintonFdn.
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version on businesswire.com: https://www.businesswire.com/news/home/20211014005750/en/
Casey Stavropoulos casey.stavropoulos@mastercard.com
MasterCard (NYSE:MA)
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