IFC is joining forces with over 100 stock exchanges around the world to “Ring the Bell for Gender Equality”—an initiative linked with International Women’s Day that celebrates women’s efforts in shaping a more equal future and highlights the inextricable link between gender equality, sustainability, and inclusive growth.
This year’s events come at a critical moment, as the economic and social consequences of COVID-19 continue to disproportionately impact women. Research shows that women have borne the brunt of added household burdens and have lost their jobs at about 1.8 times the rate of men. Studies also show that female talent is among the least utilized economic and business resource around the world, and the pandemic is worsening the situation. Making even small inroads in closing the global gender gap could quickly yield strong results, with the potential to increase global gross domestic product by $12 trillion by 2025 according to a McKinsey Global Institute report.
“Now, more than ever, the world needs women at the table. Stock exchanges are formidable allies to facilitate inclusive opportunities and business practices, increase the pace at which women are appointed to boards and senior leadership, and ultimately help achieve a resilient recovery,” said Stephanie von Friedeburg, IFC Senior Vice President, Operations.
The Ring the Bell for Gender Equality initiative is a partnership between the International Finance Corporation (IFC), the World Federation of Exchanges (WFE), the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women and Women in ETFs (WE).
This initiative began as a global collaboration between stock exchanges around the world, in which the stock exchanges ring the bell for gender equality to celebrate International Women’s Day.
In March 2020, a number of 77 stock exchanges rang the bell for gender equality, a significant increase from 33 stock exchanges five years ago.
The theme of International Women’s Day 2021 is “Women in leadership: Achieving an equal future in a COVID-19 world”.