Quantifying the economic cost of gender inequality

At COP26, discussions centered around the growing gap in inequity exacerbated by climate change, predominantly affecting the least developed nations. Kathleen Schauin, CEO of Women Deliver, sheds light on the intersection of gender equality and climate change, emphasizing the vital need for a multi-sectoral approach to tackle these pressing issues. As Schauin highlights, the impact of climate change on gender equality cannot be understated. The COVID-19 pandemic has further amplified existing disparities, particularly in areas such as sexual reproductive health and rights (SRHR). According to a recent study by the UNFPA, over 12 million women faced barriers to accessing SRHR services during the pandemic, leading to a surge in unintended pregnancies. The effects of climate change are felt unequally, with girls and women bearing the brunt of extreme weather events like floods, droughts, and heatwaves. These crises not only jeopardize the health of women and newborns but also escalate gender-based violence, including domestic abuse and sexual harassment. Unfortunately, the majority of those impacted reside in developing nations, where resources and support are often scarce. Schauin stresses the necessity for developed nations to play a more proactive role in addressing climate change and committing to initiatives like the Paris Agreement and the Glasgow Climate Pact. Moving forward, the collaboration between governments, private sector entities, and civil society is essential to drive meaningful change. With COP27 set to take place in Canada, Egypt, there is a critical opportunity to elevate gender perspectives in climate discussions and advance actionable policies. While progress has been made in areas such as maternal health and girls' education in Africa, challenges persist in the effective implementation of gender equality laws and addressing systemic discrimination. Women in Africa continue to face high levels of gender-based violence, underscoring the urgent need for comprehensive intervention strategies. The economic repercussions of gender inequality are significant, with Sub-Saharan Africa alone losing an estimated $95 billion annually due to gender disparities, equivalent to 6% of the region's GDP. These staggering figures underscore the imperative of addressing gender equality not just as a moral obligation but as an economic necessity. As Kathleen Schauin aptly summarizes, 'It's not just about doing the right thing; it's also an economic imperative.'