New Capitalism & The Green Crew
This is The Chief Brief. Every Sunday, I spotlight global, diverse, and innovative female leaders impacting the world around them. I curate and break down stories from across the world that caught my eye and help you connect with the women you should know, if you don’t already! Welcome to my passion project of building a globally aware and connected community of women leaders.
Happy Sunday!
The closest I could come to describing the feeling of hosting the 5th edition of Econpol this week was the same as prepping for the oral part of my master’s dissertation. This isn’t a bunch of blowhards or rhetoric lovers looking to deflect questions or sing from a predetermined hymn sheet - these are the folks who do the deep dive into the science of it all, when discussing the future of Europe. (Econpol comprises 14 policy-oriented university and non-university research institutes across 12 countries).
I’ll admit I was a little star struck to host the genius minds of the likes of former IMF Chief Economist and now Fellow at the Peterson Institute - Olivier Blanchard, and CEPS’s Daniel Gros. But what struck me was the organisers of the annual academic conference spotlighting two amazing women economists in their plenary session. It was the conversation with Claudia Sahm (senior fellow at the Jain Family Institute, founder of Stay At Home Macro & and a former Federal Reserve economist) and Debora Revoltella (Director of the Economics Department of the European Investment Bank) along with Maarten Vervey (European Commission) and Clemens Fuest (ifo Institute) that made me really think the most. Even as we ostensibly were comparing fiscal policies of the U.S. and the EU - the conversation was grounded in the hard realities of the multi-speed recovery we’re facing across the world, especially in the context of a green sustainable recovery and transition. Quite apt I’d say, considering the dismal press COP 26 is getting, even before it starts.
The headwinds we are facing from energy prices, supply chain disruptions and subsequent inflation shows the scale of the challenge for fiscal and monetary policy to stay on track to support a green transition and recovery. After all, it is going to be tempting to shift gears to shorter term goals of keeping people in their jobs, bringing down the cost of living, and frankly for politicians - hanging on to power.
The clarity of thinking from Claudia and Deborah around the how, and what needs to be done to use stimulus measures on both sides of the Atlantic, and the much-touted recovery packages was refreshing. Claudia’s core message from a U.S. perspective was, preparing for the next recession means creating programs that tie extra relief/stimulus to economic conditions not politics, (i.e. more automatic stabilisers). Debora talked in real terms both macro and micro, about Europe’s large Recovery and Resilience package and its potential to impact EU firms’ digitalisation and labour.
That pointed and thought-provoking discussion truly left me with a constructive and different perspective. It then made me think, would we all get that diverse perspective from women experts at COP26 (in the discussions themselves, on the side-lines and post the event)? The data suggests that women are the most economically impacted by climate change - but inevitably other than the handful of leaders of the IMF, UN divisions, the ECB and some heads of state (if they even turn up) - women’s voices in the climate action space are painted disproportionately as being from the activism and NGO world. That’s simply not a true representation, nor does it do the expertise of so many female leaders in other spheres justice. There are plenty of women the corporate, innovation, legal, financial and other sectors working to be champions of change.
For all the investors looking for women founders; or the journalists, corporates, conference organisers who want to hear, be influenced by, and feature the perspective of half the world’s population — I’m going to repeat my Mantra in the context of the experts you seek: “If you say you can’t find a woman, you’re simply not looking hard enough!”
To help your search - I spent about an hour (just an hour!!) on Google putting together a small short-list of some of the coolest ladies around the world making the green transition a reality (see below). I hope you’ll reach out to them, be inspired to do your own google search for more — and invest in and amplify the voices and expertise of these, and other amazing trailblazers you WILL find!
PS: I’m not paid by Google for the shout out, though I wouldn’t say nein to a sponsorship (hint!)
Have you met the ‘Green Crew’?
The boss, the innovator, the social justice champ
Erthos: CEO Nuha Siddiqui co-founded the company with Chang Dong (CTO) and Kritika Tyagi (Head of Product) to make plant-powered plastics the natural choice over single-use plastics. Erthos is based in both Canada and China.
Circulor: CEO Veera Johnson provides ‘Traceability-as-a-Service’ at Circulor using blockchain and AI to help verify responsible sourcing, underpinning effective recycling and improving efficiency in supply chains. Circulor is based in the U.K.
The Great Bubble Barrier: Co-founders Anne Marieke Eveleens, Saskia Studer, and Francis Zoet founded the company when they found the rivers, canals and lakes they were sailing full of pollutants. The company devised a solution that stops plastic on its way to the oceans and allows the passage of fish and ships at the same time. The Great Bubble Barrier is based in the Netherlands.
Blue Power Energy: Salma Okonkwo founded Blue Power Energy for two reasons. A) she wanted to shift the focus in Africa to its most abundant source of energy - the sun. B) provide a route out of poverty via employment for hundreds of women. Blue Power Energy is based in Ghana (and has the largest solar power farm in the country).
Pollinate Group: Sujatha Ramani is the CEO of Pollinate Group (formed in 2018 when Pollinate Energy merged with Empower Generation). Pollinate Group targets poverty, gender inequality and energy access for the most vulnerable in society. It is based in Australia with its main offices in India, Nepal and the U.S.
SPCG Public Company Limited: Wandee Kunchornyakong is the founder, Chairwoman and CEO of this pioneer in solar farms and solar roof development in Asia. Listed on Thai stock exchange, it owns 36 solar farm projects that sell photovoltaic (PV) electricity back to the distribution grid. SPCG is based in Thailand.
If that didn’t whet your appetite here are few more names leading the way for a Green Transition:
Emma Pinchbeck is the CEO of Energy UK which is the energy sector's main industry body in the country. She’s also been the Deputy CEO of the trade body Renewable UK, with whom she also sat on the Board of Scottish Renewables. Prior to this, Emma was Head of Climate Change at WWF-UK.
Tessa Khan heads Uplift, a new organisation helping to move the UK towards a fossil fuel-free future. Uplift strategically finds the resources, connections, and elevates ideas and voices to set in motion a just transition away from fossil fuel production. Tessa has been a trailblazer in the legal field having co-founded the Climate Litigation Network which provides legal assistance to people around the world who want to take their governments to court over inadequate climate policies.
Eileen Fisher started her namesake company with $350 in her pocket and a mission to create comfortable clothing. The company is now at the forefront of the fashion industry in creating sustainable apparel.
Janine Benyus, Co-Founder of Biomimicry 3.8 is a biomimicry trailblazer. (Biomimicry is a field which emulates nature’s designs and processes to create a healthier, more sustainable planet). She co-founded the world’s first bio-inspired consultancy, bringing nature’s sustainable designs to massive clients including Boeing, Colgate-Palmolive, Nike, General Electric, Herman Miller, Interface, Levi Strauss, Kohler among others.
Virginie Helias is the Chief Sustainability Officer of Procter & Gamble driving sustainable innovation for P&G’s products like Fabric Care (P&G’s biggest footprint category), the design and commercialisation of Ariel Excel Gel (a P&G Sustainability Innovation hallmark), and the development of the Future Friendly multi-brand program.
I’ve just scratched the surface - more introductions coming your way as we get closer to COP26!
News-Makers to know
In Business & Tech
South African banking’s green problem
South African banks top banks Nedbank, FirstRand may have stopped lending to new coal-fired power plants, but along with South Africa's other two leading lenders Absa and Standard Bank they say lending to some coal projects must continue for now. The reasoning? An immediate halt would put huge political and economic strains on a nation that relies on the most polluting of fossil fuels. Absa and Standard Bank have also left the door open to funding some new coal mining or power projects.
Standard bank plans to set boundaries for its exposure to climate risk, which would lead to limits on the amount of lending for coal and other fossil fuels. Taking too hard a line with governments reliant on fossil fuels could prove counterproductive — Wendy Dobson, head of group corporate citizenship at Standard Bank
PS: South Africa was the 12th largest emitter of climate-warming gases globally in 2019.
Mobikwik’s a Unicorn
Upasana Taku’s financial payments platform hasn’t had the big backers that others in the space have. But despite the odds Mobikwik is now officially part of India’s ballooning Unicorn club! The Indian payments platform has been cleared for its IPO and is now valued at between $1.5-1.7 billion and Upasana is now looking toward future growth.
Facebook’s new ad boss
Nicola Mendelsohn has become vice president of Facebook’s global business group. She takes over from the company’s long-time advertising leader, Carolyn Everson, who left the company this year for Instacart. Nicola has been leading the global business group on an interim basis since June and was previously Facebook’s vice president for Europe, Middle East and Africa.
In Government & Policy
Japan’s new capitalism council
Japan’s Prime Minister Fumio Kishida's vision of a ‘new capitalism’ has led to the creation of a new council. 15 corporate, market and digital experts, including seven women are part of a drive to advance the PM’s push for a cycle of growth and distribution, by using tools like tax incentives for businesses that raise worker pay. An interim report by the council is due out by year-end. Here are some of the women leading Japan’s new capitalism plan:
1. Miku Hirano, CEO of artificial intelligence start-up Cinnamon, is an advocate for corporate digital transformation
2. Haruka Mera is CEO and founder of Readyfor, Japan's first crowdfunding platform. 3. Yumiko Murakami is general partner at MPower Partners, a venture capital fund established by former Goldman Sachs Japan Vice Chair Kathy Matsui. She was formerly head of the OECD’s Tokyo Center
4. Tomoko Yoshino, who this month became the first woman to lead the Japanese Trade Union Confederation, or Rengo
The Tunisian mirage
When Tunisia’s newly appointed Prime Minister Najla Bouden Romdhane was introduced to the world a few weeks ago, it was hoped that she would usher in a new era in the country. But as critics feared —it all seems to be a mirage of democracy created by Tunisian President Kais Saied. He unveiled the full line up of the new government this week, but has given no hint about when he will relinquish his near total control after seizing most powers in July, or start reforms needed for a financial rescue package to avert economic disaster.
Kristalina’s going to be OK
The IMF board finally cleared Kristalina Georgieva of the China data rigging scandal. Albeit with a slap on the wrist and a warning from U.S. Treasury Secretary Janet Yellen. The IMF ended the saga with the announcement it had “full confidence” in her “leadership and ability to continue to effectively carry out her duties.” But you could see the American hesitancy in that decision. The board caveated its decision saying, the evidence presented “did not conclusively demonstrate” that she “played an improper role.” That’s not the most confidence inspiring endorsement and it remains to be seen how it taints the IMF boss’s tenure going forward.
Let her finish
A Northwestern University study Sonia Sotomayor was the most interrupted justice on the U.S. supreme court bench in the 2019 term. Studies have shown that female justices were more prone to being interrupted by male justices and attorneys. That’s no longer going to happen. Changes have been made in the supreme court’s structure of oral arguments The new format now allows justices to ask questions individually, in order of seniority, after an attorney’s time is up.
Are we having fun yet? If your answer is leaning towards a ‘yes’ then I’d love it if you shared The Chief Brief with other like minded leaders!
Caught My Eye
The Good to know
Awarding excellence (not)
Since its inception in 1901, 59 Nobel Prizes have gone to women. Last year was a good one (relatively) for women. 3 of the 8 science laureates were women. But we seem to have waved goodbye to those gains with all 7 science prizes handed to men this year. Actually, Maria Ressa was the only woman honoured this year and she won the peace prize.
I imagine the women in the sciences would say something along the lines of — ‘It’s not shocking. We’ve been set up to fail - from our elementary school years to our undergraduate degree - all the way to our ability to reach the top phase of having the resources and backing to write and conduct research as leads.’ But what has been shocking is the Nobel committee’s complete failure in comprehending how deep the problem is. That means, expect the awards to continue to be a man-fest.
The head of the Nobel committee deciding on the science awards categorically said this week — gender or ethnicity quotas will not be a thing at the Nobel awards. Goran Hansson, head of the Royal Swedish Academy of Sciences, said they (Nobel) want people to win “because they made the most important discovery. It's sad that there are so few women Nobel laureates, and it reflects the unfair conditions in society, particularly in years past, but still existing. And there's so much more to do. We have decided we will not have quotas for gender or ethnicity.” He even added that the decision was “in line with the spirit of Alfred Nobel's last will”.
First off someone please tell Goran no woman worth her salt wants to win a prize based on quotas! What he failed to even suggest or think of was: there could be pressure or quotas put on universities and organisations for the actual nominations themselves. That would force them to not elbow out women in research through their careers. Those nominations are not the first hurdle where the boys club blocks the trailblazing women in their world. He could have even suggested that the committee would support STEM for young girls in order to create the prize winners of the future.
I have never been more disappointed - but then on second thought, this is also the organisation that contemplated giving Donald Trump a peace prize.
Afghanistan Watch
Fifa’s getting its ballers out
20 women footballers are among 100 refugees evacuated by FIFA from Afghanistan, with the help of the Qatari government. The group of mainly women and girls, included some who play for the national team, left Kabul bound for Doha.
“FIFA can confirm, following complex negotiations, it has, with the support of Qatar, evacuated almost 100 members of the football family from Afghanistan, including female players. FIFA would like to express its sincere thanks to the government of Qatar for its support facilitating extensive discussions and for ensuring the safe passage of these individuals, deemed to have been at the highest risk, onto a Qatar Airways charter flight from Kabul, Afghanistan to Doha, Qatar. The FIFA leadership has been closely coordinating with the government of Qatar since August on the evacuation of the group and will continue to work closely on the safe evacuation of further members of the sporting family in the future.” — FIFA Statement
Aid rule changes needed
Save the Children issued a pretty dire warning this week. That many Afghan women could die because the Taliban gender rules are blocking UK-funded medical aid. As the charity highlights: U.K. aid rules don’t qualify education as ‘lifesaving. And furthermore, strict funding rules in place due to anti-terror legislation, prevents charity workers from giving material aid to specific Taliban leaders. Why? The Taliban is classified as a terror organisation. By their women can only be treated by female medical personnel. And because aid organisations have to approach Taliban leaders for permission for female workers to get into certain regions, it becomes near impossible to dole out medical aid.
“From our experience, education is categorically lifesaving, and especially for vulnerable groups, such as girls. In many cases, it can literally be a safe place that their parents know their children will be for a number of hours a day that will allow them to go out and work. Education is chronically underfunded in the humanitarian budget.” — Athena Rayburn, campaigns director Save the Children
Art
Europe’s NFT focus: women & apes
I’ll admit - I don’t completely understand non-fungible tokens (NFTs) and their place in the art world or the economy just yet - but I’m trying to get smart about it. Especially considering the first NFT (minted in September) went to auction in Europe this week and sold for (just a tad) under £1 million at Christies. Whoever paid that kind of money now owns three of the roughly 10,000 algorithmically generated bored apes.
Interestingly collectors ended up also competing for emerging women artists in the NFT space, leaving more established artists in the dust. British artist Cecily Brown’s work was estimated at £500,000 but went for £2.9m (£3.5m with fees) after a sustained bidding war from buyers from three continents. Proceeds from the sale will go to Artists for Client Earth, an environmental charity Christie’s is partnering with. Brown was the most prominent of a strong showing of female painters at the auction, with works by Shara Hughes, Hilary Precis and Emily Mae Smith all far exceeding their estimates.
If you enjoy The Chief Brief, I’d love it if you would share it with your friends, family & colleagues! A plug on your social media would totally make my day too!
Let’s grow this community of leaders together!
Let me know your thoughts and feedback, amplify a woman The Chief Brief community needs to know, or drop me a line just to say hello!