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GSIC highlights role of catalytic finance in rebuilding global economy

GSIC highlights role of catalytic finance in rebuilding global economy at summit


GSIC highlights role of catalytic finance in rebuilding global economy

The Global South Impact Community (GSIC), a group convened by The Rockefeller Foundation and International Venture Philanthropy Center (IVPC) presented their official Statement to G20 leaders at the Think20 Summit in Bali, Indonesia. 

Representatives from the Asian Venture Philanthropy Network, a G20 Impact Partner and the largest of the IVPC family of networks, were on site to present the statement on behalf of the GSIC community alongside Think20 Lead Co-Chair, Professor Bambang Brodjonegoro and The Rockefeller Foundation’s Deepali Khanna. Brodjonegoro and Khanna gave a nod to the Statement and their plenary remarks at the Summit yesterday. The GSIC includes global leaders from the public, private and philanthropic sectors curating new ways of thinking about development in the Global South in a post-pandemic world.

 The Statement includes four key recommendations for G20 leaders, to leverage catalytic capital to build a new growth model inclusive of the Global South, post COVID-19. These included the mobilization of catalytic finance to the Global South, Investing in needs-driven, institutional capacity development as a critical means for lowering the costs of achieving SDGs, mainstreaming of Decarbonization and strengthening response to Global health crises.

“There is an urgent shift that is needed to build for a green, resilient, and inclusive global economic system post the pandemic. The recommendations put forth by the GSIC map the critical first steps to address the global imbalance of power when it comes to the Global North and Global South,” said Mr. Bambang Brodjonegoro, GSIC member and T20 Lead Co-Chair. “I feel the recommendations are a good step towards addressing the acute structural changes needed to remedy the root drivers of financial inequities. It is only through global collaboration that we can bring about equitable economic inclusion for all,” he added.

The Global South Impact Community (GSIC) is a group of impact leaders, predominantly from the Global South, who gathered at The Rockefeller Foundation’s Bellagio Center in July 2022 to generate new ways of thinking about development in the Global South in a post-pandemic world. Representing public, private and philanthropic sectors from 16 countries across five continents, this group is committed to taking action on the recommendations in the statement and plans to amplify this urgent agenda at global convenings in the coming months.

“The vision behind The Rockefeller Foundation and the IVPC convening to bring about the GSIC, was to build dialogue and action around greater inclusivity in the global economy. Be it through the building of the GSIC Statement, or the call to add more member countries to the G20 from the Global South,” said Deepali Khanna, Vice President, Asia Regional Office. “We urge G20 leaders to take immediate action towards the GSIC’s Statement and enable the deployment of large-scale catalytic capital to tackle the SDGs,” she added. 

The Rockefeller Foundation is pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish.  They work to promote the well-being of humanity and make opportunity universal and sustainable.  

The Global South Impact Community plans to take an active role in support of these recommendations by participating in working groups to address the recommendations, taking a leading role in specific initiatives, and mobilizing additional Global South representatives for future initiatives.

“With the Indonesian and Indian Presidency’s of the G20 happening in succession, it presents an opportunity to unleash the potential of Impact Leaders in Asia to come to the fore, followed by the G20 in Brazil and South Africa, we have a real opportunity to reshape global social and economic architecture so that it serves communities in all parts of the world,” said Naina Subberwal Batra, IVPC Vice Chair and CEO of the Asian Venture Philanthropy Network (AVPN).

IVPC is a catalytic platform to advance and strengthen social investment globally to deliver sustainable, high-impact solutions to pressing social challenges. IVPC has catalyzed some of the most prominent regional social investment networks in Europe, Asia), Africa and Latin America.

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