Management Response

: Independent Evaluation Service (IES)
: 2024 - 2025 , Independent Evaluation Service (IES) (EO)
: Formative Evaluation of UN Women's Work in Sustainable Finance
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Independent Evaluation Service (IES)

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UN Women affirms the findings of the Formative Evaluation in so far as the Formative Evaluation highlights the strategic importance of sustainable finance as a key enabler of gender equality and women’s economic empowerment and commits to strengthening its coherence in this area. Sustainable finance is positioned as a cross-cutting priority within the UN Women Strategy for Women’s Economic Empowerment (WEE) and embedded in the Strategic Plan 2026– 2029. UN Women will continue to act as a convenor and bridge-builder between development and finance actors, leveraging its policy influence, gender expertise, and country presence. Rather than developing a standalone strategy, UN Women will articulate a clear theory of change for sustainable finance, providing a cohesive, organization-wide vision, strategic positioning, and results framework to guide headquarters, regional, and country-level action. To deliver on this vision, UN Women will progressively strengthen internal capacity and organizational coherence, particularly at regional and country levels, recognizing resource constraints. The organization will focus on building foundational knowledge, improving access to technical expertise, fostering learning and networking and expanding specialized talent subject to the relevant resources. UN Women will deepen strategic partnerships across the financial ecosystem, engaging public and private financial actors in line with its mandate, risk appetite, and due diligence frameworks. Its primary influence will be exercised through partnerships with regulators, policymakers, standard-setting bodies, investment communities, and industry associations to shape accountable, transparent, and gender-responsive financial markets. The organization will also explore new and emerging opportunities in sustainable finance through a phased and evidence-based approach that prioritizes areas of comparative advantage and systemic impact. Stakeholder engagement will remain integral to the co-design, consultation, and implementation of sustainable finance initiatives, ensuring they are inclusive, rights-based, and grounded in lived realities. Finally, UN Women will prioritize diversifying funding sources for its sustainable finance portfolio to enable more strategic planning, scalability, and sustained implementation, supported by clear articulation of results and contributions to the organization’s broader mission and strategic goals.
: Approved
Recommendation: REFINE AND COMMUNICATE A VISION AND COHESIVE STRATEGY OR ROADMAP FOR UN WOMEN’S SUSTAINABLE FINANCE WORK TO GUIDE HEADQUARTERS, REGIONAL AND COUNTRY OFFICES.
Management Response: UN Women concurs on the importance of strengthening the articulation and communication of the organization-wide vision, priorities, and expected outcomes for sustainable finance, both internally and with external stakeholders while noting that UN Women's corporate Strategy for Women’s Economic Empowerment (WEE) was approved in 2024, within which sustainable finance has been identified as a cross-cutting area. This strategy is rooted in UN Women’s mandate and comparative advantage, developed through consultation with internal colleagues across the organization and external partners familiar with UN Women’s WEE trajectory. The global WEE strategy provides a foundational framework for the positioning and actions of the sustainable finance portfolio, including its value proposition, modalities, and cross-thematic linkages. UN Women agrees on the importance of developing a theory of change for sustainable finance which aligns with the existing WEE strategy, rather than establishing a standalone sustainable finance strategy. This approach will help ensure a cohesive, organization-wide framework that guides efforts at all levels. The theory of change will serve as the basis for articulating strategic positioning and vision for the Sustainable Finance portfolio going forward. UN Women's work on Sustainable Finance is embedded in the corporate Strategic Plan 2026– 2029 and appropriate indicators for output and outcome reporting have been developed in consultation and communication with Country and Regional Offices.
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Description:
Management Response Category: Accepted
Thematic Area: Women's economic empowerment
Operating Principles: Alignment with strategy
Organizational Priorities: UN Coordination, Normative Support, Operational activities
UNEG Criteria: Effectiveness, Efficiency, Coherence
Key Actions
Responsible Deadline Status Comments
Update the definitions, priorities, actions, partnerships, comparative advantages of UN Women's sustainable finance work, in line with UN Women WEE strategy in relevant documents. Sustainable Finance team at HQ 2026/06 Initiated
Refine a theory of change with clear objectives, outcomes, interventions and indicators to articulate UN Women’s approach to advance sustainable finance for gender equality, in consultation with internal stakeholders from headquarters, Regional and Country Offices, as well as external stakeholders from the public and private sectors, including civil society. The narrative will be documented in the relevant documents Sustainable Finance team at HQ 2026/06 Initiated
Integrate UN women's vision and actions of sustainable finance work within the corporate strategic planning process and Strategic Plan 2026–2029 by including key elements within the Strategic Plan narrative and IRRF and by ensuring appropriate indicators methodological notes for output and outcome reporting Sustainable Finance team at HQ 2025/12 Completed UN Women's Work on Sustainable Finance has been reflected in the UN Women’s Strategic Plan 2026–2029, namely; Strategic Plan OUTCOME 2 - Strengthen institutions to drive accountability, through financing, data and practices that support gender equality Institutions are accountable to all women and girls, with financing, data and practices that advance equality Outcome Indicator: SP_0.2.4 Number of institutions that increase financing for gender equality Output Indicator: SP_0.2.d Number of mechanisms introduced that support sustainable financing and accountability for gender equality
. Communicate UN Women’s approach and accomplishments in this area internally and externally Sustainable Finance team at HQ in collaboration with Division of Communication and Advocacy 2029/12 Initiated UN Women will launch its online sustainable finance knowledge portal, has revitalized its regular sustainable finance network meetings, and continues to join learning cafés. The online portal is to share useful updates in the global sustainable finance market, UN Women's work and approach, build the evidence around sustainable finance for gender equality and share quality knowledge products. UN Women will develop a holistic communication package to demonstrate its approach and accomplishments in this area, to be presented to the public, development partners, financial market partners, civil society and internal stakeholders.
Recommendation: STRATEGICALLY AND EFFICIENTLY STRENGTHEN INTERNAL CAPACITY AT COUNTRY AND REGIONAL LEVELS AND INCREASE ORGANIZATIONAL COHERENCE TO DELIVER ON SUSTAINABLE FINANCE WORK.
Management Response: UN Women accepts this recommendation, noting that additional capacity and expertise will come with additional resource implications. UN Women acknowledges the importance of strengthening regional and country-level capacity to systematically identify potential opportunities, strategically capitalize on existing relationships, and synergize and expand its sustainable finance initiatives. In line with the 2026 - 2029 Strategic Plan, UN Women will explore options to strengthen access to specialized sustainable finance expertise in ways that enhance support to regional and country offices and are operationally feasible. This may include approaches that allow technical expertise to be shared across multiple regions and country offices, while maintaining strong coordination with the global expertise. In the medium term, the organization will focus on improving the accessibility, dissemination, and practical use of technical knowledge from existing experts and consultants for non-specialist staff at all levels, including through strengthened knowledge management and learning mechanisms. Over the longer term, and as additional resources are mobilized, UN Women will seek opportunities to further strengthen dedicated sustainable finance capacity in line with organizational priorities and needs.
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Description:
Management Response Category: Accepted
Thematic Area: Women's economic empowerment
Operating Principles: Alignment with strategy, Capacity development, Internal coordination and communication
Organizational Priorities: Operational activities
UNEG Criteria: Effectiveness, Efficiency, Coherence
Key Actions
Responsible Deadline Status Comments
Provide capacity-building and learning opportunities to equip regional and country-based personnel with relevant knowledge and skills to engage in and communicate with sustainable finance ecosystems. Sustainable Finance team at HQ, regional and country offices 2029/12 Initiated This will be a continued and long-term action
Convene the Sustainable Finance Network on a regular basis, facilitated by the Global Programme, to bring together regional and country office staff for peer-to-peer learning, interactive exchange, and mutual support. These engagements will focus on sharing progress, lessons learned, and good practices related to substantive sustainable finance work. Sustainable Finance team at HQ 2029/12 Initiated This will be a continued and long-term action
Improve processes for accessing and distributing in-house, headquarters-level expertise and technical support to Regional and Country Offices, through regional webinars, and regular country office updates on relevant subject matter. Sustainable Finance team at HQ 2026/06 Initiated
Integrate the sustainable finance work undertaken by the Economic Empowerment Section and Public Financing/Gender-Responsive Budgeting work under Leadership and Governance sections to ensure a coherent approach and synergy towards financing for gender equality PPID Director 2025/09 Completed The Public Financing/Gender-Responsive Budgeting portfolio has been moved to Women's Economic Empowerment Section.
Recommendation: STRENGTHEN STRATEGIC SUSTAINABLE FINANCE PARTNERSHIPS WITH PRIVATE AND PUBLIC FINANCIAL ACTORS.
Management Response: UN Women accepts this recommendation while noting that direct and formal private sector partnerships are subject to UN Women’s Private Sector Engagement Strategy and private sector due diligence policy and grounded in UN’s relevant social and environmental safeguard procedures. Al prospective partnerships must take appropriate risk mitigation approaches, ensuring that partnerships and engagement are grounded in tangible commitments and accountability toward gender equality outcomes. UN Women appreciates the acknowledgement by stakeholders of its unique positioning as a bridgebuilder between the development and finance communities in the space of gender-responsive sustainable finance. The organization agrees on the importance of engaging a diverse set of actors across the financial market ecosystem. In line with its approach to multi-stakeholder partnerships under the Strategic Plan 2026–2029, UN Women will deliberately identify and engage with suitable partners. Regarding the engagement with private- and financial-sector actors, it will be undertaken in alignment with the organization’s mandates and risk appetite which is referenced in the evaluation report. UN Women’s work with non-public sector actors will continue to focus on shaping gender-responsive financial ecosystems—globally and nationally—where sustainable capital flows are governed by accountable, transparent, and impactful standards, policies and instruments. UN Women’s influence on transforming the sustainable finance ecosystem in support of gender equality will be primarily exercised through partnerships with regulators, policymakers, standard-setting bodies, self-regulatory organizations, investment communities, and industry associations. These partnerships will aim to shape the enabling market infrastructure that enhances accountability, transparency, and the quality of private finance and investment in gender equality.
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Description:
Management Response Category: Accepted
Thematic Area: Women's economic empowerment
Operating Principles: Capacity development
Organizational Priorities: Partnership
UNEG Criteria: Effectiveness
Key Actions
Responsible Deadline Status Comments
Develop a Sustainable Finance Partnership Engagement Roadmap for the sustainable finance portfolio, building on existing partnerships, past and ongoing initiatives across the organization, and the findings of the evaluation. The roadmap will articulate priority partner types (public and private), partnership objectives, modalities of engagement, and sequencing, and will serve as a strategic framework to guide future partnership development. Sustainable Finance team at HQ, regional and country offices, with consultation with private sector engagement, legal, and relevant departments 2026/09 Not Initiated This will have resource implications and will be dependent on additional resources for the portfolio – anticipated Q3, 2026
Ensure Alignment with Private Sector Engagement Policies and Risk Frameworks Maintain close coordination with the Private Sector Engagement team to ensure that the development and implementation of the partnership engagement roadmap is fully aligned with UN Women’s Private Sector Engagement Strategy, due diligence policies, and risk management frameworks. This coordination—already underway—will continue throughout the roadmap development process and subsequent partnership engagements to manage risks and identify appropriate private-sector partnerships related to sustainable finance Sustainable Finance team at HQ, regional and country offices, closely with private sector engagement, legal, and relevant departments 2029/12 Initiated
Recommendation: EXPLORE NEW OPPORTUNITIES THAT LEVERAGE EXISTING EXPERTISE TO ACCELERATE UN WOMEN’S CONTRIBUTIONS TO ADVANCING SUSTAINABLE FINANCE FOR GENDER EQUALITY
Management Response: UN Women welcomes the recommendation to explore new opportunities that leverage existing expertise to accelerate our contributions to sustainable finance for gender equality. We accept the essence of this recommendation, while noting that specific proposals regarding future opportunities in the sustainable finance space require expert review and an assessment based on market demands and trends. The formative evaluation presents a range of ideas—such as gender lens investing, gender-smart climate finance, and innovative financing approaches—as potential areas for expansion. UN Women will monitor these and other emerging developments closely and assess them based on alignment with development goals, our comparative advantage, and our value-add to the broader ecosystem. UN Women will continue to build on its technical leadership and draw on the expertise of its Sustainable Finance team to expand engagement across financing instruments, mechanisms, market-shaping approaches, and standards. This includes work across diverse themes, asset classes, and investor types. We will remain adaptive to market shifts while being deliberate in our engagement to ensure impact, integrity, and institutional coherence. These efforts are aimed at increasing the volume, effectiveness, and efficiency of financial flows for gender equality. Key areas of engagement may include: 1. Financing instruments and mechanisms that mobilize, govern, or distribute capital— such as sovereign and non-sovereign debt, equity, project finance, blended finance, faith-based and impact investing, and digital finance; 2. Market infrastructure and standards developed or influenced by public and private actors—including taxonomies, sustainable debt guidance, ESG standards, social and environmental disclosure frameworks, and impact measurement tools. UN Women will adopt a strategic and phased approach—prioritizing areas where we hold a clear normative mandate, technical strength, and ability to influence systemic change. However, we note that the categorization and grouping of opportunities presented in Section 4.4 (“Opportunities for the Future”) require further technical refinement. Definitions and frameworks should reflect evolving market realities and be grounded in evidence-based analysis. At present, UN Women’s work aligns with the framing of innovative financing as outlined in the 2023 United Nations Economist Network Policy Brief. We acknowledge that while “sustainable finance” is the dominant term in financial markets, “innovative finance” is more commonly used in the development field. Gender-responsive sustainable finance is still at an early stage but growing global interest and rapid innovation provide a strong foundation for our continued engagement.
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Description:
Management Response Category: Partially Accepted
Thematic Area: Women's economic empowerment
Operating Principles: Innovation and technology
Organizational Priorities: Operational activities
UNEG Criteria: Effectiveness, Gender equality
Key Actions
Responsible Deadline Status Comments
Use UN Women’s Sustainable Finance Network to share potential opportunities, determine strategic fit and identify capacity needs and availability. Sustainable Finance team at HQ 2029/12 Initiated
Develop a diagnostic tool to assess a country’s readiness for engaging in gender - responsive sustainable finance, including a maturity framework outlining what is achievable across different stages with recommendations for action. Sustainable Finance team at HQ 2026/12 Not Initiated This will have resource implications and will be dependent on additional resources for the portfolio – anticipated Q3, 2026
Recommendation: INVOLVE CIVIL SOCIETY, ESPECIALLY WOMEN AND FEMINIST ORGANIZATIONS, IN THE CO-DESIGN, CONSULTATION AND IMPLEMENTATION OF SUSTAINABLE FINANCE INSTRUMENTS AND TOOLS..
Management Response: UN Women recognizes the role that civil society—particularly women’s and feminist organizations—can play in shaping and advancing sustainable finance initiatives that are inclusive, rights-based, and grounded in gender equality principles. UN Women will continue to seek opportunities to engage with civil society organizations through participatory dialogues, and relevant platforms to inform key dimensions of the financing for development agenda.
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Description:
Management Response Category: Accepted
Thematic Area: Women's economic empowerment
Operating Principles: Capacity development, National ownership, Advocacy
Organizational Priorities: Partnership, Operational activities
UNEG Criteria: Efficiency, Relevance, Impact, Gender equality
Key Actions
Responsible Deadline Status Comments
Identified and engage targeted civil society organizations for consultations, knowledge exchange, and multi-stakeholder dialogues Sustainable Finance team at HQ and collaboration with the EJR Action Coalition (in Economic Empowerment section) in coordination with relevant Country and Regional Offices 2025/09 Completed Relevant civil society organizations engaged during the 4th International Conference on Financing for Development (FfD4) and will continue for the duration of the Sustainable Finance Programme and in line with UN Women's Strategic Plan 2026–2029.
Recommendation: AS A MATTER OF PRIORITY, IDENTIFY MORE DIVERSE FUNDING SOURCES FOR UN WOMEN’S SUSTAINABLE FINANCE PORTFOLIO TO FACILITATE STRATEGIC PLANNING AND IMPLEMENTATION OF ACTIVITIES.
Management Response: UN Women agrees with this recommendation. More diverse funding sources for the sustainable finance portfolio would allow UN Women to strengthen and expand its work on sustainable finance in a more cohesive and aligned manner across the organization, from global to countries. The resources mobilization strategy should be in line with organization-wide vision, strategy and theory of change to engage potential donors. Continuing to engage in core work to implement, measure, document and showcase sustainable finance work and its contribution to UN Women’s Strategic Plan and mission as an important part of resource mobilization approaches.
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Description:
Management Response Category: Accepted
Thematic Area: Women's economic empowerment
Operating Principles: Resource mobilization
Organizational Priorities: Operational activities
UNEG Criteria: Sustainability
Key Actions
Responsible Deadline Status Comments
Continue to engage in core work to implement; prepare communication materials to measure, document and showcase Sustainable Finance work. Leverage high-level dialogues, such as Financing for Development Conference, HPLF, CoP, CSW to convene dialogues with partners to demonstrate UN Women’s sustainable finance work, communicate its future strategy Sustainable Finance team at HQ in coordination with relevant Country and Regional Offices 2029/12 Initiated
Develop a resource mobilization strategy that outlines approaches, timelines, scales for funding raising Sustainable Finance team at HQ in collaboration with the Strategic Partnerships Division and in coordination with Country and Regional Offices 2029/12 Initiated
Identify external donors including both development partners and private sector partners, approach donors through program formulation consultation, funding proposal including at HQ, regional and country level Sustainable Finance team at HQ in coordination with relevant Country and Regional Offices 2029/12 Initiated