Leading global investment banking, securities and investment management firm Goldman Sachs announced the launch of One Million Black Women, a new initiative that will see the company directing billions of dollars of investments to Black women, to advance racial equity and economic opportunity. According to Goldman, the new initiative is named for and guided by the goal of impacting the lives of at least 1 million Black women by 2030.
Melanie Campbell, Convener of the Black Women’s Roundtable and President and CEO of the National Coalition on Black Civic Participation, a partner with Goldman Sachs on the program, said:
“This initiative is transformational. What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country.”
The company stated that it will commit $10 billion in direct investment capital and $100 million in philanthropic capital over the next ten years, in partnership with Black women-led organizations, financial institutions and other partners. The initiative is aimed at addressing the dual disproportionate gender and racial biases that Black women have faced for generations, which have been exacerbated by the pandemic.
According to Goldman, investments under the initiative will be done through direct investing and grants, with initial investments already underway through a variety of strategic channels.
Dina Powell McCormick, Global Head of Sustainability and Inclusive Growth for Goldman Sachs, said:
“One Million Black Women will be central to our inclusive growth priorities and goals over the next decade. The initiative will be guided by partners with whom we have worked for nearly two decades to build our programs that impact underserved communities and women across the United States.”
Along with the new initiative, Goldman published Black Womenomics, a research study highlighting the disadvantages Black women face across a broad range of economic measures, and the public and private investment opportunities to help address these gaps. According to Goldman’s research, reducing the earnings gap for Black women has the potential to create 1.2 to 1.7 million U.S. jobs, and to increase U.S. GDP by $300 to $450 billion.
Margaret Anadu, Global Head of Sustainability and Impact for Goldman Sachs Asset Management, said:
“Black women are at the center of this investment strategy because we know that capital has the power to affect change, and we know that Black women have the power to transform communities. If we can make our economy work for Black women, we all benefit.”
David M. Solomon, Chairman and CEO of Goldman Sachs, added:
“Our newly published research, Black Womenomics, suggests that no investment could have a bigger impact than unlocking the economic potential of Black women. In the face of significant disparities, they’ve shown admirable resilience, especially as they’re starting businesses faster than anyone else in the U.S. Building on our 20-year history of investing in female entrepreneurs and underserved communities we are now proud to partner with Black female-led organizations and an outstanding advisory council to invest in opportunities to unlock their economic and leadership potential.”