The Goldman Sachs Group has announced a new investment initiative of more than $10 billion to advance racial equity and economic opportunity by investing in Black women.
The new initiative, One Million Black Women, is in partnership with several Black women-led organizations, financial institutions and other partners. The project strives to positively impact the lives of one million Black women.
Goldman Sachs will commit $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic.
“This initiative is transformational,” said 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. “What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country.”
According to the press release, Black women leaders across Goldman Sachs developed and will continue to lead this initiative alongside an Advisory Council of Black leaders, including “Insecure” creator Issa Rae, Dr. Dambisa Moyo, Secretary Condoleezza Rice and Rosalind G. Brewer.
“Our newly published research, Black Womenomics, suggests that no investment could have a bigger impact than unlocking the economic potential of Black women,” said David M. Solomon, chairman and CEO of Goldman Sachs. “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.”
Black Womenomics predicts that lessening the earnings gap for Black women could potentially create 1.2 to 1.7 million U.S. jobs and increase the annual U.S. GDP by $300 to 450 billion in current U.S. dollars.
“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,” said Margaret Anadu, Global Head of Sustainability and Impact for Goldman Sachs Asset Management. “If we can make our economy work for Black women, we all benefit.”
“Let there be no doubt, investing in Black women has a massive ripple effect on our communities and economies,” said Asahi Pompey, Global Head of Corporate Engagement and President of the Goldman Sachs Foundation. “This initiative recognizes the power of Black women and puts their needs and voices at the center.”