Today, March 8, is International Women’s Day (IWD). It is an annual occasion to celebrate the incredible achievements of women and girls globally, while acknowledging the work still needed to push forward to make the critical human rights issue of gender equality a reality.

This year’s UN Women theme for the day is “Invest in Women: Accelerate Progress.” And the United Nations puts the amount needed at $6.4 trillion USD per year in 48 low- and middle-income countries to achieve gender equality in sectors including health, economic security, education, water and sanitation, infrastructure, and conflict/humanitarian settings. Yet UN projections also say that at our current rate of progress, it will take another 286 years to achieve gender equality. There is a yearly gap of $360 billion USD to fully achieve gender equality and women’s empowerment.

Targeted action and investment are needed across five key areas to fill this gap and achieve progress for women and girls around the world: Investing in women as a human rights imperative, ending poverty, implementing gender-responsive financing, enacting a green economy and care society, and supporting feminist change-makers.

Investing in other areas (such as sexual and reproductive health and maternal and child health) will improve the overall health of women and adolescents, as well as increase their participation in education, the paid workforce, and policy and decision-making Taken together, these are all essential components of gender equality.

Aid and Access Can Solve Challenges

Women’s poverty originates from an economic system that is inherently unequal for them. Discrimination in the workplace, limited access to financial assets, unequal burden of caregiving, and social norms prevent women from equal participation in the workforce and limits their decision-making capacity in their homes and communities.

Today, more than 10 percent of women are in a cycle of poverty, meaning they earn less than $2.15 USD per day. Without intervention, by 2030 there could be as many as 342 million women living in extreme poverty. So investing in business opportunities, promoting high quality jobs, and creating social and workplace protections for women can increase economic security for women and girls globally.

Gender-responsive financing in public sectors such as health and education ensures access to essential public services and protections. Current models of health financing are undermined by persistent gender bias, which results in a lack of access to quality health care. Girls’ education is one of the most powerful tools to ensure economic security, equality, and empowerment for girls and young women, yet global estimates show that around 129 million girls are currently not in school. Gender-transformative funding in early childhood and secondary education can improve girls’ health and well-being, reduce rates of child marriage, delay age of first birth, increase future earning potential, and improve decision making power regarding their own futures.

The growing impacts of climate change disproportionately affect the global health and well-being of women and girls. Extreme heat, weather events, and climate-related migration and displacement have numerous impacts on maternal, reproductive, and newborn health outcomes.

Beyond the direct impacts on health, however, climate change has also amplified the burden of unpaid labor on women and girls. This new crisis amplifies existing gender and social norms, which often leaves women and girls responsible for managing household energy usage, water scarcity, food and nutrition, and caregiving needs. Investing in strategies to improve climate change adaptations, promote clean energy, and create social protections to build an equal caregiving society can help women and girls build resilience to emerging and future threats.

Feminist organizations and women leaders, particularly in low- and middle-income countries, can pave the way for greater inclusivity, particularly in the onset of a humanitarian crisis. When put in leadership positions, women bring unique perspectives to peace negotiations and conflict resolution, and they can usher in more inclusive, holistic, and lasting post-conflict peace agreements.

Adopting a feminist foreign policy strategy in which women are given equal rights, equal representation in government, and equal resources allocated to their needs is a critical first step to bridge the gap in gender-related funding and achieving equality for women and girls across the world.

On this International Women’s Day, we must ensure that women and girls are not left behind in global health and development efforts. Only through focused investment and attention can we promote equality and empowerment for all.