A quick explanation: There is an estimated US$100+ trillion represented by investors in global assets under management. 23 This capital must move through several groups before it reaches the local/global communities it seeks to positively impact. These stages are advisors and institutions such as banks and financial institutions; market-facing intermediaries such as Calvert Impact Capital; community-facing intermediaries such as Nonprofit Organizations (NPOs) or Civil Society Organizations (CSOs) with a direct connection to communities; and finally, the global communities, the people who benefit from the capital. Impact, whether implementing the UNSDGs or social impact bonds, typically occurs at the community level, the final group in the ecosystem. SDG 17 is about creating and maintaining effective public-private-philanthropic partnerships. Positive behavioral or organizational change, and the success of partnerships, can also influence the flow, speed, and amount of capital available, which in turn can result in a positive or negative impact. Its success can be measured. This disconnect or Lost in Translation across the finance ecosystem is exacerbated by the fact that many business schools do not teach social change or how to work with the communities and people who benefit from impact investments. Figure A: “The Plumbing Map” Impact Investing Ecosystem 24
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Ten Years in the Making
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