business innovations to scale, in collaboration with academic and research institutions, incubators and accelerators. Specifically in Japan, NACS-J is supporting the Akaya Project. 71 The Akaya Forest is a 10,000-hectare (10 square kilometers) state-owned forest that stretches along the border between Minakami Town, Gunma Prefecture, and Niigata Prefecture. The project aims to restore the original ecosystem and biodiversity of the area and create a sustainable community. The project is being carried out in partnership with residents and government agencies. In addition to HSBC, some of NACS-J’s other corporate partnerships include MS&AD Insurance Group Holding, Inc., Sony Life Insurance, Sumitomo Life Insurance Company, and Mitsubishi UFJ Environment Foundation. 72 In ocean conservation, through Oceans 5, NACS-J has created an international funders’ collaborative to stop overfishing, establish marine protected areas, and constrain offshore oil and gas development. 73 These are the three highest priorities identified by marine scientists around the world. 74 Oceans 5 partners include Bloomberg Philanthropies, Builders Initiative, Oak Foundation, The David and Lucile Packard Foundation, Allen Family Philanthropies, and The Tiffany and Co. Foundation. Global Trend: Community Grievance Practices for Impact Finance Globally, community-centered impact investments are being scrutinized at local levels through public grievance procedures. For the first time, the Global Impact Investors Network (GIIN) has incorporated community grievance mechanisms into their IRIS+ standards for Marine Stewardship and Conservation. 75 The grievance practice allows communities who have been negatively impacted by impact investors to express their concerns. The expectation is that these grievances will be heard and that appropriate mitigation steps will be taken, ensuring a more accountable and equitable investment process. In addition, aggrieved communities are suing impact investors and Development Finance Institutions (DFI). In 2024, the IFC agreed to pay US$5 million in reparations to land defenders in several Honduran communities. 76 This marked a significant shift: although the IFC had previously lost its absolute immunity granted by the US government after the Supreme Court heard a case regarding its financing of an energy project in India, it had not, until now, offered reparations to communities allegedly harmed by its investments. 77 Similarly, BHP recently agreed to a settlement of US$9.67 billion for a Brazilian mining disaster that killed nineteen people, displaced seven hundred others, severely polluted local water supplies and caused environmental damage. 78 The case involved over 700,000 claimants, underscoring the scale of community impact and mobilization. 184
Ten Years in the Making
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