Looking ahead, the team outlined several key areas for future work: 40 n They are now committed to driving collective action toward systems change in key impact areas. In doing so, they will demonstrate behavior models and support others in implementing community-centered IMM, where the “why” and the “what” drive the “how.” n In 2022, SIIF selected focus areas—inequality of opportunity, regional revitalization, and healthcare—aiming to promote systemic changes in these areas. They plan to orchestrate collective movements toward system-level impact goals by collaborating with beneficiaries, non-profits, and experts across multiple disciplines. n SIIF is working with GSG Impact JAPAN core members to develop focus impact areas and deepen their understanding of systemic structures and leverage points to guide their actions. n They are committed to contributing to the continuous development of global IMM principles and practices by sharing experiences and highlighting Japanese characteristics that may be relevant to other countries. Taken together, these changes signal a new way forward that places the beneficiary at the center of the work. As Sugeno summed it up, “When we first began, we focused on the ‘how’ of integrating impact into mainstream business and finance. Although impact investing grew much faster than expected, there hasn’t been enough progress on pressing social and environmental issues with the necessary scale and speed.” 41 Navigating Complexities SIIF has recognized that for the impact economy to flourish, it cannot operate in a vacuum. As Japan’s impact investment market grows, driven in part by the entry of new institutions, it will be critical for SIIF to avoid impact washing and maintain a focus on measurable social and environmental outcomes and not on financial returns. As Aoyagi offered, “The amount of investment and the number of investors has increased tremendously in the last ten years, which is fantastic! But are the problems being solved on the ground? The answer is no. But we’re committed to working collectively and transparently to tackle the complex challenges that have emerged.” 42
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Ten Years in the Making
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