Abstract
Impact investing is aimed directly at creating a positive environmental or social impact by identifying and solving a particular environmental or social problem. The term “impact investing” was coined by the Rockefeller Foundation in 2007 and today the most commonly used definition is the one proposed by the Global Impact Investment Network (“GIIN”) (https://thegiin.org/impact-investing/): “investing made with the intention to generate positive, measurable social and environmental impact alongside a financial return”. A similar formulation was adopted by the G8’s Social Impact Investment Taskforce: “the defining characteristic of impact investment is that the goal of generating financial returns is unequivocally pursued within the context of setting impact objectives and measuring their achievement”, and the Taskforce also declared: “The world is on the brink of a revolution in how we solve society’s toughest problems. The force capable of driving this revolution is ‘social impact investing,’ which harnesses entrepreneurship, innovation and capital to power social improvement.” This chapter surveys the evolution of impact investing and important future trends and challenges.
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