As part of the UK’s G7 2021 presidency, the UK government unveiled plans for an independent Impact Taskforce (ITF) to come up with solutions for a sustainable and inclusive recovery from the COVID-19 crisis and promote impact-driven economies and societies in the long term.

The new initiative, under the secretariat of the Global Steering Group for Impact Investment (GSG) working with its UK member, the Impact Investing Institute, will focus on fostering and facilitating discussions and recommendations around impact transparency, integrity, and trust. The Taskforce will also investigate ways to create financial vehicles that can deliver investments for the benefit of people and the planet worldwide. In doing so, it will actively look to advance impact investment in low- and middle-income countries hit hard by the pandemic.

The GSG and the Impact Investing Institute will head up two working groups to carry out the ITF’s core work.

• The GSG will oversee the development of thematic and technical efforts focusing on the need for greater simplification and harmonisation of impact reporting methodologies and accounting, as well as transparency and industry integrity.
• The Impact Investing Institute will lead on the design of principles and recommendations for financing vehicles that can mobilise private capital at scale to achieve impact in areas such as the creation of quality jobs, education and health in the context of the global transition to net-zero carbon economies.

Cliff Prior, Chief Executive of the Global Steering Group for Impact Investment (GSG), commented:

“We are delighted to have been supported by the UK government to lead the secretariat of the Impact Taskforce. Robust reporting standards and innovative investment structures are absolutely central to the development of an impact ecosystem that benefits people and the planet. The creation of the Taskforce will highlight the power of impact investing during the UK’s G7 presidency, as countries around the world seek solutions for fair and just recoveries from the COVID-19 crisis.”

Sarah Gordon CEO  of the Impact Investing Institute, said:

“Impact investment has the potential to contribute to solutions to some of the biggest challenges we face – whether that is a just recovery from the pandemic or addressing the climate crisis. To harness private capital at scale for public good, we need structures that meet investors’ requirements and deploy capital where it is needed, improving access to decent jobs, education and healthcare, and investing in a just transition to a net-zero world.”

The ITF will bring together relevant, diverse, and practical voices who are focused on maximising the impact of investments, drawing from the G7 countries and beyond. It will be chaired by The Right Honourable Nick Hurd, former UK Member of Parliament and Minister, who chairs the Access Foundation for Social Investment and led the UK Government’s work to scale the development of impact investment market between 2010-2015. The working group dedicated to harmonisation of impact reporting and transparency will be led by Douglas  L. Peterson, President and Chief Executive Officer, S&P Global, while the group working on the creation of impact financing vehicles will be headed by Dame Elizabeth Corley, former CEO of Allianz Global Investors and Chair of the Impact Investing Institute.  Sir Ronald Cohen, who led the Social Impact Investment Taskforce established under the UK’s presidency of the G8 in 2013, joins as senior advisor and taskforce member.