>>A declaration addressed to G7 and G20 leaders, signed by over 300 CEOs, executives, business leaders, philanthropists who attended the 2020 Global Impact Summit, calling for urgent action for an economic recovery that preserves our planet<<
Scale impact, mandate impact transparency for companies and introduce legislation for impact finance are the three actions at the center of the GSG Declaration approved in September
Outlining solutions identified by the impact investment community during the Global Steering Group for Impact Investment (GSG) 2020 Global Impact Summit over 300 CEOs, executives, business leaders, philanthropists and government figures have signed a Declaration calling for urgent action towards a just and impact-led Covid-19 economic recovery that serves all people and preserves our planet.
The declaration is addressed to G7 and G20 leaders, finance ministers and central bank governors, the leadership of the OECD and COP26 and calls on three main items:
- To scale impact investment to combat unemployment, reduce inequality and preserve the environment;
- To mandate impact transparency for companies so they publish audited financial accounts that reflect their social and environmental impacts;
- To introduce legislation to empower companies and investors to pursue impact alongside profit.
These urgent actions emerged from the GSG 2020 Global Impact Summit (9-11 September) which brought together a powerful coalition of leaders from50 countries to discuss solutions, actions and initiatives that put impact at the heart of the Covid-19 response and recovery.
They underlined that it is more and more urgent to introduce incentives to accelerate impact investment, which seeks social as well as financial returns in order to create sustainable jobs, advance education, improve healthcare, and fund the expansion of non-profit organizations that support the most vulnerable. Moreover, it is necessary to spur investment into small and medium-sized impact-driven businesses and high-growth impact ventures in developed and developing countries, to create millions of new jobs. Since many large companies are streamlining their operations and eliminating jobs, impact growth ventures and SMEs provide the best route to creating new jobs and supporting the recovery. The other key point is to mandate that companies publish audited financial accounts that reflect their social and environmental impacts. This will provide ESG investors and consumers with the transparency they need to hold businesses accountable for the harm they cause and reward them for the positive impact they create. The third action required is to shift our economies away from profit alone to profit and impact by amend legislation and regulations to allow companies, pension funds and charitable endowments to base their decisions on return and impact.
The GSG is an independent global steering group catalysing impact investment and entrepreneurship to benefit all people and our planet. The GSG was established in August 2015 as the successor to and incorporating the work of the Social Impact Investment Taskforce established under the UK´s presidency of the G8. The GSG currently has 33 countries as members. Chaired by Sir Ronald Cohen, the GSG brings together leaders from the worlds of finance, business, and philanthropy. The GSG was registered as a charity with the Charity Commission for England and Wales (no. 1175658) in November 2017.
Torino Social Impact actively participates in the GGS activities within the Italy National Advisory Board and will host the 2021 GSG Leadership Meeting in May 2021.
Read the full Leaders’ Declaration here.
The list of signatories can be found here.