The Leadership Meeting of the GSG for Impact Investing ended on May 20, approving a series of urgent, concrete and ambitious objectives and announcing the next edition in Turin in 2021. Turin Social Impact participated within the Italian National Advisory Board .

120 leaders in the impact investing sector from 40 countries gathered on line to discuss the impacts of the Covid-19 crisis on the global economic, political and social system. Inequalities are worsening, national governments face an increase in debt following emergency measures, various economic sectors are experiencing a phase of deep struggle, geopolitical dynamics are hit by an unprecedented condition in the era of globalization. The most vulnerable parts of the population are even more affected because the system is committed to face the whole complexity of the emergency.

We must be aware that it will not be easy to keep the economic recovery and social justice together and therefore never as at this moment a deep change in the global economic paradigm is the response to build a more resilient system, in which business models are based on the pursuit of joint economic and social objectives. To do good and to do well. The attempt to go back to normal without trying to turn the crisis into an opportunity to assert a new system would be a failure, this is the concept shared by the experts, professionals, investors, officials gathered.

If not now, then when? With what tools and timing? The three-day work focused on three phases to work on and set the GSG For Impact Investing agenda. Emergency measures, such as social and covid bonds aimed at specific areas of crisis such as the third sector or particularly affected parts of the population and simplified outcome investing tools in order to speed up operational processes. Measures for the recovery phase, such as a campaign to make mandatory the measurement of the social impact of private organizations, new social impact bonds and outcome funds. Finally, advocacy for a profound review of the financial sector in favor of impact investments in the framework of Agenda 2030, a reshaping of capitalism is the vision in the background.

The Global Steering Group for Impact Investment (GSG) was launched in August 2015 by Sir Ronald Cohen to put ahead the work of the social impact investment task force set up under the British G8 presidency. It is an independent global organization that brings together leaders from the world of finance, business and philanthropy and aims to catalyze impact finance and entrepreneurship, for the benefit of people and the planet. Devoted to enhancing impact investments, which today represent just 1% of the capital allocated globally, the GSG promotes the tools capable of returning social and environmental results together with financial returns, fosters business models that can profitably pursue a double result. The debate also focuses on defining global policies that promote the spread of investments that bring together private and public capital with social entrepreneurship and non-profit organizations in order to bring social change.

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