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UK government funds new taskforce to boost global impact investing
- Nick Hurd, Ronald Cohen and Elizabeth Corley are joined by Douglas L Peterson of S&P Global in new taskforce.
- Government-funded initiative aims to emulate “rocket booster” effect of UK’s last G7 presidency on impact investment.
A new taskforce backed by the UK government will aim to push impact investing worldwide – especially in Africa – and work towards globally accepted reporting standards by the end of the year.
The Impact Taskforce, chaired by former UK civil society minister Nick Hurd and run by the Global Steering Group for Impact Investment (GSG) and the UK’s Impact Investing Institute, will “propose solutions to harness private capital at scale for public good”, GSG has announced.
Above: Nick Hurd, chair of the new taskforce (photo by Chris McAndrew, Wikimedia Commons.)
The taskforce is funded by the UK government as part of its G7 presidency during 2021, as well as by one other “substantial donation from the industry side”, said Cliff Prior, CEO of GSG. Pioneers Post has requested further detail on the budget.
It will run until shortly after the end of UK’s G7 presidency in December, but Prior told Pioneers Post he hoped it would become “a multi-year process” adopted by subsequent G7 leaders, and that findings would also be brought to the larger group of G20 countries – chaired by an emerging economy, Indonesia, for the first time in 2022.
The Impact Taskforce will have two working groups: GSG will oversee efforts to simplify and harmonise how companies and investors report on and account for impact, while the Impact Investing Institute will oversee recommendations for creating impact financing vehicles that can mobilise private capital at scale.