According to a new OECD report, Social Impact Investment would be more effective it if were more clearly defined internationally with more measureable outcomes. The report, Social Impact Investment: The Impact Imperative for Sustainable Development, calls for international standards to be applied on collecting data and measuring impact with the OECD proposing defining social impact investing as targeting core development, social and environmental areas that help people and countries
Håvard Halland, visiting scholar at the Stanford Global Projects Center (GPC) at Stanford University and Justin Yifu Lin, former Chief Economist of the World Bank are calling for the creation of a new global climate finance facility ‘exclusively targeted at mobilizing institutional investor capital, and designed to address the shortcomings of current multilateral initiatives.’ Halland and Lin argue that current climate finance initiatives are designed to mobilise capital at a project level, and that they need to be operating at a portfolio level to have the desired impact.
Nancy Birdsall, founding president of the Center for Global Development, is calling on the next president of the World Bank to bring the institution into the 21st Century, arguing the Bank must adapt to the challenges facing the world and shift the banks rules and procedures so the Bank’s strengths and capital can be used more effectively.
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The EU has adopted its highest ever humanitarian aid budget for 2019, with a total of €1.6 Billion allocated for various causes including support for Syria and Yemen.
The Asian Infrastructure Investment Bank (AIIB) is establishing a USD $500 Million portfolio to purchase bonds issued to finance sustainable infrastructure investments, including debt that conform with environmental, social and governance (ESG) criteria, in an effort to help help develop the ESG market in Asia.
The Global Fund to Fight AIDS, Tuberculosis and Malaria is seeking to raise USD $14 Billion in its next replenishment cycle, but observers believe the Fund might face difficulties raising the amount due to budget deficits facing some of its largest donors.
Kevin Watkins, chief executive of Save the Children UK, has defended the UK’s Department for International Development (DFID) against calls for the agency to be dissolved amid criticism for not doing enough to further British interests. While Watkins acknowledges the agency has made mistakes and the UK should be debating the role and purpose of aid, he argues DFID’s reputation as one of the world’s premier development agencies has helped the UK become a ‘development superpower’ and should be regarded as a prime asset, not something to be fixed.
Finland’s Minister of the Environment, Energy and Housing Kimmo Tiilikainen has told world leaders to eliminate fossil fuel subsidies if they want to fight off the effects of climate change, calling the subsidies ‘the enemy of the green economy.’
The Trump Administration is reportedly considering nominating former PepsiCo CEO Indra Nooyi to be the next president of the World Bank though it is unclear if Nooyi would accept the job and reports note that Nooyi’s support of Hillary Clinton in the 2016 election could be an obstacle to securing President Trump’s nomination.
The Asian Development Bank will scale up its India funding to USD $4.5 Billion, with USD $3.5 Billion in sovereign fundig and USD $1 Billion for the private sector.
An overview of the philanthropic endeavours of some of Africa’s wealthiest givers.
The International Renewable Energy Agency (IRENA) has selected Francesco La Camera to be its next Director-General. La Camera is the current Director General for Sustainable Development, Energy and Climate at the Italian Ministry of Environment, Land & Sea, led the EU and Italian negotiation teams at the climate COP 20 in Lima and was the head of the Italian delegation to the three previous COPs. He will succeed Adnan Z. Amin who was the first IRENA Director-General when he takes office on April 4th of this year.
Save the Children International Chief Executive Helle Thorning-Schmidt has announced she will leave the charity later this year. A former Danish prime minister, Thorning-Schmidt joined the charity in 2016 and launched the charity’s long-term strategic plan for reducing childhood deaths, Ambition for Children 2030, during her time at the head of the organisation.
The McKnight Foundation has promoted director of impact investing Elizabeth McGeveran to the newly created role of director of investments. McGeveran, who joined the foundation in 2014, will retain her duties in impact investing as part of the new role.
- The Andrew W. Mellon Foundation Appoints Michele S. Warman as Executive Vice President and Chief Operating Officer
The Andrew W. Mellon Foundation has announced the appointment of the foundation’s general counsel and secretary Michele S. Warman as Executive Vice President & COO. While Ms. Warman’s new role will see her oversee the Foundation’s overall operations, she will continue to serve in her role as general counsel and secretary.