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COMUNICATO STAMPA

FINANZA SOCIALE, IN 200 A MILANO PER LA RIVOLUZIONE IMPACT

 

A  Palazzo Marino l’iniziativa organizzata da Social Impact Agenda per l’Italia.

Appello al Governo sul Fondo per l’innovazione sociale.

  

MILANO –Far decollare la rivoluzione impact, tenendo insieme politiche sociali avanzate e modelli economici sostenibili. Con l’Italia al centro del movimento mondiale per la finanza sociale. È questa la missione lanciata lunedì 19 da Social Impact Agenda per l’Italia, il network italiano per l’impact investing, durante l’evento "Unlocking Impact Capital", svolto in Sala Alessi, a Palazzo Marino.


Al centro dell’iniziativa il keynotespeech di Amit Bhatia, economista indiano e CEO del GSG (Global Steering Group for Impact Investment), il gruppo internazionale che ha incorporato il lavoro della Social Impact InvestmentTaskforce, nata in ambito G7. È stata la presenza di Bhatia in Italia l’occasione per rilanciare la sfida della promozione dell’impact investingnello scenario economico e finanziario internazionale, in linea con gli scopi del GSG: dare centralità alla finanza a impatto sociale nei mercati di tutto il mondo entro il 2020. Ad oggi fanno parte del gruppo GSG 17 Paesi di tutto il mondo e l’Unione Europea. Per l’Italia è Social Impact Agenda a rappresentare l’ecosistema nazionale degli investimenti ad impatto sociale.


L’evento si è svolto in collaborazione con il Comune di Milano e, in particolare, con l’assessorato guidato da Cristina Tajani, fondatrice dell’associazione Milano IN – Innovare per Includere. Presente all’evento anche UliGrabenwarter, rappresentante dello EuropeanInvestment Fund, istituzione che recentemente ha finanziato il Social Impact Bond finlandese con l’investimento di questo tipo più significativo in Europa.


Tra gli altri protagonisti della giornata milanese ancheGiovanna Melandri, presidente di Social Impact Agenda per l’Italia e di Human Foundation; Edoardo Reviglio, ChiefEconomist and Head of Research and Strategy of International Relations, Gruppo Cassa Depositi e Prestiti; Massimo Lapucci, Presidente dello European Foundation Centre e Segretario Generale di Fondazione Sviluppo e Crescita CR; Stefano Granata, presidenteGruppo Cooperativo CGM; Giovanni Fosti, Presidente di Fondazione Social Venture Giordano dell’Amore; Stefano Zamagni, Professore presso l’Alma Mater Studiorum - Università di Bologna.

 

Milano, 12 marzo 2018

 

UFFICIO STAMPA: Paola Natalicchio - 349.5932901 -  Questo indirizzo email è protetto dagli spambots. È necessario abilitare JavaScript per vederlo.

 

LE DICHIARAZIONI DI MELANDRI, GRANATA E LAPUCCI

«Grazie alla pressione di Social Impact Agenda per l’Italia, nell’ultima Legge di Stabilità è stato approvato il primo outcome fund italiano: il Fondo per l’innovazione sociale. È una partita aperta, che si sta giocando in questi giorni. Mancano, ad oggi, i decreti attuativi. Il prossimo Governo, quale che sia, se ne occupi nei primi cento giorni. Servono i DPCM. Ed è indicato nel 30 marzo la data entro cui rendere operativo questo strumento che può consentire un salto di qualità. Il termine non è perentorio, ma io penso che in queste ore il mondo istituzionale deve sentire da questa assemblea la richiesta di prendere a cuore questa partita. Quale che sia il prossimo Governo. Se è vero che innovazione e inclusione sono le due sfide di questa legislatura, chiediamo di rilanciare subito questo strumento».

Giovanna Melandri, Presidente di Human Foundation e Social Impact Agenda per l’Italia

 

***

«Non è un caso che si tenga a Milano, presso la sede istituzionale più autorevole della città, un appuntamento di grande rilievo internazionale su un tema decisivo per il futuro prossimo.Non solo dell’Italia, ma del continente europeo. L’impact investingsarà sempre più al centro delle politiche di sviluppo dei singoli paesi e delle politiche comunitarie. Si ha oggi maggiore coscienza di quanto gli investimenti a impatto sociale siano driver per una crescita economica sana, basata su solide basi a differenza di altre che pongono al centro solo l’aspetto finanziario senza considerare la visione d’insieme, con i danni che abbiamo visto e che ogni giorno si palesano. Milano - specie per quanto le sue recenti amministrazioni hanno messo in campo in termini di innovazione e crescita sostenibile - è la città che più di tutte è e può sempre più essere pivot per la generazione di un fattivo dialogo e scambio di esperienze a livello nazionale e internazionale. Come già fu Firenze - che diventò la sede di dialoghi e confronti sul tema della pace e fratellanza nel mondo - nell’epoca dell’indimenticato Sindaco La Pira, perché oggi non può essere Milano e proprio Palazzo Marino il luogo, la sede più autorevole per scambiarsi permanentemente esperienze a livello internazionale che portino a maggiore conoscenze degli investimenti ad impatto e dell’imprenditorialità sociale?».

Stefano Granata, Presidente gruppo cooperativo CGM

 

«Impresa, finanza, pubblica amministrazione e filantropia: mondi diversi che si confrontano per creare valore sociale. Ecco in cosa consiste quella che si può felicemente definire Rivoluzione Impact, un'azione congiunta dei capitali “pazienti” accanto ai tradizionali grant. Il GSG, insieme a Social Impact Agenda, si pone come acceleratore del confronto tra soggetti strategici per promuovere e rafforzare il social impact investing a livello internazionale.In questo contesto trovano un ruolo fondamentale le Fondazioni di origine bancaria e gli enti strumentali come Fondazione Sviluppo e Crescita CRT, ponendosi come parte integrante dello sviluppo di un’economia sociale sostenibile».

Massimo Lapucci, Presidente dello European Foundation Center e Segretario Generale di Fondazione Sviluppo e Crescita CRT

***

Amit Bhatia Keynote| Milan, Italy | 19 March 2018

I. INTRODUCTION Ladies & Gentlemen, Good Morning! Buon Giorno! If you land in Milan, for the first time, as an Indian, you have to be bowled over by the beautiful architecture, the newness and the obvious differences that we see from an Indian geographical, historical and cultural perspective. I am however struck by the familiarity between India and Italy. You are a peninsular nation, so are we.You have the Alps to your north, we have  the Himalayas. You are an ancient civilisation; Indus Valley civilization too dates back 2000 years. You have had foreign rulers- we have had many. You have an ancient language, Latin, that gave birth to many European languages; we have Sanskrit, which did the same in the Indian Subcontinent. You have the mid-day riposo; so do we. Your pizza is now a $37 billion dollar restaurant industry in the US, our Chicken Tikka Masala is the national dish of UK. More seriously, Italy is also the birthplace of the Renaissance or enlightenment and humanism, while India has introduced the world to peace and non-violence through Buddhism and later through the non-violent struggle for independence under Gandhi. Both our civilisations have an immense capacity for contributing to the society. 

What better place to talk to about an enlightened future, than Milan, the Moral Capital of Italy. I ask you, could we be on the brink of another historic movement? Can we together createa just and enlightened world where financial gain and social responsibility go hand in hand.

It is inspiring to see that great shifts are already underway that will bring greater morality to the world of finance. A shift that ensures, Capital has a higher purpose. Incontrovertibly, we are creating a new formula- Capital + Purpose equals (=) Impact. 

This equation is the catalyst for our movement. And this movement, Ladies & Gentlemen, is unstoppable. Why do I say that? Well, today, I will present this evidence in two parts. You be the jury- all of you.

  1. I will prove similarities between our movement and characteristics of major social and political movements in the last century
  2. I will provide evidence through three major impact investment trends that this movement is truly global and irrepressible.

The Founder & Chair of The Global Steering Group for Impact Investment or GSG, Sir Ronald Cohen, often says, Impact Investment is “An evolution in thought and a revolution in Means”. I am confident that in the next 10 minutes, you will believe in the movement as much as we do. This is an unstoppable movement and we are on the winning side of history.

 

  1. THE ANATOMY OF A GLOBAL MOVEMENT

So let’s start with the anatomy of a global movement. Many revolutions share some common features, allowing them space in our collective consciousness. The impact investment movement is successfully emulating three:

  1. All successful movements are Simple but Revolutionary Ideas that restore justice or balance. Women should vote. Segregation based on color is unjust. All citizens are equal. Imperialism or dictatorship is bad. Similarly, the impact investment thesis is values-based: Capital has a higher purpose.Capital must be used to create positive social or environmental impact alongside financial returns. Impact can drive profitability and need not impair it. We too have a simple but revolutionary idea.
  1. All successful movements are Decentralized and Replicable: Though separated by an ocean and working independently, Susan B. Anthony in US, and Emmeline Pankhurst in UK, fought to give women the right to vote around the same time, at the beginning of the last century. Impact Investment too has manifested in diverse ways. Some view Impact Investment as disruption in philanthropy while others as cannibalizing commercial investments. To some, it is an investment strategy. To others, it is monetization of outcomes, best achieved through Impact Bonds and Outcome Funds. But all agree- impact investment is here to stay.
  1. All successful historical movements are inclusive and engage citizen support irrespective of economic status, caste, color, language, or nationality. Even the recent Arab Spring, still work-in-progress, quickly spread to over a dozen countries. The impact investing movement is equally inclusive of philanthropists and capitalists, of for-profits and non-profits.

I know in my country, the left and right, seldom agree. I am sure it’s different here. But you gotta give that this rare consensus on impact investment between the philanthropists on the left and the capitalists on the right, does sound surreal.

But I do hope you will agree that our movement, through a simple but revolutionary idea, through decentralized and replicable approach and by being a big, inclusive tent, contains the core characteristics of a successful movement.

 

III. A PERSONAL MOVEMENT

I want to tell you, Impact Investment movement is more than just business or profession for me; it is personal. I immersed myself in it, 10 years ago, quitting a successful corporate career, as this would help me finally complete a 70-year old story. I am the child of a refugee family and my story begins before my birth, with the partition of India. What followed, as you may recall, was mayhem in India and the newly formed Pakistan when Hindus and Muslims, rioted against each other, and crossed the border to find new homes- Muslims in Islamic Pakistan, Hindus in a secular India. An estimated 1.1 million people were killed.

My family too, as Hindus, crossed over from Pakistan, their erstwhile home, into India. They were without home, finances or means to support themselves. I have heard the telling and retelling of the stories many times as a young boy; my mother, her sisters and my grandmother, all carried sachets of poison with them to be ingested if attacked. I grew up on stories of how my mother’s family watched one of their cousins being burnt alive by his former friends in a violent frenzy of communal hatred. Myfather, as a young boy, walked days to reach India only to work as a porter at the Amritsar railway station for weeks, as there were no refugee camps.

In independent India, my parents found new roots, new hope and a better life for themselves and their children. But, India is still home to 300 million poor. Those of us fortunate enough to escape the low-income vicious cycle, burn with the desire to make our nation as our Founding Fathers envisioned. 10 years ago, I saw in Impact Entrepreneurship and Impact Investment, tools to deliver on that vision, not just for India, but also, for the world. As we say in Sanskrit, vasudhaiv kutumbukam, or the world is one family. That has been my quest and journey this last decade.

I know Impact Investment & Entrepreneurship is similarly an expression of your values or your patriotism too. Movements take a long time coming and our time has come. This “Impact” movement is still about bourgeoisie vs. proletariat- just in a different avatar- not on the battlefield, but in the financial markets. This revolution is not about guns and arms, but if the invisible hand of the markets can be guided by the invisible heart. This, Ladies & Gentlemen, is about “Das Impact”!

 

  1. THREE TRENDS IN IMPACT INVESTMENT

So let’s talk about the global trends. There are three trends I want you to consider:

  1. Growing Investment and Impact
  2. Growing Corporate Commitment and Focus
  • Growing Government Support
  1. Growing Investment and Impact

According to our estimates, global impact investments crossed $150 billion in 2016 and will cross $300 billion by 2020. I will not be surprised if it crosses a trillion dollars early next decade. Moreover, we believe Impact Investments touched 500 million poor, i.e., 1 of 6 poor in 2016; and will likely touch 1 billion poor by 2020, i.e., 1 in 3 poor. All this, while impact investments are delivering market returns- 6.9% in GIIN’s study between 1998 and 2010 for 51 funds. According to this study, funds less than $100 million in size had a net IRR of 9.5%. In India, a recent McKinsey study found the IRR to be 11% for $4.5 billion in investments between 2010 and 2016, touching 50-80 million beneficiaries.  So today, we have growing impact funds, growing impact intermediaries, growing impact enterprises and growing impact!

  • Growing Impact Funds: Firstly,large institutional investors are providing their muscle to the movement. The world’s largest pension funds like PGGM of Netherlands, are re-aligning their portfolios to UN’s Sustainable Development Goals. PGGM, has over Euros 200 billion under management. They have mapped their entire portfolio along the impact investment continuum and publicly disclosed 88 per cent alignment- 81% in ESG, 5% in SRI and 2% in Impact Investment. Across the channel, France has adopted 90/10 Funds for Employee Saving Schemes through Solidarity Funds, where 5-10% of the investments can go to unlisted social sector assets. GSG is currently incubating three $1 billion Funds- an Education Outcomes Fund for Middle East & Africa, an Education Outcomes Funds for India, and a Debt-based Impact Wholesalerin India. Our NABs and Partners are working on 9 other significant-sized Outcome Funds or Wholesalers.
  • Growing Impact Intermediaries: The intermediaries too are growing. When Private Equity firm TPG launched the $2 billion RISE Fund, cynics asked- Are there deals? TPG soon announced there first investment in a dairy and milk processing company in South India that gives fair prices to farmers- a $50 million investment in Dodla Diary. There are deals. That’s why Bain Capital has raised $500 million. That’s why Bain Capital has raised $500 million. That’s why Bridges in UK, Leapfrog in Australia, Double Bottom Line in America, Aavishkaar in India and Abraaj Capital in the Middle-East are successful. Social Finance just announced that Impact Bonds have crossed 108 SIBs and DIBs, with $392 million in deployment, across 24 countries.
  • Growing Impact Enterprises: Impact Enterprises are demonstrating both scale and success. In USA, electric car-maker TESLA is $7 billion in revenues. Tom Shoes,which gives away a pair of shoes to poor for every shoe sold, is $400 million and Revolution Foods, ushering healthy eating, is $125 million. M-Pesa in Africa, now has 29.5 million customers in 10 countries. Bridge International Academies has expanded out of Africa to 5 countries and has over 500 schools. D’light, and Greenlight Planet claim to have offset over 20 million metric tonnes of CO2 through solar products. Jain Irrigation from India has used its micro Drip & Sprinkler irrigation systems to build a $1 billion company. I can go on and on to make a simple point- Impact enterprises are scaling because they deliver impact.
  • Growing Impact: Let’s talk about Impact. I will pick up an example close to my heart. Amul in India was launched as a co-operative. A dairy, milk processing and milk products entity. Established in the 1950’s in the Indian state of Gujarat, Amul has grown to $5 billion in revenues, pulling 3.5 million farmers out of poverty, who get 85% of all proceeds. It is amongst the Top 15 dairies of the world!

Ladies & Gentlemen, this is an unstoppable movement, and it’s been a long time coming. Now, let’s look at the growing corporate commitment.

  1. Growing Corporate Commitment and Focus
  • Profit without impact rejected: Recently, BlackRock Chair & CEO Larry Fink, who oversees $6.3 trillion in assets under management, wrote to his CEOs to focus on long-term value creation. He wrote “we must also understand the societal impact of our business.” He ends the letter with questions like, “What role do we play in the community? How are we managing our impact on the environment?” I am sure Milton Friedman is turning in his grave.
  • Impact DNA in businesses: The food company, Danone, after 10 years of social innovations now wants to drive a food and water revolution, at scale. Over the last 10 years, it has created the Euro 100 million Eco-System Fund or the Euro 40 million Livelihoods Fund, among others. Emmanuel Faber, Danone CEO recently told Sir Ronald, that Danone will only “Invest with Impact”.
  • More corporate forms and certifications: New corporate forms are taking root. Five Danone subsidiaries are now B-Corp certified. From Patagonia to Lucky Iron Fish, big and small enterprises are joining this network of 2500 B-Corp companies.

Ladies & Gentlemen, the Impact Revolution is unstoppable.

  1. Growing Government Support

If you are not convinced, turn to what governments are doing:

  • They are providing Legislative support: President Macron recently announced a French Social Business Act and appointed a new High Commissioner of Social and Solidarity Economy (SSE). Israel just passed a regulation making ESG disclosures mandatory for corporations. The National Stock Exchange regulator in Argentina (CNV) is developing regulation on ESG, to be passed this year. Thailand has a Social Enterprise bill on the floor in its Parliament.
  • Governments are providing Funding Support: In UK, the Government has allocated over GBP 200 million in Outcome Funds with Life Chances Fund, Fair Chance Fund, Social Outcomes Fund, and more. Finland’s government has promoted six SIBs including Europe’s biggest SIB: a €13.5M SIB to support the employment and integration of refugees. South Korean Government is finalizing a $300 million Impact Wholesaler. US has earmarked $100 million outcome funding in its most recent budget. Japan has committed $4.5 billion of unclaimed assets and dormant accounts to an Impact Wholesaler and Outcome Fund. You all persuaded your own Government, in the last budget, to approve the creation of a €25M Social Innovation Fund.

Ladies & Gentlemen, this is an unstoppable movement.

  1. CONCLUSION

So here we are- in 2018, thanks to our Italian National Advisory Board and I hope you will all agree that Giovanna and her colleagues have done a great job in bringing us all together. <applause>. We must now ask ourselves- where do we go from here? Let me share where GSG is steering the movement.

We were born from a G8 Task Force, setup under presidency of UK and chaired by Sir Ronald Cohen. Today, GSG has 17 countries + EU as its member NABs or National Advisory Boards. We are driven by an ambitious and audacious goal: to drive the movement to its Tipping Point by 2020. Which means:

  • Doubling the countries from 14 in 2016 to 30 by 2020
  • Doubling the market size from $150 billion in 2016 to $300 billion in 2020
  • Doubling the beneficiaries from 500 million in 2016 to 1 billion by 2020

In fact, you are all helping grow this movement right now: by building or supporting a new Fund, by leading, supporting or mentoring an impact enterprise, by purchasing products and services from an Impact enterprise. When you lead any of our five pillars of impact investing eco-system, of Asset Owners, of Asset Managers, of Impact Entrepreneurs, of Policy-makers & Regulators or of Market Enablers, you grow the movement.

In the land of Renaissance, I must evoke Da Vinci who said: I have been impressed with the urgency of doing. Knowing is not enough; we must apply. Being willing is not enough; we must do.”

This global movement will be successful- because each one of you truly do- you make it possible. As you help capital find its highest purpose, we will build a moral, and equitable global impact economy. A good karma economy that addresses the needs of the 3 billion poor. A caring and conscientious impact economy that we can bequeath to the next generation. That’s a vision worth striving for, worth living for. We have work to do. Do Good, Do Well!

Thank You!

***

L’intervento di Giovanna Melandri, presidente di Social Impact Agenda per ltalia, il network italiano degli investimenti a impatto sociale, in apertura del meeting “Unlocking Impact Capital”, il 19 marzo a Palazzo Marino a Milano.

Tutti gli investimenti producono un impatto. Ma quando parliamo di impact investing stiamo parlando di investimenti che intenzionalmente generano impatto sociale e tengono al centro la sostenibilità come categoria sociale, ambientale e umana. Questa sfida nasce in ambito G7, qualche anno fa: la sfida di sostenere contemporaneamente processi di sviluppo, inclusione e innovazione sociale.

Social Impact Agenda – il network italiano degli investimenti a impatto sociale, che ho l’onore di presiedere - è una piattaforma aperta e ha in sé questa forza: la forza di aver messo intorno allo stesso tavolo il mondo della cooperazione sociale, il mondo delle fondazione bancarie, il mondo della valutazione, delle grandi reti assicurative, etc. ovvero tutti gli stakeholders della possibile rivoluzione impact in Italia.

Ma cosa sono gli investimenti a impatto sociale? In cosa si distinguono dagli altri? In una cosa: hanno l’obiettivo intenzionale di produrre impatto sociale. Li abbiamo chiamati in più occasione investimenti 3D, centrati non solo su rischio e rendimento (le due dimensioni classiche di ogni investimento), ma anche sulla catena di valore sociale, ambientale e umano che sanno generare.

L’obiettivo è quello di generare un paradigma nuovo con effetti profondi sul Welfare e sul rapporto tra uno Stato non sempre efficiente e la mano invisibile di un mercato che sta lasciando troppi, troppi indietro.

Io lo credo davvero: noi sentiamo di far parte di un grande movimento civile mondiale. Se la mano invisibile non funziona, vogliamo far pulsare il cuore invisibile dei mercati.

Secondo la task force europea sulle infrastrutture sociali guidata da Romano Prodi, il gap minimo di investimento in infrastrutture sociali è stimato tra i 100 e i 150 miliardi di euro per anno. Questi gap vanno colmati, per colmare troppe domande sociali inevase. C’è bisogno di innovazione sociale. La rivoluzione tecnologica senza innovazione sociale è pericolosa.

L’Europa continua a essere nel mondo il luogo in cui la spesa sociale è più alta e l’Europa ha la struttura del Welfare più ricca. Noi dobbiamo difendere questo paradigma. Nessuno di noi pensa che le risorse private debbano sostituire quelle pubbliche. Ma per difendere questo modello, il welfare europeo deve sapersi mostrare più efficiente e deve saper sfidare i mercati finanziari.

Grazie alla pressione di Social Impact Agenda per l’Italia, nell’ultima Legge di Stabilità è stato approvato il primo outcome fund italiano: il Fondo per l’innovazione sociale. È una partita aperta, che si sta giocando in questi giorni. Servono però i decreti attuativi. Il prossimo Governo, quale che sia, se ne occupi nei primi cento giorni.

Il Fondo per l’innovazione sociale è partito con un finanziamento “simbolico”: 25 milioni di euro. Ed è uno strumento aperto alle pubbliche amministrazioni e agli enti locali che vogliano individuare obiettivi sociali e affidandoli a investitori privati, accantonando risorse che vanno restituite se il modello dovesse funzionare. È un meccanismo “pay by result”, un meccanismo virtuoso. Stiamo parlando di investimenti che sono collegati, agganciati e appoggiati a un obiettivo sociale che deve essere raggiunto. E lo Stato eroga quelle risorse solo a obiettivo raggiunto. Per l’Italia è una piccola rivoluzione copernicana. Significa che il mondo dell’impresa, della finanza sociale investe sapendo che almeno il capitale rientrerà. E significa che le cooperative sociali sanno di avere la certezza del finanziamento, ma anche che il raggiungimento del risultato è la loro ragione sociale.

Il Fondo aspetta i decreti di attuazione. Servono i DPCM. Ed è indicato nel 30 marzo la data entro cui rendere operativo questo strumento che può consentire un salto di qualità. Il termine non è perentorio, ma io penso che in queste il mondo istituzionale deve sentire da questa assemblea la richiesta di prendere a cuore questa partita. Quale che sia il prossimo Governo. Se è vero che innovazione e inclusione sono le due sfide di questa legislatura, chiediamo a questo Governo che entro i primi 100 giorni sia rilanciato questo strumento. Questo è il nostro obiettivo, questa è la nostra agenda.

Milano, 19 marzo 2018