The Global Steering Group for Impact Investment (GSG) concluded its highly anticipated Global Impact Summit, held from 2 to 3 October 2023 in Málaga, Spain. Hosted in partnership with SpainNAB, the Summit brought together over a thousand impact leaders and investors from around the world, as well as delegates from National Advisory Boards (NABs), governments, and policymaking organisations representing over 60 countries.

The Summit kicked off with a welcome from José Luis Escrivá Belmonte, Acting Minister of Inclusion, Social Security and Migration of Spain; Carolina España, Regional Minister of Economy, Finance and European Funds of Junta de Andalucía (Regional Government); and Francisco de la Torre Prados, Mayor of Málaga City Council.

Other industry-leading speakers from the worlds of finance, business, policy-making, and civil society included:

• Dolika Banda, Founding Partner, Mondiale Impact;
• Emmanuel Faber, Chair, International Sustainability Standards Board;
• Maya Ziswiler, CEO, UBS Optimus Foundation;
• Nick Hurd, Chair, GSG;
• Şafak Müderrisgil, Founder and Chair, Etkiyap; Founding President, EYDK;
• Sir Ronald Cohen, President, GSG.

The highlight of the Summit was the announcement of six new countries joining the GSG’s network of NABs since the beginning of 2023 – Sri Lanka, Peru, Belgium, Norway, Greece, and Malaysia. Welcoming the six new NABs, GSG CEO Cliff Prior commented:

“We are delighted to see how much growth the impact movement has experienced over the last ten years. As more markets around the globe are embracing impact, NABs are becoming driving forces for innovation and opportunities, charting the course toward a global impact economy and ensuring a just transition that leaves no one behind.”

During the Summit, thought-leaders, changemakers, and impact leaders also reflected on the latest achievements of the impact movement, shared insights and lessons learned, and discussed the way forward, focusing on mobilising capital for people and the planet, achieving impact transparency, and building impact economies.

SpainNAB also released a study on the supply of impact capital in Spain in 2022, which shows a 58% growth in assets under management in impact investment, reaching 1.208 billion euros. This study, prepared in collaboration with Esade Center for Social Impact, provides an estimate of the volume of assets under management aimed at impact companies and organisations, differentiating between the supply of impact investment and the supply of impact bank financing.

The Summit was also an opportunity to launch two new reports published by the GSG. The first report, ‘Financing SDGs in emerging markets,’ identifies the potential of Green, Social, Sustainability and Sustainability-Linked (GSSS) bonds to attract investors to invest at scale in the Sustainable Development Goals (SDGs). It also offers recommendations on how issuers, private sector investors, policymakers, and development finance institutions can support the growth of GSSS bond markets in developing countries.

The second report, ‘SDG-Driven Tech Innovation Ecosystems,’ outlines the key features of state-of-the-art tech-based innovation ecosystems that can help drive the global SDG agenda. The GSG, along with six EU countries and Israel, was able to identify these ecosystems through a two-year Horizon EU project.

Addressing the Summit attendees, former UK Prime Minister Gordon Brown noted:

“I cannot tell you how important it is that we come together. By leading the way in creating one of the most exciting and innovative movements to build a more sustainable, fairer and more prosperous future – by us doing well and doing good at the same time – you’ll be giving people what eludes most of all today: Hope. We need hope for a better world and you can contribute greatly to it.”

Sir Ronnie Cohen, GSG Board President, also announced that Ibukun Awosika, former Chair of the First Bank of Nigeria, has been elected as Vice Chair of the GSG. She will take over the role from Nick O’Donohoe, who will finish his term on the Board later this year. Awosika joined GSG Chair, Nick Hurd, and GSG Trustee, Shannon Music, on stage to close the Summit, where they set out a clear call to action — to mobilise more capital to where it is most needed.