Financial thinking has evolved from a focus on returns in the 19th century to risk-return in the 20th century, is it now shifting to risk-return-impact? Investment is increasingly being driven by responsible, sustainable and impact-oriented values. How do we ensure impact performance, alongside financial performance, and what are the challenges to overcome?

Moderator: Fran Seegull (US Impact Investing Alliance)
Lead Discussant: Maria Jose Montero (FIS Ameris), Steve Wang (Bosera Asset Management), Danniel Izzo (Vox Capital), Juan Bernal (CaixaBank Asset Management), Jocelyn Cheng (GIF)

Are entrepreneurs the driving force of the impact revolution? Are they the ones who will take us to a circular economy, help us to improve learning outcomes, create smart cities and scale new business models to tackle other social and environmental challenges? How does achieving impact at scale affect entrepreneurial business models? How do we drive the inclusion of impact in entrepreneurial thinking, across the globe?

Moderator: Cliff Prior (Big society capital)
Lead Discussants: Thomas Belazis (Rockefeller Foundation), Randall Kempner (ANDE, The Aspen Institute), Tarun Mehta (Ather Energy), Thomaz Srougi (Dr. Consulta), Belen Bagnati (Govt. Of Argentina)

The world’s first Impact Bond – a Social Impact Bond – launched nearly a decade ago in Peterborough, UK. As of October 2019, Brookings Institute sites 168 impactbonds in 30 countries, mobilizing more than $400M to deliver outcomes across employment, criminal justice, the environment and more. The Social ImpactBond has led to the development of the Environmental Impact Bond, Development Impact Bond, and Career Impact Bond, with others on the way. As practitioners innovate and scale the model, six impact bond practitioners and experts from around the world reflect on the state of the sector.

Moderator: Tracy Palandjian (Social Finance US)
Lead Discussants: Andrea Phillipe (Maycomb Capital), Brace Young (Arabesque), Mara Airoldi (BSG,University of Oxford), Maria Laura Tinelli (Acrux Partners), Mika Pyykko, Daniel Uribe (Corona Foundation)

The world population is growing and this is affecting the environment. To ensure there’s enough food, water and prosperity in 2050, we need to switch from a linear to a circular economy. Can we truly eliminate non-recyclable waste? Can manufacturers design products to be reusable? For example, can all electrical devices be designed in such a way that they can be repaired. Will we be able to recycle all plastic into pellets for making new plastic products. Will we treat our surroundings responsibly? Can we prevent litter on streets or in the natural environment? Can Impact Economies become truly circular? For too long we have exploited nature as a resource, considering and even documenting land as a factor of production. We must realize that we are not independent of nature or existence. Our existence is interdependent on nature. We are destroying the ecosystems that serve as the basis of life and of all value creation. Can we ever treat Nature as real wealth over Money?

Moderator: John Simpkins (The Aspen Institute)
Lead Discussants: Albert Tseng (Dao Foods International), Andrés Pesce (Fundacion Chile), Marilou van Golstein (Triodos Investment Management), Priscilla Boiardi (OECD)

Are big companies capable of delivering much greater positive impact? More than 50% of Fortune 500 corporations and an even greater proportion of the largest companies across the world (85% of the S&P500, 99% of the FTSE100, and 100% of the CAC40, BSE500 & JSE Top40) report on ESG goals. What innovative impact models can corporations adopt in increasing their positive impact? How do they accelerate the transition to delivering both impact and financial performance?

Moderator: Judith Aidoo (Caswell Capital Partners Limited)
Lead Discussants: Elizabeth Boggs-Davidson (UNDP), Ran Grodecki (Bridges Israel), Rodrigo Villar (Co-Founder & General Director), Shannon Music (VIVA Idea), Chul Woo Moon (South Korea NAB,SUNGKYUNWAN University)

What is the role of impact measurement in preserving the integrity of the impact sector? Will Impact Weighted Financial Accounts that reflect product, employment and environmental impact, together with financial performance, become the new baseline for corporate accounting? How do we achieve acceptance and implementation?

Moderator: Clara Barby
Lead Discussants: Kate Sturla (IDinsight). Rob Zochowski (Harvard Business School), Neil Gregory (IFC International Finance Corpn.), Roberto Artavia (Viva Trust), Mauricio Samper (SEAF Colombia Agribusiness Fund), Michael Etzel (The Bridgespan Group)

Are incentives and new social impact corporate forms crucial to the growth of impact investment? Experience in implementing new policies (Opportunity Zones – USA, Green investments – Holland, 90/10 pension funds – France, Social Investment Tax Relief and Outcomes Funds– UK) provides valuable evidence for innovative policy making. How should government support the impact movement?

Moderator: Fran Seegull (US Impact Investing Alliance)
Lead Discussants: Sebastian Welisiejko (Govt. of Argentina), Georgia Efremova (European Commission), Gautier Uchiyama (Govt. of France), Rosemary Addis (Impact Strategist), Beto Scretas (Instituto de Cidadania Empresarial), David Bohigian (OPIC)

Are impact capital wholesalers that provide catalytic capital for impact-driven investment funds key for driving the growth of impact investment? The UK has released £400 million of dormant bank accounts to establish Big Society Capital. Portugal has created an impact wholesaler, with EU funding support. Japan is releasing $4.5 billion, over five years, from dormant bank accounts to an entity tackling social issues. South Korea has announced the creation of a $300 million impact wholesaler. Several other countries are considering. doing so. How can we accelerate the establishment of impact wholesalers across the world?

Moderator: John Simpkins (The Aspen Institute)
Lead Discussants: Uli Grabenwarter (EIF), Andreas Eggenberg (Masisa), Alejandro Preusche (Latin American Impact Fund of Funds), Raul Pomares (Sonen Capital), Monique Mathys (PIC), Sally McCutchan (Impact Investing Institute)

Is paying for outcomes a key tool of impact investment? Social impact bonds (SIB) and development impact bonds (DIB) are based on outcome payments. To date, governments have almost invariably paid for outcomes, but new independently-managed outcomes funds are becoming significant players. Are they the way to scale pay-for-success in systematically tackling major social challenges such as education in emerging countries? How do they attract substantial philanthropic and aid capital to bring about systemic improvement?

Moderator: Tracy Palandjian (Social Finance US)
Lead Discussants: Maha Keramane (BNP Paribas), Masataka Uo (Japan NAB, Japan Fundraising Association), Yaron Neudorfer (Social Finance Israel), Shanthakumar Bannirchelvam (Global Impact Partners), Antonio Miguel (MAZE Impact), Jared Lee (The Education Outcomes Fund)

As the idea of doing good while doing well spreads, how do we create a powerful movement around it? How should the GSG lead in creating this movement? What should its priorities be? What specific actions should it take? Beyond Tipping Point 2020, which is looking eminently achievable now, how does creating an impact movement relate to the SDG’s?

Moderator: Judith Aidoo (Caswell Capital Partners Limited)
Lead Discussants: Carolina Biquard (Fundacio Compromiso), Eyal Gever (Artist), Sarah Gordon (Impact Investing Institute), Lindsay Smalling (SOCAP), Hamdiya Ismaila (General Manager at Venture Capital Trust Fund), Tony Goldner (Independent Advisor)