To change investors’ culture, over 80 major capital market participants and industry stakeholders formed the Impact Disclosure Taskforce, co-chaired by JP Morgan and Natixis, and released Guidance to help corporate and sovereign entities produce a Sustainable Development Impact Disclosure (SDID).
Impact disclosure taskforce
Abstract
The financing gap to achieve the United Nations Sustainable Development Goals (SDGs), estimated at USD 4 trillion for developing countries, cannot be addressed without private investment. Global capital markets, with USD 25.2 trillion in debt issued in 2023, are crucial for raising private financing. However, the growth of sustainable finance, currently at USD 3.3 trillion in assets under management, is constrained by a lack of investible opportunities. In other words, the demand for sustainable investing, outstrips the supply of sustainable investment opportunities. However, since a growing number of private investors are interested in pursuing sustainability and achieving impact, companies and sovereigns in EMDEs need to be able to make the case to investors that their issuances have tangible impact, and investors need to be able to demonstrate impact to shareholders and to standard-setters wary of greenwashing and other forms of overstating impact.
To address this, over 80 major capital market participants and industry stakeholders formed the Impact Disclosure Taskforce, co-chaired by JP Morgan and Natixis, which released Guidance to help corporate and sovereign entities produce a Sustainable Development Impact Disclosure (SDID). SDIDs are entity-level yet context-specific. They share companies or governments’ plans to reduce poverty and inequality in their countries of operations, and their commitments to monitoring and reporting their results. The guidance also reflects a consensus among investors that the general balance-sheet financing of entities that meet the guidance can be eligible for their sustainable portfolios, thereby expanding their investible universe. Entities that meet the guidance may also be eligible for blended finance capital, and the SDID can be used to satisfy key principles of the OECD DAC Blended Finance Guidance, including anchoring blended finance use to a development rationale (Principle 1), tailoring blended finance to the local context (Principle 3), and monitoring blended finance for transparency and results (Principle 5).
The guidance has also called for a consortium of financial institutions to develop an Impact Data Platform, leveraging artificial intelligence for SDID creation, independent verification, and analytical tools to aid investors in making informed investment decisions. The Impact Data Platform thus may become a valuable resource for managers of blended finance to identify investees and borrowers that meet their impact objectives and report their impact results.
The Impact Disclosure Taskforce and the Guidance it has elaborated can scale financing for sustainable development by changing investors’ culture. By offering a credible, standardised way for companies and governments - particularly in emerging markets and developing economies – to disclose their contributions to sustainable development, the guidance helps unlock private capital for high-impact initiatives. It broadens the scope of what qualifies as a sustainable investment, enabling general-purpose financing to be included in sustainable portfolios, and supports access to blended finance by aligning with key OECD principles. In doing so, it helps close the gap between the growing demand for impact investments and the current lack of investible opportunities.
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