GSG Impact's CEO, Cliff Prior, leads a plenary discussion at the GSG Impact Summit, October 2–3, 2023, bringing together senior leaders from finance, business, and government to discuss how in practice they are leading change in their organisations to drive positive impact.

Stakeholders such as foundations, investment firms, and government bodies play a crucial role in driving the impact economy. Foundations like the Fondation Daniel & Nina Carasso (FDNC) invest in sustainable food systems and climate change, aligning their endowment with their mission to achieve substantial impact.

Panelists highlighted the importance of innovative financing mechanisms, such as blended finance vehicles and social bonds. These tools help mobilise private capital for impactful projects, especially in emerging markets. For instance, Citibank’s issuance of social bonds and securitisation of solar home systems in Kenya showcases how private capital can be harnessed for social good.

Achieving systemic change requires collaboration across sectors. The European Commission’s action plan for the social economy and the creation of frameworks for social investment are steps toward structuring and scaling the impact economy. Similarly, local initiatives in Africa focus on unlocking domestic capital, such as pension funds, to support SMEs.

Key challenges include regulatory barriers, lack of catalytic funding, and the need for capacity building among local investors. Solutions proposed by the panellists include fostering transparency, encouraging bold actions by change-makers, and establishing standard metrics for impact measurement.