SUSTAINABLE DEVELOPMENT GOALS

IMPACT THEME FRAMEWORK V1.1

In 2015, under the guidance of the United Nations, countries adopted a set of goals to end
poverty, protect the planet, and ensure prosperity for all as part of a new sustainable
development agenda.

Targets to be achieved over the next 15 years.

In order to align Toniic’s efforts with the industry, and report data that can be comparable
across the impact investment ecosystem, Toniic mapped the impact themes of interest to its
members to the Sustainable Development Goals, and the SDGs Targets to a selection of
impact metrics from the IRIS Catalogue 4.0i.

In this document you will find 3 tables:

• The first table (pages 2 - 3), represents the mapping between the Sustainable
Development Goals and Toniic Impact Themes Framework V1.1

• The second table (pages 4 – 17), provides a description of the Toniic Impact Themes
Framework V1.1

• The third table (pages 18 – 27), includes the mapping between the Sustainable
Development Goals Targets and a selection of the IRIS metrics to support investors
in identifying relevant outcomes and output indicators for impact management and
measurement.

Version 1.1, © 2017 Toniic Institute. Licensed under Creative Commons BY-NC-ND 4.0.
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

U.N. TONIIC U.N.

PRIMARY SDG IMPACT THEME ADDITIONAL SDGs
End poverty Access to basic goods and services (p.4) 8
in all its forms Financial inclusion (p.4) 9, 17
everywhere [Affordable housing - See SDG 11]
[Small holder farmers - see SDG 2]

End hunger, Food security (p.4) 3, 4

improve nutrition, Food waste (p.4) 12
and promote sustainable Healthy food (p.4) 3
agriculture Small holder farmers (p.5) 1
Sustainable agriculture (p.5) 15

Ensure healthy lives Access to healthcare (p.5) 1

and promote well-being Ageing (p.5) 10
for all at all ages Maternal and reproductive health (p.6) 5
Mental health (p.6)
Disease prevention and response (p.6)
Fitness and wellbeing (p.6)
Biotechnology (p.6)

Ensure quality Access to education (p.7) 1, 5

education for all Education systems (p.7) 16
Upskilling (p.7) 8

Achieve gender equality Products and services for women (p.8)

and empower all Women inclusive corporate policies (p.8) 10
women and girls Women leadership and capital (p.8) 10

Ensure availability and Clean drinking water (p.8)

sustainable management of Sanitation (p.8)
water and sanitation for all Water infrastructure (p.8) 9
Water conservation (p.8) 12

Ensure access to Access to (clean) energy (p.9) 13, 1

affordable, reliable, Transition from fossil to clean energy (p.9) 13
clean energy for all Energy efficiency (p.9) 9, 13

Promote decent work Developed world jobs (p.9) 1

for all and sustainable Developing world jobs (p.9) 1
economic growth Fair trade and ethical supply (p.9) 1

Build resilient infrastructure; Digital infrastructure (p.10)

promote sustainable Sustainable physical infrastructure (p.10) 9
industrialization and Technology and technology transfer (p.10) 8
foster innovation Small enterprise lending (p.10) 17
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IMPACT THEME FRAMEWORK V1.1

U.N. TONIIC U.N.

PRIMARY SDG IMPACT THEME ADDITIONAL SDGs
Reduce inequality within Equality (p.10)
and among countries Refugees (p.10) 16
Social justice (p.10) 16

Make cities and human Affordable housing (p.11) 1

settlements inclusive, safe, Community empowerment (p.11)
resilient and sustainable Green building (p.11) 12
Homelessness (p.11)
Smart cities and mobility (p.11)

Ensure sustainable Circular economy (p.12) 9

consumption and Environmental health (p.12) 3, 11
production patterns Resource efficiency (p.12)

Take urgent action to Climate adaptation strategies (p.13)

combat climate change CO2 harvesting and storage (p.13) 15
and its impacts Greenhouse gas reduction (p.13) 7

Protection and sustainable Aquatic sustainability (p.14) 6

use of marine resources Sustainable fisheries (p.14) 1
Sustainable aquaculture (p.14) 12

Protection and sustainable Animal welfare (p.15) 2, 6, 12, 13

use of land resources Sustainable managed landscapes (p.15) 13
Biodiversity and conservation (p.15) 8

Promote peaceful and Policies and governments (p.16) 17

inclusive societies, provide Culture and the arts (p.16)
access to justice, and Media (p.16)
provide strong institutions Conflict resolution (p.16) 16

Work together for Financial system change (p.17)

sustainable development Blended capital (p.17)
Building the impact ecosystem (p.17) 8
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Access to basic goods and services

The poor often lack access to goods and services that those in the developed world take for granted. Sometimes
access simply requires more income; sometimes it can be improved by selling smaller packages, improving
distribution to remote areas, providing purchase financing, or creating products that can be produced at much
lower price points. Investments in this theme use one or more of these mechanisms to improve access to basic
goods and services for the poor.
Financial inclusion
The poor often rely on jobs and occupations in the informal economy. This, combined with the challenges to adapt
the traditional financial institutions business models and infrastructure to people living in poverty, excludes them
from accessing traditional financial services, including saving, borrowing, and insurance. Without access to savings
and insurance, unpredictable expenses, such as health costs, often are a heavy burden for people living in poverty.
At the same time, financial services such as microfinance that lend to families (typically women who tend to me
more financially savy) and microentrepreneurs, combined with basic financial literacy, can lift people out of
poverty by improving the economic condition.

Food security
As defined by the FAO, "Food security exists when all people, at all times, have physical, social and economic
access to sufficient, safe and nutritious food which meets their dietary needs and food preferences for an active
and healthy life."

Food waste
As defined by the FAO, "Hunger is still one of the most urgent development challenges, yet the world is producing
more than enough food". "One-third of food produced for human consumption is lost or wasted globally, which
amounts to about 1.3 billion tons per year. Food is lost or wasted throughout the supply chain, from initial
agricultural production down to final household consumption. Food losses represent a waste of resources used in
production such as land, water, energy and inputs, increasing the green gas emissions in vain (FAO, 2011)."
Healthy food
As defined by the FAO, "Consuming a healthy diet throughout the life-course helps prevent malnutrition in all its
forms as well as a range of noncommunicable diseases (NCDs) and conditions. But increasing production of
processed food, rapid urbanization and changing lifestyles have led to a shift in dietary patterns. People are
consuming more foods high in energy, saturated fats, trans fats, free sugars or salt/sodium, and many do not eat
enough fruit, vegetables and dietary fibre such as whole grains."
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Small holder farmers

According to the Conservation Finance Network, small holder farmers produce the majority of food in developing
countries, however their productivity is affected by low yields and inefficient farming practices. In addition to that,
soil erosion and deforestation degrade soil and air quality, further reducing farmers productivity. Small holder
farmers often lack access to the value chain, including produce processing and cold chain, perpetuating a
condition of poverty that the World Bank estimates in 500 million people, a large proportion of the world’s poor
living on less than $2 a day.
Sustainable agriculture
As defined by the sustainable agriculture vision of the FAO: "It is a vision of a world in which food is nutritious and
accessible for everyone and natural resources are managed in a way that maintain ecosystem functions to support
current as well as future human needs. In this vision, farmers, pastoralists, fisher folks, foresters and other rural
dwellers have the opportunity to actively participate in, and benefit from, economic development, have recent
employment conditions and work in a fair price environment. Rural men, women, and communities live in
security, and have control over their livelihoods and equitable access to resources which they use in an efficient
way."

Access to healthcare
As defined by the World Health Organization, access to healthcare can be promoted through three dimensions "1.
Physical accessibility. This is understood as the availability of good health services within reasonable reach of
those who need them and of opening hours, appointment systems and other aspects of service organization and
delivery that allow people to obtain the services when they need them. 2. Financial affordability. This is a measure
of people’s ability to pay for services without financial hardship. It takes into account not only the price of the
health services but also indirect and opportunity costs (e.g. the costs of transportation to and from facilities and of
taking time away from work). Affordability is influenced by the wider health financing system and by household
income. 3. Acceptability. This captures people’s willingness to seek services. Acceptability is low when patients
perceive services to be ineffective or when social and cultural factors such as language or the age, sex, ethnicity or
religion of the health provider discourage them from seeking services."
Ageing
As defined by the World Health Organization, "populations around the world are rapidly ageing. Ageing presents
both challenges and opportunities. It will increase demand for primary health care and long-term care, require a
larger and better trained workforce and intensify the need for environments to be made more age-friendly. Yet,
these investments can enable the many contributions of older people – whether it be within their family, to their
local community (e.g. as volunteers or within the formal or informal workforce) or to society more broadly.
Societies that adapt to this changing demographic and invest in Healthy Ageing can enable individuals to live both
longer and healthier lives and for societies to reap the dividends."
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Maternal and reproductive health

As defined by the World Health Organization about Maternal health "every day in 2015, about 830 women died
due to complications of pregnancy and child birth. Almost all of these deaths occurred in low-resource settings,
and most could have been prevented. The primary causes of death are haemorrhage, hypertension, infections,
and indirect causes, mostly due to interaction between pre-existing medical conditions and pregnancy. The risk of
a woman in a developing country dying from a maternal-related cause during her lifetime is about 33 times higher
compared to a woman living in a developed country. Maternal mortality is a health indicator that shows very wide
gaps between rich and poor, urban and rural areas, both between countries and within them".
In addition to Maternal Health, "family planning and ensuring access to preferred contraceptive methods for
women and couples is essential to securing the well-being and autonomy of women, while supporting the health
and development of communities."
Mental health
As defined by the World Health Organization, "good mental health is related to mental and psychological well-
being (...) and it includes the prevention of mental disorders and the protection of human rights and the care of
people affected by mental disorders."

Disease prevention and response

According to the WHO, "preventable diseases continue to impose a high burden of premature mortality, and
unfortunately, simple and cost-effective preventive and curative interventions are underused". It is important to
"Strengthen public health programmes to prevent communicable and noncommunicable diseases, and address
risk factors. A high prevalence of risk factors can put populations or communities at a greater risk and result in
more disease. These risk factors accumulate throughout the life-course and have economic, social, gender,
political, behavioural and environmental determinants. Comprehensive action on the leading causes, conditions
and the high coverage of proven health interventions can significantly reduce the burden of disease, premature
death and disability."
Disease Response involves the treatment of diseases, as well as the development of drugs. This includes the
treatment of 'neglected' diseases (diseases that do not receive funding for treatment and drug development) that
affect disproportionately people living in poverty and in developing countries.

Fitness and wellbeing

As defined by the World Health Organization "Unhealthy diet and physical inactivity are key risk factors for the
major noncommunicable diseases such as cardiovascular diseases, cancer, and diabetes."

Biotechnology
Biotechnology investments are focused on the development of biological medicinal products to ensure safe and
effective treatment and prevention of diseases, including drugs and vaccines.
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Access to education
As defined by Unicef: "Every girl and boy, regardless of who they are or where they live, is entitled to nothing less
than full and complete access to quality education. But many of the world’s poorest and most marginalized
children are denied this basic human right. A child’s access to education is often determined by circumstances
such as gender, location, conflict, disability and the family’s socioeconomic status – factors that exist before the
child is born. These barriers exclude 61 million primary school age children from school and deny them a fair
chance to reach their full potential. Worst, exclusion from school not only thwarts children’s individual potential
but also fuels intergenerational cycles of poverty and disadvantage. It robs societies of a source of dynamic growth
and development, and a chance to build social cohesion and reduce tensions that can spark violence."

Education systems
Improving Education systems involves interventions that can improve learning outcomes.
As defined by Unicef: "On any given day, more than 1 billion of the world’s children go to school. They go to learn
– but too often, that does not happen. For many children, learning becomes difficult because of discrimination,
bullying, poor sanitation facilities, crumbling buildings or makeshift classes. Others come to school too hungry or
sick, or too exhausted from work or household tasks, to benefit from their lessons. An estimated 250 million
primary school aged children worldwide who cannot read, write or do basic math. More than half of these have
attended at least four years of school."
Other improvements include the availability of basic classrooms and teachers, as well as leveraging technology
and education technology. Other approaches include "Flipping the model" (doing homework in class and lectures
online) to produce superior educational outcomes, as well as working with experiential learning as opposed to
theoretical knowledge transfer.
Upskilling
In a time where careers don't last a full working life time anymore and technology and society changes at an ever
increasing speed. Continous learning and upskilling are essential. Using all tools possible to unsure life long
learning to make sure as many people as possible can be engaged in meaningful work. Upskilling includes both
technical skills, as well as social and emotional learning.
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Products and services for women

Products and services focused primarily (but only) on women and girls. Products that empower women and girls
will improve gender equality.

Women inclusive corporate policies

Companies that focus on correcting gender wage inequality will attract talented women and will outperform
financially and unlocking the potential of the female workers within companies improves productivity and
equality.

Women leadership and capital

Investment strategies build around the fact that: women-led private companies deliver better financial results and
improve gender equality.

Clean drinking water

As defined by the WHO, "Water safety and quality are fundamental to human development and well-being.
Providing access to safe water is one of the most effective instruments in promoting health and reducing poverty."
Sanitation
As defined by the WHO, "Safely managed sanitation and safe wastewater treatment and reuse are fundamental to
protect public health. Sanitation is critical for preventing many diseases including diarrhoea, intestinal worms,
schistosomiasis and trachoma which affect millions of peoples. Ensuring universal access to sanitation in
households and institutional settings such as healthcare facilities and schools is essential in reducing disease,
improving nutritional outcomes, enhancing safety, well-being and educational prospects, especially for women
and girls. "

Water infrastructure
As defined by the WHO, "A growing world population, unrelenting urbanization, increasing scarcity of good quality
water resources and rising fertilizer prices are the driving forces behind the accelerating upward trend in the use
of wastewater, excreta and greywater for agriculture and aquaculture. "
Water conservation
The UN estimate that "more than 2 billion people globally are living in countries with excess water stress, defined
as the ratio of total freshwater withdrawn to total renewable freshwater resources above a threshold of 25 per
cent." Water conservation promotes sustainable management of freshwater and the hydrosphere. In a time when
climate change increases pressure on natural water resources, it is important to meet the current and future
demand. Factors that influence human demand include agriculture, population, human settlements, water
intensive industries.
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Access to (clean) energy

As defined by the UN, "Energy is crucial for achieving almost all of the Sustainable Development Goals, from its
role in the eradication of poverty through advancements in health, education, water supply and industrialization,
to combating climate change. Globally, 85.3 per cent of the population had access to electricity in 2014, an
increase of only 0.3 percentage points since 2012. That means that 1.06 billion people, predominantly rural
dwellers, still function without electricity. Half of those people live in sub-Saharan Africa." It is important to
distinguish energy and electricity.
Transition from fossil to clean energy
As defined by the UN, "The share of renewable energy in final energy consumption grew modestly from 2012 to
2014, from 17.9 per cent to 18.3 per cent. Most of the increase was from renewable electricity from water, solar
and wind power. Solar and wind power still make up a relatively minor share of energy consumption, despite their
rapid growth in recent years. The challenge is to increase the share of renewable energy in the heat and transport
sectors, which together account for 80 per cent of global energy consumption."
Energy efficiency
Reducing the energy intensity, calculated by dividing total primary energy supply by GDP, is key to decoupling
economic growth and climate change. One of the main reasons for its impact on climate change is related to the
current energy mix: by improving efficienty we are directly redusing the usage of fossil fuels in the current energy
mix.

Developed world jobs

Creation of good jobs (fair wages & benefits), particularly in areas of high unemployment, as a positive social
impact. For example by re-valuing the care economy (health care, home care, day care, child care, disability care)
in wages and ownership.
Developing world jobs
SMEs are the backbone of developing economies. Investing in sustainable SMEs creates engines of job creation.
Jobs directly impact society, economy, and welfare. The UN estimates the global unemployment rate "at 5.7 per
cent in 2016, with women more likely to be unemployed than men across all age groups. Youth were almost three
times as likely as adults to be unemployed, with unemployment rates of 12.8 per cent and 4.4 per cent,
respectively, in 2016."

Fair trade and ethical supply

Getting a higher share of end product price to the original producer will help provide good jobs and end poverty.
Shareholder advocacy & consumer education in developed countries can improve employment conditions in the
developing world. Clarity and transparency will help distinguish genuinely good businesses.
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Digital infrastructure
The infrastructure needed to bring the digital revolution to anyone anywhere on the planet. According to the UN,
in 2016, "95 per cent of the world’s population and 85 per cent of people in the least developed countries were
covered by a mobile-cellular signal." Digital infrastructure offers developing countries the chance to leapfrog
developed countries.

Sustainable physical infrastructure

Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder
infrastructure, to support economic development and human well-being, with a focus on affordable and equitable
access for all.
Technology and technology transfer
Scientific research and technological captabilities can significantly advance economic productivity, distrupt
industries, reduce barriers, and lead to scientific investigation.
Promoting technology also includes the technology transfer to developing economies to promote economic
development and local capacity building.

Small enterprise lending

SMEs are the backbone of most economies but often SMEs (especially small enterpises) have no access to lending
options to grow. Financial services allow integration into value chains and international markets.

Equality
The equality within and among countries in terms of income and access to economic opportunities

Refugees
More and more people move (semi)permanently across the borders of their home country/region. Investing in
refugees solutions can improve their life conditions and the costs to host countries

Social justice
Invest in companies driving social change for disenfranchised communities to promote equal rights and
opportunities
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Affordable housing
To ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums. Investing
in housing solutions for the most vulnerable in society (homeless, refugees, disabled), leads to great societal
savings. Preserving (or investing in) affordable workforce housing in cities and improving residents lives creates
more diverse and thus stronger communities.

Community empowerment
Community investing involves the deployment of capital into traditionally underserved individuals or
communities, and promote businesses with a clear social or environmental purpose that will benefit the local
populations.
Green building
Improve sustainability of the built environment (buildings account for 18% of global emissions today) while
preserving health of the residents, especially kids who are more vulnerable to the chemicals contained in cheap
building materials. When buildings are designed in a circular way the total cost of ownership is lower and it gives
space for new business models, pay per use etc. Through a material passport for every building on the planet
(detailing the materials used and how to take it apart again) would greatly reduce the cost of circular building and
thus the total costs of ownership.

Homelessness
Homelessness is due to the lack of permanent dwelling, and leads to difficulties in maintaing employment as well
as living in safety, security, and in healthy condition. Furthermore it leads to insecurity and prevents emotional
wellbeing. Housing solutions can reduce costs for society.
Smart cities and mobility
According to the European Innovation Partnership on Smart Cities and Communities, smart cities and mobility
solutions "concern the creation of an efficient and integrated mobility system that allows for organising and
monitoring seamless transport across different modes; increasing the use of environmentally-friendly, alternative
fuels; creating new opportunities for collective mobility. The proposed solutions lead to a decreased
environmental impact."
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Circular economy
As defined by the Ellen MacArthur Foundation, "Looking beyond the current "take, make and dispose” extractive
industrial model, the circular economy is restorative and regenerative by design. Relying on system-wide
innovation, it aims to redefine products and services to design waste out, while minimising negative impacts.
Underpinned by a transition to renewable energy sources, the circular model builds economic, natural and social
capital."
Environmental health
As defined by the National Environmental Health Association, Environmental health involves the prevention of
"human injury and illness and promoting well-being by identifying and evaluating environmental sources and
hazardous agents and limiting exposures to hazardous physical, chemical, and biological agents in air, water, soil,
food, and other environmental media or settings that may adversely affect human health."
Resource efficiency
As defined by the UN, "Economic growth and development require the production of goods and services that
improve the quality of life. Sustainable growth and development require minimizing the natural resources and
toxic materials used, and the waste and pollutants generated, throughout the entire production and consumption
process."
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Climate adaptation strategies

As defined by Wikipedia, "Climate change adaptation is a response to global warming and climate change, that
seeks to reduce the vulnerability of social and biological systems to relatively sudden change and thus offset the
effects of global warming. Even if emissions are stabilized relatively soon, global warming and its effects should
last many years, and adaptation would be necessary to the resulting changes in climate. Adaptation is especially
important in developing countries since those countries are predicted to bear the brunt of the effects of global
warming. That is, the capacity and potential for humans to adapt (called adaptive capacity) is unevenly distributed
across different regions and populations, and developing countries generally have less capacity to adapt "

CO2 harvesting and storage

As defined by Wikipedia, "Carbon sequestration is the process involved in carbon capture and the long-term
storage of atmospheric carbon dioxide. Carbon sequestration involves long-term storage of carbon dioxide or
other forms of carbon to mitigate or defer global warming. It has been proposed as a way to slow the atmospheric
and marine accumulation of greenhouse gases, which are released by burning fossil fuels.
Carbon dioxide (CO2) is naturally captured from the atmosphere through biological, chemical, and physical
processes. Artificial processes have been devised to produce similar effects, including large-scale, artificial capture
and sequestration of industrially produced CO2 using subsurface saline aquifers, reservoirs, ocean water, aging oil
fields, or other carbon sinks."

Greenhouse gase reduction

As defined by Greenpeace, "Carbon dioxide is the most common greenhouse gas, but other greenhouse gases are
much more potent in smaller concentrations." Reduction of all greenhouse gases is key.
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Aquatic sustainability
As defined by the UN, " The sustainable use and preservation of marine and coastal ecosystems and their
biological diversity is essential to achieving the 2030 Agenda, in particular for small island developing States.
Pollution of both land and seas is a threat in many coastal regions. In addition, since river basins, marine
ecosystems and the atmosphere are all part of hydrological systems, the effects of such pollution are often felt far
from their source. In many coastal communities, pollution and eutrophication, which is the presence of excessive
nutrients in water, frequently owing to runoff from the land, causing dense plant growth and the death of animal
life, are driving detrimental changes. "
Sustainable fisheries
As defined by the UN, " In order to achieve a healthy balance, fish stocks must be maintained within biologically
sustainable limits, at or above the abundance level that can produce maximum sustainable yields. Based on an
analysis of assessed stocks, the percentage of world marine fish stocks within biologically sustainable levels
declined from 90 per cent in 1974 to 69 per cent in 2013. Fortunately, the downward trend has slowed and
appears to have stabilized since 2008."
Sustainable aquaculture
Sustainable aquaculture is the cultivation of aquatic organism for commercial purposes by means that have a low
or positive impact on the environment, contribute to local social community development and to generate an
economic profit.
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Animal welfare
To improve animal welfare different strategies are deployed from reducing the consumption of animal protein to
reducing the suffering of animals while producing animal protein.
Sustainable managed landscapes
As defined by Commonland Foundation, "Healthy landscapes and water systems are the basis of our life. They
provide food, water, clean air, a stable climate, biodiversity, good health, security and happiness. However, one-
fourth of the world’s land mass is seriously degraded from centuries of human activity. Think: deforestation,
overgrazing, overexploitation, the building of infrastructure and pollution. In economic terms, this incurs an
estimated loss of more than USD 4.3 trillion per year."
Biodiversity and conservation
As defined by the UN: "Protecting key biodiversity areas is necessary to strengthen natural resource management
and biodiversity conservation. Biodiversity loss continues at an alarming rate according to the Red List Index. The
extinction risk for corals is increasing most rapidly among all assessed species groups owing to the growing threat
from climate change and local impacts. Chytrid fungal disease, another grave concern, is decimating many
amphibian species and increasing their risk of extinction. Wildlife poaching and trafficking continues to thwart
conservation efforts."
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Policies and governments

Investment in policies promote transparency and accountability of the public sector, and are aimed to develop
strong institutions to support the wellbeing of a nation.
In addition to public institutions, many impact investors focus on the role of governments to adopt impact
investing as an important tool for promoting the public benefit. As defined by the US Impact Investing Alliance,
"strong partnerships must be sustained and strengthened between government, private investors, foundations,
intermediaries, the social sector, and entrepreneurs, in order to develop a thriving impact investing marketplace.
And to reach its potential, this marketplace must provide investors with sufficient data to make informed
investment decisions".
Culture and the arts
Invest in the arts to promote quality of life and cultural heritage. By promoting creative expression, it is possible to
inspire the critical thinking and developments of individuals and communities as a whole. Perhaps one of the
earliest forms of promoting the arts, patronage through private capital can be seen as a form of impact investing.
Media
Free, independent, and strong media are one of the most important tools to promote the accountability of
governments, critical thinking, freedom of speach, and the development of democracies. Investing in media
supports the organizations providing news and information to promote the development of nations.

Conflict resolution
Conflicts resolution involves joint efforts, including countries to diplomacy, trade, culture, investments, and more.
Investments promoting equitable economic development and inclusion provide inventives to long term stability
and peace, reducing the risks of renewed conflicts.
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Financial system change

The current financial system is based on pursuing economic growth as opposed to the real economy and people.
Despite having supported in the past the development of nations, financed fundamental innovations, and
improved living standards, currently the financial system serves mainly itself. Financial institutions currently lack
incentives to provide a clear, measurable benefit to the real economy. Impact investing is one important leverage
point to change the financial system. Traditional investing is still based on Modern Portfolio Theory, which was
defined 65 years ago and results inadequate to address major systemic issues of our times – including climate
change, social justice, inequality, and global poverty. Modern Portfolio Theory defines systemic issues externalities
and fails to internalize them. Impact investing is based on re-conceptualizing the existing financial theory to
integrate positive social and environmental impact into its core. Such re-conceptualization requires policies that
support accountability and sustainability reporting of companies, adequate pricing of externalities, and adequate
incentives for a just financial system.

Blended capital
Blended capital consists of the strategic use of development finance, philanthropic, and sub-commercial funds to
attract private and commercial capital flows to emerging and frontier market enterprises. Venture philanthropist
participation alongside private investors not only encourages
private capital into impact enterprises by lowering the risk/return hurdles, it often enables pilot or innovative
programs and activities to be undertaken as well as ensuring that the social objectives of the enterprise are not
compromised.
Creating blended capital structures will overcome the "pioneer gap" in adoption of unproven impact investments
and business models, as well as financing the development of market infrastructure and intermediaries.
Building the impact ecosystem
Impact investing ecosystem investment consist of investments that expand the capacity of impact investors. The
recipient of these investments include accelerators, impact investing intermediaries and advisors, social
entrepreneurship organizations, fund managers, that combined can jointly increase the scale and reach of impact
investments.
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Targets (selection) – IRIS© metric catalogue 4.0

Outcomes GIIN (selection) - Output
Impact Metrics
Impact Impact Metrics Applicable to all SDG Targets □ PI5691 Jobs Maintained at Directly
Metrics Supported/Financed Enterprises: Total
Applicable to □ PI3687 Jobs Created at Directly
all SDGs
Supported/Financed Enterprises: Total
□ PI4060 Client Individuals: Total
□ PI2822 Client Individuals: Provided New Access
□ PI8330 Client Individuals: Female
□ OI5247 Full-time Wages: Female Management
□ PI4237 Client Individuals: Minorities/Previously
Excluded
□ OI3862 Full-time Wages: Minorities/Previously
Excluded Management
□ PI3180 Revenue Generated at Directly
Supported/Financed Enterprises
□ PI9652 Client Organizations: Total

□ UN 1.1 Reduce number of individuals living □ PI1748 Client Savings Premium

below $1.25 per day □ PI2476 Communities Served
□ UN 1.2 Reduce number of individuals living □ PI2242 Supplier Individuals: Poor
below national poverty line □ PI3193 Client Individuals: Poor
□ UN 1.3 Increase number of individuals □ PI7815 Payments to Supplier Individuals: Poor
covered by social protection systems □ PI9991 Supplier Individuals: Smallholder
□ UN 1.4 Increase number of individuals with □ PI6372 Client Individuals: Smallholder
access to basic services (banking, land □ PI8381 Number of Loans Disbursed
rights, technology) □ PI5160 Average Loan Size Disbursed
□ UN 1.5 Increase resilience of individuals to □ PI5476 Value of Loans Disbursed
natural disasters □ FP2630 Loans Receivable Gross
□ UN 1.A Increase resources allocated to □ FP9954 Value of Loans Fully Repaid on Time
poverty reduction programs □ PD5833 Percent Affordable Housing
□ UN 1.B Promote policies to support □ PI2998 Individuals Trained: Total
accelerated investment in poverty
eradication
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 2.1 End hunger and increase access to □ PI9991 Supplier Individuals: Smallholder
safe, nutritious and sufficient food □ PI6372 Client Individuals: Smallholder
□ UN 2.2 Address nutritional needs of □ PI3193 Client Individuals: Poor
adolescent girls, pregnant women and □ PI9421 Average Client Agriculture Yield:
older persons Smallholder
□ UN 2.3 Increase agricultural productivity □ PI4982 Units/Volume Purchased from Supplier
and incomes of small-scale farmers Individuals: Smallholder (IRIS)
□ UN 2.4 Increase agricultural area under □ PD2756 Product/Service Certifications
productive and sustainable agriculture □ PI3468 Average Client Agricultural Yield: Total
□ UN 2.5 Maintain the genetic diversity of □ OI6912 Land Directly Controlled: Sustainably
seeds, plants and animals Managed
□ UN 2.A Invest in rural infrastructure, □ OI4015 Water Conserved
agricultural R&D to increase agricultural □ PI4716 Protected Land Area: Total
productive capacity □ PD4686 Livestock/Fish Type
□ UN 2.B Correct trade restrictions in □ PI2476 Communities Served
agricultural markets
□ UN 2.C Improve food commodity markets
and access to information to limit price
volatility
□ UN 12.3 Reduce global food waste and
losses
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 3.1 Reduce maternal mortality rates □ PI3193 Client Individuals: Poor

□ UN 3.2 Reduce neonatal, infant, and under- □ PI1017 Healthcare Facilities
5 mortality rates □ PI3902 Health Intervention Completion Rate
□ UN 3.3 Reduce incidence of communicable □ PI3863 Quality Assurance Mechanism
diseases (AIDs, TBC, malaria, neglected □ PI1533 Disease/Condition Addressed
tropical diseases, hepatitis and others)
□ UN 3.4 Reduce premature mortality from
non-communicable diseases, promote
mental health and well-being
□ UN 3.5 Strengthen the prevention and
treatment of substance abuse
□ UN 3.6 Reduce deaths and injuries from
road traffic accidents
□ UN 3.7 Increase access to sexual and
reproductive health-care services
□ UN 3.8 Increase coverage of health
services, and access to medicines and
vaccines
□ UN 3.9 Reduce the number of deaths and
illnesses from hazardous chemicals,
pollution and contamination
□ UN 3.A Promote tobacco control
□ UN 3.B Support the R&D of vaccines and
medicines for diseases primarily affecting
developing countries
□ UN 3.C Improve the financing and
recruitment, development, and training of
health workers in developing countries
□ UN 4.1 Increase completion rates of free □ PI3193 Client Individuals: Poor
and quality education for girls and boys □ PI2389 School Enrollment: Total
□ UN 4.2 Increase access to early childhood □ PI1081 School Enrollment: Female
development, care and pre-primary □ PI7254 School Enrollment: Poor
education □ PI7774 School Enrollment:
□ UN 4.3 Increase access to affordable and Minorities/Previously Excluded
quality technical, vocational and tertiary □ PI9910 Student Dropout Rate
education □ PI8372 Student Tests Pass Rate
□ UN 4.4 Increase the number of youth and □ PI8836 Vocational/Technical Training
adults who have the relevant skills for □ PI2718 School Fees
employment, decent jobs and □ PI3786 Student Attendance Rate
entrepreneurship □ PI4509 Students Provided Full Scholarship
□ UN 4.5 Increase access to all levels of □ PI2998 Individuals Trained: Total
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

education and vocational training for the □ PI3527 Job Placement Rate (IRIS)
vulnerable
□ UN 4.6 Increase levels of literacy and
numeracy among both youth and adults
□ UN 4.7 Increase provision of global
citizenship education and education for
sustainable development
□ UN 4.A Improve education facilities and
provide effective learning environments for
all
□ UN 4.B Increase scholarships available to
developing countries
□ UN 4.C Increase in supply of qualified
teachers
□ UN 5.1 Reduce incidence of discrimination □ OI3862 Full-time Wages: Minorities/Previously
against women and girls Excluded Management
□ UN 5.2 Reduce violence against women, □ PI3180 Revenue Generated at Directly
including trafficking and sexual exploitation Supported/Financed Enterprises
□ UN 5.3 Reduce harmful practices, such as □ OI2840 Percent Female Ownership
child, early and forced marriage and female □ OI8118 Board of Directors: Female
genital mutilation □ OI1855 Gender Wage Equity
□ UN 5.4 Recognize and value unpaid care □ PI8330 Client Individuals: Female
and domestic work □ OI5247 Full-time Wages: Female Management
□ UN 5.5 Increase women's participation in
leadership in political, economic and public
life
□ UN 5.6 Increase access to sexual and
human reproductive rights
□ UN 5.A Increase number of women with
rights to economic resources, property
rights, financial services and other
resources
□ UN 5.B Increase use of enabling
technologies to promote the
empowerment of women
□ UN 5.C Adopt and strengthen sound
policies and enforceable legislation for the
promotion of gender equality
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 6.1 Increase in number of individuals □ PI7170 Area of Fresh Water Bodies Present
accessing safe and affordable drinking □ PD1403 Water Provision Capacity of Products
water Sold: Potable
□ UN 6.2 Increase in number of individuals □ PD6052 Water Provision Capacity of Product:
accessing adequate sanitation and hygiene, Total
and reduce open defecation, with special □ PD8586 Water Treatment Capacity of Product:
attention to the needs of women and girls. Total
□ UN 6.3 Improve the quality of water by □ PD5087 Water Treatment Capacity of Product:
reducing pollution, eliminating dumping Potable
and minimizing release of hazardous □ PD3523 Water Treatment Capacity of Products
chemicals and materials Sold
□ UN 6.4 Increase water-use efficiency to □ PD3931 Water Consumption of Product
address water scarcity □ PD5786 Water Savings from Products Sold
□ UN 6.5 Implement integrated water □ PI8043 Water Provided for Sale: Potable
resources management at all levels □ OI9412 Wastewater Treated
□ UN 6.6 Protect and restore water-related □ OI4015 Water Conserved
ecosystems, including mountains, forest,
wetlands, rivers, aquifers and lakes
□ UN 6.A expand international cooperation
and capacity-building support to
developing countries in water- and
sanitation-related activities
□ UN 6.B Support and strengthen the
participation of local communities in
improving water and sanitation
management
□ UN 7.1 Increase access to affordable, □ PI7623 Energy Savings from Products Sold
reliable and modern energy services □ PI1586 Building Area of Energy Efficiency
□ UN 7.2 Increase the share of renewable Improvements
energy in the global energy mix □ OI6697 Energy Conserved
□ UN 7.3 Improve energy efficiency □ OI2496 Energy Generated for Use: Renewable
□ UN 7.A Increase access to clean energy □ OI2092 Climate Resilience Strategy
technology, and promote investment in □ OI1479 Greenhouse Gas Emissions: Total
energy infrastructure □ PI7015 Greenhouse Gas Emissions of Energy
□ UN 7.B Expand infrastructure and upgrade Generated for Sale
technology for supplying modern and □ Emissions avoided (tCO2e) - Non-Iris Metric
sustainable energy services
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 8.1 Sustain per capita economic growth □ PI1748 Client Savings Premium
in accordance with national circumstances □ PI2476 Communities Served
□ UN 8.2 Achieve higher levels of economic □ PI7815 Payments to Supplier Individuals: Poor
productivity through diversification, □ PI2242 Supplier Individuals: Poor
technological upgrading, and innovation □ PI2998 Individuals Trained: Total
□ UN 8.3 Increase productive activities, jobs, □ PI8836 Vocational/Technical Training
innovation and small enterprises, including □ OI9650 Forced Labor Policy
access to financial services □ OI4432 Forced Labor Policy: Child Labor
□ UN 8.4 Improve global resource efficiency
in consumption and production
□ UN 8.5 Increase productive and decent
employment for all, including minorities,
and equal pay for work of equal value
□ UN 8.6 Reduce number of youth not in
employment, education or training
□ UN 8.7 Reduce forced labour, modern
slavery, human trafficking and child labour,
including use of child soldiers
□ UN 8.8 Protect labour rights and promote
safe and secure working environments,
including for vulnerables
□ UN 8.9 Increase sustainable tourism that
creates jobs and promotes local culture
and products
□ UN 8.10 Strengthen the capacity of
domestic financial institutions to provide
banking, insurance and financial services
for all
□ UN 9.1 Improve quality, reliable, □ OI1479 Greenhouse Gas Emissions: Total
sustainable, and resilient infrastructure to □ Emissions avoided (tCO2e) - Non-Iris Metric
support economic development □ OI4328 Recycled Materials
□ UN 9.2 Promote inclusive and sustainable □ PD9364 Percent Recycled Materials
industrialization, raise employment and □ OI4229 Employees Trained
GDP □ PI1290 Units/Volume Produced
□ UN 9.3 Increase the access of small-scale □ PI2998 Individuals Trained: Total
industrial and other enterprises to financial □ PI7997 Individuals Trained: Group-Based
services, credit and their integration into Training
value chains and markets □ PI8381 Number of Loans Disbursed
□ UN 9.4 Increase resource efficiency and □ PI5476 Value of Loans Disbursed
adoption of clean and environmentally □ PI5160 Average Loan Size Disbursed
sound technologies and industrial
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

processes
□ UN 9.A Facilitate sustainable and resilient
infrastructure development in developing
countries
□ UN 9.B Improve domestic technology
development, research and innovation
□ UN 9.C To increase access to ICT
□ UN 10.1 Increase income growth of bottom □ OI1582 Wage Equity
40% of the population □ OI2003 Full-time Employees: Disabilities
□ UN 10.2 Empower and promote the social, □ OI8147 Full-time Employees:
economic, and political inclusion of all, Minorities/Previously Excluded
including vulnerables and minorities □ OI4364 Worker Freedom of Association Policy
□ UN 10.3 Increase number of workers □ OI9650 Forced Labor Policy
protected by fundamental labor standards □ OI4432 Forced Labor Policy: Child Labor
□ UN 10.4 Promote policies, especially fiscal, □ OI7194 Percent Minority/Previously Excluded
wage and social protection policies, and Ownership
progressively achieve greater equality □ OI2330 Governance Policies
□ UN 10.5 Increase regulation and □ PI4237 Client Individuals: Minorities/Previously
monitoring of financial markets Excluded
□ UN 10.6 Ensure representation and voice □ OI6696 Board of Directors: Minority/Previously
for developing countries in decision-making Excluded
in global international economic and □ OI9331 Anti-Discrimination Policy
financial institutions
□ UN 10.7 Facilitate safe, regular, and
responsible migration and mobility of
people
□ UN 11.1 Increase access to adequate, safe □ PI8007 Number of Community Facilities
and affordable housing and basic services Financed
□ UN 11.2 Increase access to safe, affordable, □ PI2410 Value of Community Facilities Financed
and sustainable transport systems □ PI4765 Area of Community Facilities Financed
□ UN 11.3 Enhance inclusive and sustainable □ PI2491 Number of Housing Units Constructed
urbanization and sustainable human □ PI6058 Number of Housing Units Improved
settlements □ PI5965 Number of Housing Units Financed
□ UN 11.4 Protect and safeguard the world's □ PI7233 Value of Housing Units Financed
cultural and natural heritage □ PI5983 Value of Commercial or Retail
□ UN 11.5 Reduce the number of deaths, and Infrastructure Financed
the number of people affected by disasters □ PI2640 Individuals Housed
□ UN 11.6 Reduce the adverse environmental □ PD5833 Percent Affordable Housing
impact of cities by paying special attention □ OI6765 Green Building Practices
to air quality and waste management □ PI1586 Building Area of Energy Efficiency
Improvements
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 11.7 Increase access to safe, inclusive □ OI6697 Energy Conserved

and accessible green and public spaces □ OI2535 Waste Disposed: Recycled/Reused
□ UN 11.C Increase number of sustainable □ OI6192 Waste Disposed: Total
and resilient buildings utilizing local
materials
□ UN 12.2 Increase efficient use of natural □ PI7623 Energy Savings from Products Sold
resources □ OI6697 Energy Conserved
□ UN 12.3 Reduce global food waste at the □ OI1479 Greenhouse Gas Emissions: Total
retail and consumer levels and reduce food □ PI7015 Greenhouse Gas Emissions of Energy
losses Generated for Sale
□ UN 12.4 Implement environmentally sound □ Emissions avoided (tCO2e) - Non-Iris Metric
management of chemicals and all wastes □ OI4328 Recycled Materials
throughout their life cycle □ PD9364 Percent Recycled Materials
□ UN 12.5 Reduce waste generation through □ OI2535 Waste Disposed: Recycled/Reused
prevention, reduction, recycling and reuse □ OI6192 Waste Disposed: Total
□ UN 12.6 Increase sustainable practices of □ OI7920 Waste Reduced
companies, and sustainability reporting □ PI5926 Waste Reductions from Products Sold
□ UN 12.8 Increase in awareness of
sustainable development and lifestyles in
harmony with nature
□ UN 13.1 Increase resilience and adaptive □ PI7623 Energy Savings from Products Sold
capacity to climate-related hazards and □ OI6697 Energy Conserved
natural disasters □ OI2496 Energy Generated for Use: Renewable
□ UN 13.2 Integrate climate change □ OI2092 Climate Resilience Strategy
measures into national policies, strategies □ OI1479 Greenhouse Gas Emissions: Total
and planning □ PI7015 Greenhouse Gas Emissions of Energy
□ UN 13.3 Improve education, awareness on Generated for Sale
climate change mitigation, adaption, □ PI1586 Building Area of Energy Efficiency
impact reduction and early warning Improvements
□ Emissions avoided (tCO2e) - Non-Iris Metric

□ UN 14.1 Reduce marine pollution, in □ PI3468 Average Client Agricultural Yield: Total
particular from land-based activities □ OI1618 Threatened Species Policy
□ UN 14.2 Increase in sustainably managed □ OI5929 Biodiversity Assessment
and protected marine and coastal □ OI9326 Water Conservation Strategy
ecosystems □ OI4015 Water Conserved
□ UN 14.3 Reduce ocean acidification □ PI7170 Area of Fresh Water Bodies Present
□ UN 14.4 Restore fisheries, contrast □ PI5840 Length of Coastline Present
overfishing and illegal fishing practices, □ PI4716 Protected Land Area: Total
promote science-based management plans □ PI9556 Ecological Restoration Management
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 14.6 Increase the economic benefits Area

from sustainable use of marine resources □ PD4686 Livestock/Fish Type
□ UN 14.7 Increase sustainable use of marine
resources for developing countries,
including sustainable fisheries, aquaculture
and tourism
□ UN 14.B Increase access for small-scale
artisanal fishers to marine resources and
markets
□ UN 15.1 Ensure the conservation, □ PI3468 Average Client Agricultural Yield: Total
restoration and sustainable use of □ OI6912 Land Directly Controlled: Sustainably
terrestrial and inland freshwater Managed
ecosystems □ OI1618 Threatened Species Policy
□ UN 15.2 Increase amount of forests □ OI5929 Biodiversity Assessment
regenerated or under sustainable forest □ OI9326 Water Conservation Strategy
management □ OI4015 Water Conserved
□ UN 15.3 combat desertification, restore □ OI2622 Forest Management Plan
degraded land and soil, including land □ PI7170 Area of Fresh Water Bodies Present
affected by desertification, drought, and □ PI5840 Length of Coastline Present
floods □ PI4716 Protected Land Area: Total
□ UN 15.4 Conserve mountain ecosystems □ PI9556 Ecological Restoration Management
□ UN 15.5 Reduce degradation of natural Area
habitats, protect biodiversity and □ PD4686 Livestock/Fish Type
threatened species
□ UN 15.6 Promote fair and equitable sharing
of the benefits arising from the utilization
of genetic resources
□ UN 15.7 Reduce poaching and trafficking of
protected species of flora and fauna
□ UN 15.8 Reduce impact of invasive alien
species on land and water ecosystems
□ UN 16.1 Reduce violence and related □ OI1582 Wage Equity
deaths □ OI2003 Full-time Employees: Disabilities
□ UN 16.2 Reduce abuse, exploitation, □ OI8147 Full-time Employees:
trafficking and all forms of violence and Minorities/Previously Excluded
torture against children □ OI4364 Worker Freedom of Association Policy
□ UN 16.3 Ensure equal access to justice for □ OI9650 Forced Labor Policy
all □ OI4432 Forced Labor Policy: Child Labor
□ UN 16.4 Reduce illicit financial and arms □ OI7194 Percent Minority/Previously Excluded
flows, and combat organized crime Ownership
SUSTAINABLE DEVELOPMENT GOALS
IMPACT THEME FRAMEWORK V1.1

□ UN 16.5 Reduce corruption and bribery □ OI2330 Governance Policies

□ UN 16.6 Develop effective, accountable □ PI4237 Client Individuals: Minorities/Previously
and transparent institutions Excluded
□ UN 16.7 Ensure inclusive decision-making □ OI6696 Board of Directors: Minority/Previously
□ UN 16.10 Increase access to information Excluded
and protect fundamental freedoms □ OI9331 Anti-Discrimination Policy

□ UN 17.1 Strengthen domestic resource □ FP9083 Total Deposits

mobilization, including through □ FP1307 Capital Available: Total
international support to developing □ OI7783 Social Responsibility Client Policies
countries □ OI4953 Social and Environmental Performance
□ UN 17.2 Increase net private grants as Incentives
percent of GNI □ PD7356 Microfinance Delivery Methodology
□ UN 17.3 Increase net private impact □ PD9681 Non-Financial Support Offered
investments as percent of GNI □ PD7932 Environmental Policies for Financial
□ UN 17.16 Increase net impact investments Services Clients
and building the impact ecosystem □ PI4583 New Businesses Created: Total
□ PI6414 New Businesses Created: Low Income
Areas
□ PI5066 Number of Equity Investments Closed
□ PI4142 Value of Equity Investments Closed
□ PI8381 Number of Loans Disbursed
□ PI5476 Value of Loans Disbursed
□ PI5160 Average Loan Size Disbursed

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