Just Energy Transition Partnership – South Africa
2021
The Just Energy Transition Partnership (JETP) in South Africa was launched at COP26 in Glasgow in 2021 as a flagship international initiative to support the country’s transition away from a coal-dependent energy system, while safeguarding jobs, livelihoods, and communities affected by this shift (...)
Government role: Market FacilitatorMulti-stakeholder Platforms
Scaling Capital for Sustainable Development (SCALED)
2024
SCALED is an international multi-stakeholder initiative launched in October 2024 at the first Hamburg Sustainability Conference, with the objective of mobilising large-scale private investment to help close the SDG financing gap in emerging markets and developing economies (EMDEs). Formerly known as the Hamburg Sustainability Platform, the initiative was initiated by the governments of Canada, Denmark, France, Germany, South Africa and the United Kingdom, together with leading institutional investors including Allianz SE and La Caisse (formerly CDPQ) (...)
Government role: Market FacilitatorMulti-stakeholder Platforms
Social Impact Fund
2024
The Social Impact Fund (FIS) is a public financial instrument created by the Spanish Government and managed by COFIDES to promote impact investment and strengthen Spain’s social and impact economy. With an initial allocation of USD 430 million from the Recovery, Transformation and Resilience Plan, the FIS mobilises private capital through tailored financial instruments to support businesses and projects that address social and environmental challenges, such as reducing inequalities, bridging the digital divide, and promoting territorial cohesion. (...)
Government role: Market FacilitatorGovernment-enabled Wholesale Funds
Regional Venture Capital Financial Support Program for Impact Investment
2022
In December 2022, the Ankara Development Agency launched the Regional Venture Capital Financial Support Programme for Impact Investment, designed to foster a sustainable regional venture capital market in Türkiye. With a total allocation of USD 8.2 million, the programme invests in existing or new funds, requiring them to mobilise private capital and target innovative, impact-driven SMEs operating in the Ankara region, as well as in another 11 provinces affected by the 2023 earthquakes. The Ankara Development Agency acts as an anchor investor, offering equity commitments (...)
Government role: Market FacilitatorGovernment-enabled Wholesale Funds
Better Society Capital
2012
Better Society Capital is the UK’s leading social impact investor, established in 2012 to increase the flow of capital to organisations tackling social challenges and inequalities. Created as a £625m (~USD 782m) wholesale impact fund, BSC has since mobilised over USD 3.6 billion to more than 2,000 charities and social enterprises across the UK, working on issues from homelessness to mental health. BSC provides funding to investment managers and social banks that, in turn, finance social purpose organisations, helping them access repayable capital (...)
Government role: Market FacilitatorGovernment-enabled Wholesale Funds
Japan Network for Public Interest Activities (JANPIA)
2019
Launched in 2019, JANPIA -Japan’s impact investment wholesaler- is responsible for directing dormant assets towards social good and strengthening the ecosystem of nonprofits and social enterprises addressing the country’s most urgent challenges. Since its inception, it has allocated approximately USD 18.7 million in grants, complementing national and local government funding and encouraging private sector engagement. As of February 2024, 279 Fund Distribution Organisations (FDOs) had supported over 1,073 organisations across all 47 prefectures. (...)
Government role: Market FacilitatorGovernment-enabled Wholesale Funds
Social Finance Fund (SFF)
2023
The Social Finance Fund (SFF) is a USD 564 million initiative designed to accelerate the growth of the country’s social finance market by improving access to affordable and flexible capital for charities, non-profits, social enterprises, co-operatives, and other social purpose organisations. The SFF was established by the government as part of its broader Social Innovation and Social Finance Strategy, alongside the Social Innovation Advisory Council and the completed Investment Readiness Programme. SFF’s goals include attracting private investment, (...)
Government role: Market FacilitatorGovernment-enabled Wholesale Funds
2022
In January 2023, after going through the EU legislative process, the CSRD came into effect, replacing the Non-Financial Reporting Directive (NFRD) adopted in 2014, requiring companies to provide more comprehensive and granular disclosures covering the entire spectrum of sustainability topics, as detailed in the European Sustainability Reporting Standards (ESRS), developed by European Financial Reporting Advisory Group (EFRAG), following an extensive consultation process. Although the Directive entered into force in 2023, with reporting starting for the fiscal period beginning in 2024 (...)
Government role: Market RegulatorSustainability Disclosure Regulations
2023
Announced in December 2023 and effective from January 2024, Türkiye’s Sustainability Reporting Standards (TSRS) are among the first of their kind to be implemented globally. Aligned with IFRS S1 and S2, TSRS 1 requires businesses to disclose information on sustainability-related risks and opportunities relevant to the primary users of general-purpose financial reports. TSRS 2 focuses specifically on climate-related risks and opportunities that are reasonably expected to impact a company's financial position (...)
Government role: Market RegulatorSustainability Disclosure Regulations
2023
After two exposure drafts published by the Brazilian sustainability reporting standard-setter CBPS and the Brazilian accounting institute (the Conselho Federal de Contabilidade - CFC), CBPS 01 and CBPS 02, based on the IFRS Foundation’s S1 and S2 Standards, were issued to guide corporate sustainability disclosures in the country. CBPS 01 establishes general requirements for disclosing sustainability-related financial information, ensuring consistency, comparability, and transparency in how companies report on sustainability matters relevant to enterprise value. (...)
Government role: Market RegulatorSustainability Disclosure Regulations
2023
As part of Australia’s Sustainable Finance Strategy released for open consultation in 2023, the Government proposed “improving transparency on climate and sustainability” as one of its three pillars, also laid out in their Sustainable Finance Roadmap. In parallel, the Australian Accounting Standards Board (AASB), an independent entity of the Government responsible for developing auditing and assurance standards, released a consultation document to gather input on the proposed Australian Sustainability Reporting Standards (ASRS). (...)
Government role: Market RegulatorSustainability Disclosure Regulations
2025
In 2025, after more than two years of development, Brazil officially published its Sustainable Taxonomy. Developed through broad governance and social participation, the taxonomy establishes technical criteria for both green and enabling activities, supporting decarbonization, climate resilience, and nature-positive transitions across the economy (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2020
Established by Regulation (EU) 2020/852 and effective from July 2020, the EU Taxonomy is the first comprehensive classification system for environmentally sustainable economic activities. It was developed to drive investments towards activities aligned with the European Climate Law mandating EU climate neutrality by 2050, as outlined in the European Green Deal. The Taxonomy covers activities contributing to 6 environmental objectives: 1) Climate change mitigation, 2) Climate change adaptation, 3) Sustainable use and protection of water and marine resources, (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2022
In April 2022, after a 2.5-year consultation process, Colombia officially published its Green Taxonomy - the first of its kind in Latin America. Led by the Ministry of Finance and Public Credit and the Financial Superintendence, it was developed with support from international organizations, including the International Finance Corporation (IFC), the World Bank, and the Climate Bonds Initiative (CBI). The taxonomy plays a key role in mobilizing finance for the country’s green transition, complementing Colombia’s Measurement, Reporting, and Verification (MRV) system (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2022
South Africa’s Green Finance Taxonomy was launched in 2022, following a two-year consultation and development process. It was developed by the Taxonomy Working Group (TWG), a multi-stakeholder body chaired by the National Treasury as part of the Sustainable Finance Initiative - a multi-agency platform established in June 2020 to advance sustainable finance-. The taxonomy complements a range of voluntary initiatives and policy measures, such as guidance on ESG risk management and disclosures, and aims to promote sustainable finance (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2023
Mexico’s Sustainable Taxonomy was launched in March 2023 by the Ministry of Finance, through the Secretariat of Finance and Public Credit (SHCP). It was developed over two years of intensive work involving a broad group of stakeholders from the public and private sectors, financial institutions, academia, civil society, and international organisations. The taxonomy aims to address three of the country’s most pressing sustainability challenges: climate change, gender equality, and access to basic services in municipalities. (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2024
Panama’s Sustainable Finance Taxonomy was launched in 2024, making it the third in Latin America and the Caribbean - and the first in Central America. It was developed through a collaborative process led by the Panama Sustainable Finance Task Force (GTFS), the Superintendency of Banks (SBP), the Superintendency of the Securities Market (SMV), and the Superintendency of Insurance and Reinsurance (SSRP), in coordination with the Ministry of Environment (MiAmbiente) and the Ministry of Economy and Finance (MEF)(...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2023
Thailand’s Green Taxonomy, officially adopted in 2023, was developed by the Thailand Taxonomy Board, a multi-stakeholder body that comprises key public and private sector institutions, including the Bank of Thailand, the Securities and Exchange Commission, relevant ministries, and industry associations. Phase 1 of the taxonomy covers the energy and transportation sectors - together responsible for approximately two-thirds of Thailand’s total greenhouse gas emissions. Its development was supported by the Climate Bonds Initiative and the International Finance Corporation (IFC), (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2023
Officially launched in December 2023 and effective from January 2024, was developed by Shanghai’s financial and economic authorities, including the Local Financial Regulatory Bureau and the Shanghai branches of key national regulators. Formally known as the Shanghai Transformation Finance Catalogue (Trial), the Taxonomy is designed to guide investment towards the decarbonisation of heavy industries and support the shift to a low-carbon economy in Shanghai (...)
Government role: Market FacilitatorSustainable Finance Taxonomies
2023
Within the context of former-PM Kishida’s “new form of capitalism”, in 2023 the Ministry of Economy, Trade and Industry launched the J-Startup Impact programme to support startups that tackle social issues while achieving sustainable growth, with the potential to succeed globally. The programme operates through a public-private partnership, providing selected startups with intensive support to drive innovation and bring new value to the world. The ultimate goal of the initiative is to boost awareness and foster a ripple effect throughout Japan’s impact startup sector. (...)
Government role: Market FacilitatorCapacity Building
2023
The Social Enterprise Development Initiative (SEDI), launched in the Australian Government’s 2023–24 Budget as part of the “Targeting Entrenched Disadvantage” package, allocated AUD 11.6 million (USD 7.2 million) to strengthen the social enterprise sector. The programme provides grants of up to USD 75k to social enterprises supporting the vulnerable (with a focus on First Nations communities and those in regional and remote areas), to build organisational capacity through services such as business planning, financial management, legal support, contract negotiation and impact measurement and evaluation. (...)
Government role: Market FacilitatorCapacity Building
2023
The "REACT with impact – Promoting Social Entrepreneurship" programme supported public-benefit small and medium-sized enterprises (SMEs) and social startups by offering tailored consulting services. The programme's primary objectives were to provide stability and professionalise these organisations, enhance their investment readiness, and foster networking and cooperation among SMEs. Consulting services covered a range of areas such as market analysis, product and service development, business planning, and technical expertise acquisition (...)
Government role: Market FacilitatorCapacity Building
2023
Innova Social is a programme led by CORFO (a public agency created to support innovation, entrepreneurship, and investment across Chile) that aims to promote social innovation by supporting projects that offer creative solutions to complex social and environmental challenges. It provides public funding and technical assistance to initiatives driven by civil society organisations, businesses, and other actors working to improve the well-being of vulnerable communities in Chile. The programme finances pilot projects and prototypes that demonstrate innovative approaches to public problems (...)
Government role: Market FacilitatorCapacity Building
2019
Established under the Social Enterprise Promotion Act B.E. 2562 (2019), the Office of Social Enterprise Promotion (OSEP) is Thailand’s central agency for advancing the social enterprise sector. Operating under the Prime Minister’s Office, OSEP is tasked with registering social enterprises, implementing promotional strategies, and managing support measures to foster a fair and sustainable national development through social enterprise mechanisms (...)
Government role: Market FacilitatorDedicated Govnt. Agencies & Offices
2010
Mandated by Article 20 of the Social Enterprise Promotion Act and established in December 2010 under the Ministry of Employment and Labour, the Korea Social Enterprise Promotion Agency (KoSEA) plays a central role in advancing the social economy in the Republic of Korea. The Agency helps social economy entities, such as social enterprises and cooperatives, by providing commercialization support, consulting services, and facilitating the development of social economy networks. (...)
Government role: Market FacilitatorDedicated Govnt. Agencies & Offices
2024
The Social Investment Agency (SIA; Māori: Toi Hau Tāngata) is New Zealand’s central government department responsible for leading the implementation of the country’s social investment strategy. Re-established as a standalone Public Service department in July 2024, the SIA sets practice standards, advises on the development of data and evidence infrastructure, and supports other agencies in applying the investment approach to social spending. (...)
Government role: Market FacilitatorDedicated Govnt. Agencies & Offices
2022
Established in 2024 within the Office of the Vice President, the Nigeria Office for Philanthropy & Impact Investing (NPO) is a private-led coordination platform that mobilizes philanthropic capital and impact investments to advance Nigeria’s job creation agenda. The NPO focuses on providing catalytic support to Micro, Small, and Medium Enterprises (MSMEs) in sectors such as fashion, agribusiness, renewable energy, and furniture production, all of which hold high potential for job creation. (...)
Government role: Market FacilitatorDedicated Govnt. Agencies & Offices
2016
The Inclusive Economy Unit was established in 2016 within the UK's Department for Digital, Culture, Media and Sport (DCMS), evolving from previous government bodies focused on social enterprises and social investment. The unit builds on the Social Investment and Finance Team from the former Office for Civil Society, with the goal of strengthening the social investment market, supporting social impact bonds, (...)
Government role: Market FacilitatorDedicated Govnt. Agencies & Offices
2023
The Impact Consortium was created in 2023 by Japan’s Financial Services Agency (FSA), the financial regulator, as a public-private platform to promote impact investing, not only among dedicated impact investors and enterprises, but also across mainstream financial stakeholders. It connects domestic and global leaders to foster collaboration, share best practices, showcase case studies, and build consensus around frameworks for impact (...)
Government role: Market FacilitatorDedicated Govnt. Agencies & Offices
2023
In 2023, Brazil enacted the National Impact Economy Strategy (Enimpacto) through Presidential Decree 11.646/23, building on the National Strategy for Businesses and Impact Investing established back in 2017. This updated strategy sets measurable and ambitious goals, including reaching 12,500 impact businesses and certifying over 300 incubators and accelerators with socio-environmental impact. It is structured around five strategic pillars: expanding access to capital; increasing the number of impact businesses; strengthening intermediary organisations; (...)
Government role: Market FacilitatorNational Impact Strategies
2018
Launched in 2018, Canada’s Social Innovation and Social Finance (SI/SF) Strategy aims to build a more inclusive and sustainable economy by supporting social purpose organisations (SPOs) in Canada. Developed through a co-creation process, the strategy consists of three main components: The Investment Readiness programme (IRP), which allocated US$74 million to help SPOs; The Social Finance Fund (SFF), a US$559 million initiative to expand Canada’s social finance market through intermediaries; and the Social Innovation Advisory Council (SIAC), which advises the government (...)
Government role: Market FacilitatorNational Impact Strategies
2022
Launched in 2022, Portugal’s Agenda 2030 for Impact is the national strategy to accelerate the development of Portugal’s impact economy. It was co-created through an extensive participatory process involving over 400 organisations from the public sector, private sector, academia, and civil society. The Agenda sets out clear targets to be achieved by 2030, including: mobilising €500 million for impact investment, supporting the creation and/or scaling of 2,500 impact enterprises, integrating impact measurement and management practices across businesses and investors, (...)
Government role: Market FacilitatorNational Impact Strategies
2024
Launched in 2024, Japan’s Grand Design and Action Plan for a New Form of Capitalism serves as the government’s overarching strategy to drive the country’s economic transformation under a renewed vision of capitalism, one that aims to achieve economic growth while addressing pressing social challenges. The strategy focuses on several key pillars, including labour market reform and wage increases, industrial innovation, energy and food security (...)
Government role: Market FacilitatorNational Impact Strategies
2018
In 2018, Colombia became the first Latin American country to establish Benefit and Collective Interest Companies (BIC) through Law 1901. To qualify as a BIC, a company must include "BIC" in its name and align its corporate purpose with at least one activity from these five key areas: business model, corporate governance, labor practices, environmental practices, and community engagement. BICs are required to prioritize sustainable sourcing, fair trade practices, employee participation, diversity in governance, environmental audits, and community support (...)
Government role: Market RegulatorSpecific Legal Forms for Impact-driven Businesses
2019
In May 2019, France adopted the PACTE Law (Law 2019-486) to support the growth and transformation of companies, as part of a broader effort to reduce constraints on businesses and foster job creation, particularly among SMEs. One of its most significant innovations was the creation of the entreprise à mission - a legal status for commercial companies that commit to a clearly defined social or environmental purpose in their articles of association. These companies must pursue specific impact objectives, overseen by a mission committee and verified by an independent third party (...)
Government role: Market RegulatorSpecific Legal Forms for Impact-driven Businesses
2016
In 2016, Italy became the first country in the world to adopt the U.S. Benefit Corporation model, introducing the società benefit (SB) through the 2016 Stability Law. This legal framework, which came into effect on January 1, 2016, created a dual-purpose corporate structure that requires companies to pursue both profit and a common benefit.(...)
Government role: Market RegulatorSpecific Legal Forms for Impact-driven Businesses
2022
In 2022, Spain introduced the legal framework for Benefit and Collective Interest Companies (SBICs) through Law 18/2022, adapting the U.S. Benefit Corporation model to the Spanish context. This legislation allows companies, such as Public Limited Companies (SA) and Limited Liability Companies (SL), to adopt a triple-impact model, aligning their corporate objectives with social and environmental goals. B Lab Spain played a key role in advocating for this legal recognition, championing the “Empresas Con Propósito” initiative that helped drive the inclusion of this framework in the law.(...)
Government role: Market RegulatorSpecific Legal Forms for Impact-driven Businesses
2024
The Commonwealth Outcomes Fund (COF) is an A$100 million (~USD 67.2 million) fund established to expand outcomes-based contracting across Australia, announced in the 2023-24 Budget as part of the A$199.8 million (~USD 134.3 million) Targeting Entrenched Disadvantage package. As a long-term federal instrument operating for up to 10 years, the COF makes contractual payments to state and territory governments, service providers and social enterprises based on the achievement of agreed, measurable social outcomes (...)
Government role: Market ParticipantOutcomes Partnerships
2018
Proyectá Tu Futuro was Argentina’s first SIB, aiming to tackle youth unemployment and low secondary education completion rates, two persistent challenges in the city’s southern boroughs. The programme sought to improve the employability of vulnerable young people aged 17–24 by providing targeted support to help them access and retain formal jobs. The SIB model aligned the efforts of public, private, and civil society actors through an outcomes-based contract. Four private investors provided upfront capital, with lending support from the Inter-American Development Bank. (...)
Government role: Market ParticipantOutcomes Partnerships
2016
MAS Pago por Resultados (formerly known as SIBs.CO) is Colombia’s pioneering programme aiming to promote further uptake of social impact bonds and results-based financing. Led by the Departamento para la Prosperidad Social (DPS), in partnership with BID Lab, SECO and Fundación Corona, the initiative marked a turning point in how public resources are mobilised to solve Colombia’s most pressing social issues through public-private partnership and social innovation. The Colombian government’s DPS played a central role (...)
Government role: Market ParticipantOutcomes Partnerships
2023
The Ghana Education Outcomes fund is an initiative launched by Ghana’s Ministry of Education, UK’s FCDO and the The World Bank’s Global Partnership for Results-Based Approaches (GPRBA), aiming to improve the quality of education in low performing basic education schools and strengthen education sector equity and accountability in the country. Launched through a $30 million programme, the project aims to reintegrate over 70,000 out-of-school children from historically underserved areas and enhance learning in 600 low-performing primary schools. (...)
Government role: Market ParticipantOutcomes Partnerships
2021
Launched in 2021, the Ministry of Justice SIB in Japan aims to support juvenile training school parolees who wish to pursue further education, a group that faces significant barriers such as low school acceptance rates, lack of formal educational support, and difficult family or academic backgrounds. The initiative seeks to build academic skills and foster independent study, ultimately improving reintegration outcomes and reducing recidivism. It is commissioned by Japan’s Ministry of Justice, with services delivered (...)
Government role: Market ParticipantOutcomes Partnerships
2018
The Social Impact Partnerships to Pay for Results Act (SIPPRA) is a U.S. federal piece of legislation designed to support Pay for Success mechanisms at the sub-national level. SIPPRA channels $100 million to help state and local governments launch or explore the feasibility of pay for success initiatives. The bill was enacted as part of a larger legislative package, the 2018 Bipartisan Budget Act, designed to support pay-for-results projects that aim to improve social outcomes and save government money accross a wide range of focus areas and priority populations. (...)
Government role: Market ParticipantOutcomes Partnerships
2011
The UK Innovation Fund, was the UK’s first outcomes fund and an early example of social impact bond financing, aiming to support disadvantaged young people, especially those at risk of becoming nor in employment, education nor training, by helping them participate in education and training to improve their employability and reduce long-term dependency on public benefits. At the same time, the project also sought to produce legacy knowledge through testing whether commissioning through outcomes could generate benefit savings, fiscal value, and (...)
Government role: Market ParticipantOutcomes Partnerships
2025
Launched in 2025, the Better Futures Fund is a ten-year outcomes payments fund announced by the UK Government to provide early support to children and young people. The fund aims to catalyse meaningful and measurable improvements in several areas affecting young people’s lives, including family stability, youth reoffending, and homelessness(...)
Government role: Market ParticipantOutcomes Partnerships
2014
The Social Investment Tax Relief (SITR) scheme was introduced in 2014 through the UK’s Finance Act 2014 to incentivise private investment in social enterprises and charities. Under SITR, individual investors could deduct 30% of the value of their investment from their income tax liability and defer capital gains tax when reinvesting gains into qualifying social enterprises. Additional benefits included loss relief and inheritance tax exemption (for equity investments). (...)
Government role: Market RegulatorFiscal Incentives
2018
In 2018, Portugal became the second country in the world to introduce a specific tax incentive to encourage investment in Social Impact Bonds (SIBs) through its 2018 State Budget Law. Under this incentive, the amount invested by social investors in SIBs can be deducted from their taxable income, with a 30% bonus. This means that investors are allowed to declare 130% of their investment as a deductible expense for tax purposes, regardless of whether the project reaches its expected social outcomes (...)
Government role: Market RegulatorFiscal Incentives
2024
Article 7-2 of the 2024 Enforcement Decree of the Social Enterprise Promotion Act mandates city and provincial governors in South Korea to formulate five-year support plans for social enterprises. These plans must include strategies to create an enabling environment for social enterprises, notably through tax reductions and exemptions, as well as subsidies for social insurance premiums.(...)
Government role: Market RegulatorFiscal Incentives
2024
The "Madelin" tax reduction, also known as the IR-PME scheme, is a French tax incentive established under Article 199 terdecies-0 A of the General Tax Code (CGI) in 2014. It allows individuals domiciled in France to benefit from an income tax reduction when investing in the capital of small and medium-sized enterprises (SMEs), including those recognized as Social Utility Solidarity Enterprises (ESUS). Investments can be made during the company's creation or through capital increases, provided they are paid in cash. (...)
Government role: Market RegulatorFiscal Incentives
2024
As part of Thailand’s efforts to align sovereign financing with its national climate commitments, and building on the country’s Sustainable Financing Framework, the Public Debt Management Office (PDMO) issued Thailand’s first sovereign Sustainability-Linked Bond (SLB) in 2024, becoming the first country in Asia to do so. The THB 30 billion (approximately USD 957 million) bond is tied to two climate-related performance indicators: (...)
Government role: Market ParticipantSustainable Bonds
2025
Nigeria has been a pioneer of the issuance of sovereign green bonds in Africa. It became the first country on the continent to issue a sovereign green bond in 2017, as part of its strategy to meet its Nationally Determined Contributions (NDCs). Since this inaugural issuance, the Federal Government of Nigeria (FGN), through the Debt Management Office (DMO), has issued a total of three sovereign green bonds - in 2017, 2019, and 2025 (...)
Government role: Market ParticipantSustainable Bonds
2024
In the context of Japan's Green Transformation (GX) programme, aiming to mobilise USD 1 trillion over the next decade in support of advanced sustainable technologies, the Government of Japan issued a USD 11 billion Climate Transition Bond, the first of its kind issued by a sovereign. The bond’s proceeds are set to finance projects across 22 sectors, including hydrogen, next-generation solar cells, and energy-efficient industrial equipment, in line with Japan’s ambition to achieve carbon neutrality by 2050. (...)
Government role: Market ParticipantSustainable Bonds
2022
As part of Chile’s Climate Change Financial Strategy, a Government-wide effort, and after presenting the Sustainability-linked Bond (SLB) Framework, the government issued a USD 2 billion SLB to implement actions that fulfill the country’s greenhouse gas (GHG) reduction committed agreed on its National Determined Contribution (NDC) and to implement a national clean energy agenda. The bond sustainability performance targets (SPT), aligned with its NDC, require Chile to pay investors a higher coupon if it fails to limit GHG emissions and increase its share of electricity derived from renewable sources. (...)
Government role: Market ParticipantSustainable Bonds
2023
With the launch of Indonesia’s Integrated National Financing Framework (INFF) and the SDG Government Securities Framework, the government prioritised “scaling innovative finance instruments in sustainable capital markets, faith-based mechanisms”, including impact investment and the blue economy. In that context, Indonesia issued a blue bond whose proceeds (JPY20,7 bn or USD 150 million) targeted the blue economy, including coastal protection, sustainable management of fisheries and aquaculture, marine biodiversity conservation and mangrove rehabilitation. (...)
Government role: Market ParticipantSustainable Bonds
2017
Malaysia has been at the forefront of the introduction of islamic investment into the sustainable finance market following the launch in 2014 of the Sustainable and Responsible Investment (SRI) Sukuk Framework. Since then, the market has grown rapidly, driven by the collaborative efforts of key regulators and industry stakeholders committed to advancing islamic sustainable finance. In 2017, the solar energy firm Tadau Energy, issued the world’s first green sukuk, to finance the construction of solar photovoltaic power plants. (...)
Government role: Market ParticipantSustainable Bonds
2018
In 2018, the state of Victoria introduced the Social Procurement Framework (SPF), establishing Australia's first whole-of-government policy to embed social and sustainable objectives into public procurement. The SPF mandates that all government departments and agencies integrate considerations such as inclusive employment, supplier diversity, and environmental sustainability into their procurement processes. This approach ensures that value-for-money considerations extend beyond price to include broader community outcomes. (...)
Government role: Market ParticipantPublic Procurement for Impact
2023
The UK’s Procurement Act, enacted in 2023 and fully implemented in early 2025, represents a major reform of the country’s public procurement framework. It consolidates multiple existing regulations into a single, streamlined structure designed to simplify processes, increase transparency, and modernise the way public contracts are awarded. Key features include a central digital platform for procurement notices and supplier information, along with simplified tendering procedures to facilitate participation from SMEs and social enterprises. (...)
Government role: Market ParticipantPublic Procurement for Impact
2018
Costa Rica stands out in Latin America for its comprehensive and well-coordinated approach to Sustainable Public Procurement. In 2018, it became the first country in the region to adopt a National Policy for Sustainable Consumption and Production, a landmark initiative that integrates international sustainability commitments with national development goals. The policy, implemented through then Executive Decree 39310-2015, mandates that all public and private entities incorporate environmental, social, and economic sustainability criteria into their procurement processes. (...)
Government role: Market ParticipantPublic Procurement for Impact
2012
In 2012, Chile introduced the “Socially Responsible Public Procurement Policy”, integrating sustainability, social inclusion, and gender equality into public procurement practices. The policy requires the evaluation of both social and environmental criteria alongside traditional efficiency and value-for-money principles, aiming to make procurement more inclusive and responsible. ChileCompra, Chile’s central government agency responsible for overseeing public procurement processes, has developed several directives to strengthen the implementation of this policy. (...)
Government role: Market ParticipantPublic Procurement for Impact
2004
Norway’s Government Pension Fund Global (GPFG) is the world’s largest sovereign wealth fund, valued at around USD 1.7 trillion and holding equity positions in roughly 9,000 companies across more than 70 countries, with an average ownership stake of about 1.5% of all listed companies worldwide. Fully owned by the Norwegian state, the GPFG is regarded internationally as a benchmark model, as it is one of the few sovereign funds in the world (...)
Government role: Market RegulatorClarifying Investors’ Fiduciary Duties
2019
The Sustainable Finance Disclosure Regulation (SFDR), published in 2019 and effective from March 2021, introduces mandatory sustainability-related disclosure requirements for financial market participants and advisers across the EU. It aims to enhance transparency on how sustainability risks are integrated into investment decisions and how principal adverse impacts (PAIs) on sustainability factors are considered. The regulation applies broadly to asset managers, pension providers, insurers, and financial advisers, requiring them to publish entity-level and (...)
Government role: Market RegulatorClarifying Investors’ Fiduciary Duties
2011
Regulation 28, enacted under South Africa’s Pension Funds Act, requires pension fund trustees to consider environmental, social, and governance (ESG) factors as part of their fiduciary duty. By embedding ESG considerations into the principle of prudent investing, the regulation makes sustainability a legal obligation rather than a voluntary practice. It requires all pension funds to develop a formal Investment Policy Statement (IPS) and mandates that boards of trustees assess ESG risks and opportunities before and during the life of an investment, (...)
Government role: Market RegulatorClarifying Investors’ Fiduciary Duties
2021
PS21/24 mandates that asset managers, life insurers, and FCA-regulated pension providers disclose climate-related risks and opportunities in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. These disclosures must be made annually at both the entity and product levels, covering governance, strategy, risk management, and metrics related to climate change. The regulation aims to enhance transparency, enabling clients and consumers to make informed investment decisions and directing capital towards sustainable activities.(...)
Government role: Market RegulatorClarifying Investors’ Fiduciary Duties
2025
The Government Pension Investment Fund (GPIF) of Japan is the country’s largest public fund investor and the largest pension fund in the world, with over USD 1,7 trillion in assets under management. In 2025, the GPIF released a series of Sustainability Investment Policies, including on ESG and Impact Investment considerations and Stewardship Principles (...)
Government role: Market RegulatorClarifying Investors’ Fiduciary Duties
2022
The SDG Loan Fund is a large-scale blended finance vehicle launched in 2022 with a total fund size of approximately USD 1.1 billion, making it one of the largest blended finance funds brought to market in recent years. The Fund was conceived by Allianz Global Investors (AllianzGI) in partnership with the Dutch development bank FMO, with the objective of mobilising institutional capital at scale to support sustainable development outcomes in emerging and frontier markets (...)
Government role: Market ParticipantFunding Programmes
2023
The Fund for Life and Biodiversity is an innovative financial mechanism established in Colombia in 2023 through Decree 1648. Its objective is to mobilise, coordinate, and strategically allocate resources to address long-term critical environmental challenges, in line with national environmental policy priorities. These include climate resilience, biodiversity conservation, and ecosystem restoration at both national and subnational levels (...)
Government role: Market ParticipantFunding Programmes
2022
Italia Economia Sociale is a national programme originally launched in 2017 and substantially reformed by decree in 2022 to support the creation, growth, and consolidation of social economy enterprises in Italy. The programme is implemented through a blended public finance model that combines concessional lending and non-repayable grants, with a total financial endowment of €223 million (...)
Government role: Market ParticipantFunding Programmes
2014
Launched in 2014 by the Dutch Ministry of Foreign Affairs, the Dutch Good Growth Fund (DGGF) is a blended finance vehicle designed to mobilise private investment in emerging markets and developing countries. Since its inception, the Fund has been managed by a consortium of private investment managers and operates through three complementary investment tracks (...)
Government role: Market ParticipantFunding Programmes
2018
Launched in 2018 under a mandate from Indonesia’s Ministry of Finance, SDG Indonesia One (SIO) is a first-of-its-kind integrated blended finance platform designed to mobilise public and private capital for infrastructure and development projects contributing to the Sustainable Development Goals (SDGs). Managed by PT Sarana Multi Infrastruktur (PT SMI) - a non-bank financial institution fully owned by the Government of Indonesia (...)
Government role: Market ParticipantFunding Programmes
2024
Launched in 2024, the GAIA Climate Loan Fund (GAIA) is a blended-finance platform designed to catalyse large-scale private investment for climate adaptation and mitigation in Emerging Markets and Developing Economies (EMDEs), including some of the world’s most climate-vulnerable Small Island Developing States (SIDS). The fund directly addresses the persistent global adaptation finance gap - estimated at USD 215–387 billion annually - with more than 70% of adaptation needs concentrated in EMDEs (...)
Government role: Market ParticipantFunding Programmes
2021
Launched in 2021 as the core component of NextGenerationEU, the Recovery and Resilience Facility (RRF) is the European Union’s largest-ever financial instrument to mobilise capital for reforms and investments across Member States. Designed as a temporary mechanism running from 2020 to 2026, it provides up to €648-723 billion in grants and loans to help countries mitigate the economic and social impacts of the COVID-19 pandemic; accelerate the green and digital transitions; strengthen resilience; and stimulate sustainable growth. (...)
Government role: Market ParticipantFunding Programmes
2024
EcoInvest Brazil, created in 2024 through Law No. 14.995, is a national programme housed within Brazil’s Fundo Clima and designed to mobilise foreign capital and reduce currency risk - one of the main barriers to scaling green investment in emerging markets. Coordinated by the Ministry of Finance and the Ministry of Environment and Climate Change, the programme aims to channel BRL 27 billion (USD ~5.2 billion) into Brazil’s ecological transition (...)
Government role: Market ParticipantFunding Programmes
2024
The British Business Bank's Community ENABLE Funding Programme is an initiative aimed at enhancing the UK's social impact lending ecosystem by empowering Community Development Financial Institutions (CDFIs) - not-for-profit lenders that play a crucial role in providing debt finance to small and medium-sized enterprises (SMEs) that are often underserved by mainstream financial institutions - with a support of up to £150m (USD200m) for lending. The programme is divided in two phases: in the first, the Department for Business and Trade will supply the full funding (...)
Government role: Market ParticipantFunding Programmes
2020
The Emerging Markets Impact Investment Fund (EMIIF) is a development financing mechanism launched by Australia’s Department of Foreign Affairs and Trade (DFAT) in 2020 to unlock capital for early and growth-stage small and medium enterprises (SMEs) in regions where risk-adjusted returns are typically too low to attract commercial finance alone. EMIIF operates by investing in regional SME-focused funds across Southeast Asia, using tools such as equity, loans, and blended finance to mobilise private capital into underserved markets. (...)
Government role: Market ParticipantFunding Programmes
2021
The ESF+ Social Innovation+ initiative is a European Union programme designed to transfer and scale up innovative solutions to societal challenges, particularly in employment, education, skills, and social inclusion. It supports the development and dissemination of social innovations that address pressing issues like long-term unemployment and the upskilling of vulnerable youth. With a dedicated budget of €198m (USD 225m) for the 2021–2027 period, the initiative provides transnational grants through EU-level calls for proposals, (...)
Government role: Market ParticipantFunding Programmes
2025
Launched by the Tokyo Metropolitan Government, the Public–Private Partnership Impact Growth Fund (officially IF Growth No. 1 Investment Limited Partnership) aims to expand financial support for growth-stage startups with high potential to address pressing social challenges and scale globally. The fund was formally established in March 2025, with an initial public investment of ¥JPY10 billion (USD ~67 million), and is managed by Incubate Fund Co., Ltd., a leading Japanese venture capital firm (...)
Government role: Market ParticipantFunding Programmes
2022
Launched in November 2022, the Chile Ecológico Fund is the first mutual fund in Chile dedicated primarily to investing in Chilean Green Bonds certified under Climate Bonds Initiative (CBI) and ICMA’s Green Bond Principles (GBP). The fund allocates at least 60% of its assets to Chilean issuers that incorporate ecological principles aligned with the Paris Climate Agreement, supporting projects in clean energy, (...)
Government role: Market RegulatorFacilitating Retail Investors’ Participation
2001
Introduced by the 2001 Employee Savings Reform or “Fabius” Law (Law 2001-152), France’s “Solidarity-based Funds” are a unique financial vehicle designed to mobilise private capital for the Social and Solidarity Economy (SSE). Offered within employee savings schemes, employees can choose to invest in these Funds, where 5% to 10% of their savings are allocated to social-purpose organisations (...)
Government role: Market RegulatorFacilitating Retail Investors’ Participation
2015
Established in 2015 through Regulation (EU) 2015/760, European Long-Term Investment Funds (ELTIFs) are a category of Alternative Investment Funds (AIFs) managed by licensed European Alternative Investment Fund Managers (AIFMs) and designed to channel non-bank capital into the real economy, including infrastructure projects, SMEs financing, and other long-term investments (...)
Government role: Market RegulatorFacilitating Retail Investors’ Participation
1995
Initially introduced in 1995 and updated by subsequent regulations, the UK’s Venture Capital Trusts (VCTs) scheme creates a regulated, tax-advantaged investment pathway for retail investors to channel capital into small, unlisted companies. Established by the UK government to stimulate investment in emerging businesses - thereby supporting innovation, job creation, and economic growth (...)
Government role: Market RegulatorFacilitating Retail Investors’ Participation
