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Impact investors lay out a theory of change for driving positive outcomes in public equities

March 30, 2023

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Featured: Public Impact

Impact investors lay out a theory of change for driving positive outcomes in public equities. It’s long been something of a truism among impact investors that it’s not possible to demonstrate true impact in public stock markets. Sure, many public-equities investors now consider social and environmental factors, some to mitigate risks, others to align with their values. Some shareholders and asset managers “engage” management around climate, human rights and other issues. Few have taken on the more complex challenge of driving actual, positive impact through listed equity strategies. It’s a worthy task: the total market capitalization of companies listed on stock exchanges worldwide exceeds $100 trillion. The Global Impact Investing Network has introduced guidance for impact in listed equities that attempts to raise the bar, and clarify how impact strategies in listed equities differ from ESG approaches and other sustainability-related strategies. “An ‘impact’ category of funds should be something differentiated from other things that have gone before,” says the GIIN’s Sean Gilbert. Few, if any, listed equity strategies meet the full set of criteria laid out in the new guidance from the GIIN’s listed equities working group, which was shared exclusively with ImpactAlpha.

Dealflow: Carbon Markets

Agreena nabs €46 million to create and measure soil carbon credits. Regenerative agriculture techniques like reduced tilling and the use of cover crops and organic fertilizers can lock away carbon in soil and build more resilient food systems. Yet transition costs can be an obstacle for farmers. Copenhagen-based Agreena has helped farmers across Europe transition about 600,000 hectares (1.5 million acres) and generate new revenue streams by selling verified soil carbon credits. “Agreena is building technological and financial services infrastructure throughout the agriculture value chain as the industry increasingly becomes a focal point for decarbonization efforts,” said Agreena's Simon Haldrup. The Series B round was led by Germany’s HV Capital with participation from impact fund AENU and New York-based fintech investor Anthemis. 

Agents of Impact: Follow the Talent

Bridgepoint is hiring an ESG manager… Energy Impact Partners has an opening for an impact and sustainability associate in Washington, D.C… Kiva is looking for a remote impact content manager and an impact investment manager in Bogota… Newmark seeks an ESG director in New York… Also in New York, Impending Bloom is recruiting summer ESG fellows.

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