DOCSLIB.ORG

SCALE FINANCE Industrial-Strength Social Impact Bonds for Mainstream Investors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SCALE FINANCE Industrial-Strength Social Impact Bonds for Mainstream Investors SCALE FINANCE Industrial-Strength Social Impact Bonds for Mainstream Investors Steven H. Goldberg April 2017 A Special Report from the Center for Community Development Investments Federal Reserve Bank of San Francisco SCALE FINANCE Industrial-Strength Social Impact Bonds for Mainstream Investors Steven H. Goldberg [email protected] April 2017 The views expressed in this paper are those of its author and do not necessarily represent those of the Federal Reserve Bank of San Francisco or the Federal Reserve System. Steven H. Goldberg is the founding principal of Caffeinated Capital LLC. Previously, he was the first Panaging Girector and Jeneral Founsel for Social Finance, Inc., where he helped bring Social Impact Bonds to the U.S. In 2009, he published Billions of Drops in Millions of Buckets: Why Philanthropy Doesn’t Advance Social Progress (Wiley), which explores the economics of scaling social innovation. Mr. Goldberg has worked in government, business, law, and nonprofit organizations for some forty years, developing expertise in regulatory compliance, legislation and public policy, government procurement and contracting, infrastructure finance, public- private partnerships, program evaluation, venture philanthropy, and social entrepreneurship and investment. He is a graduate of Boston College Law School (J.D., magna cum laude, 1982), Northwestern University (M.A., Economics, 1980) and the University of Massachusetts, Amherst (B.A., Economics, magna cum laude, 1975). SCALE FINANCE: INDUSTRIAL-STRENGTH SOCIAL IMPACT BONDS FOR MAINSTREAM INVESTORS Social Impact Bonds (SIBs) have demonstrated significant growth potential within their defined boundaries, but the standard model has not yet developed “mainstream” investment transactions capable of expanding certified evidence-based programs (CEBPs) commensurate with unmet population needs. This paper proposes an enhanced SIB model called “Scale Finance” in which asset owners and fund managers would work with CEBP developers to expand these proprietary programs at their maximum feasible growth rates. Repayment of principal plus risk-adjusted, market-rate returns would be predicated upon the achievement of agreed social impacts and governmental savings that substantially exceed program and financing costs. The paper then applies the framework to show how Scale Finance SIBs could dramatically reduce the mass incarceration of juvenile offenders, which dispatches some 60,000 at-risk youth into the “school-to- prison pipeline” every year at an annual cost of approximately $5.7 billion. A SIB pro forma is presented for a prototypical state that currently spends $100 million annually on juvenile detention and other custodial placements. In this example, by raising $65.6 million from mainstream investors, a Scale Finance SIB could replicate the successful Florida Redirection project to provide Multisystemic Therapy and other CEBPs to 5,000 at-risk families over five years, cut placements in half, pay investors a 10% annualized return, and return net savings of nearly $91 million to the state. If successful, Scale Finance would offer a financially self-sustaining way to effectively solve certain pervasive social problems we already know how to fix. Special thanks to Tamar Bauer, Erica Brown, Roger Bullen, Laura Callanan, Paul Carttar, Lori Cohen, Dan Edwards, Jed Emerson, Ian Galloway, Steven Godeke, Megan Golden, Isabel Gregory, Andrew Levitt, Alex Nicholls, James Perry, Neil Powling, Karl Richter, John Roman, Karla Sainz, Marya Stark, Keller Strother, Teri Weathers, and Clay Yeager for their spirited comments and obliging feedback, without which this paper would have been much shorter. An earlier draft of this paper was partially funded by MST Services, Inc., to which the author has also provided nominal consulting services. The author has also developed unavailing business proposals with MST Services, Inc. and Evidence-Based Associates, and has provided formal and informal advice to some of the other organizations referenced in this paper. The author does not speak on their behalf. SCALE FINANCE: INDUSTRIAL-STRENGTH SOCIAL IMPACT BONDS FOR MAINSTREAM INVESTORS 1. PREFACE ................................................................................................................... 5 1.1 Social Investment .................................................................................................... 5 1.2 Standard SIBs .......................................................................................................... 6 1.3 Scale Finance SIBs for Mainstream Investment ................................................. 10 1.4 Dismantling the School-to-Prison Pipeline ......................................................... 13 2. SCALE FINANCE ....................................................................................................... 15 2.1 Attracting Mainstream Investment ...................................................................... 15 2.2 Meeting Fiduciary Standards ............................................................................... 17 2.3 The Scale Finance Model ....................................................................................... 18 3. SOLVING PROBLEMS WE ALREADY KNOW HOW TO FIX ..................................... 21 3.1 Fiscal Realities ......................................................................................................... 21 3.2 Understanding “Evidence-Based” Programs ..................................................... 23 3.3 Raising the Evidence Bar for Mainstream Investment ...................................... 27 3.4 Nurse-Family Partnership: The 3% Solution ..................................................... 29 4. CROSSING THE CAPITAL MARKET CHASM ........................................................... 31 4.1 Barriers to “Scaling What Works” ....................................................................... 31 4.2 Overcoming Fragmented Funding ...................................................................... 32 4.3 Overcoming Adoption Risk .................................................................................. 33 5. CASE STUDY: DISMANTLING THE SCHOOL-TO-PRISON PIPELINE ...................... 38 5.1 Custodial Placements of Juvenile Offenders ...................................................... 38 5.2 Juvenile Justice Reform .......................................................................................... 40 5.3 Evidence-Based Programs for “Deep-End” Youth ............................................ 41 5.4 The Rise and Fall of the Florida Redirection Project ......................................... 43 5.5 The UK’s MST SIB .................................................................................................. 46 5.6 A Pro Forma Model for Scaling MST/FFT .......................................................... 47 5.7 Euthanizing White Elephants ............................................................................... 51 6. DEVELOPING SCALE FINANCE SIBS ...................................................................... 52 6.1 “Reverse Procurement” ......................................................................................... 53 6.2 Public Finance for “Social Infrastructure” .......................................................... 57 6.3 Measuring “Post-Counterfactual” Outcomes and Savings .............................. 60 6.4 Appropriations Risk ............................................................................................... 64 6.5 Implementation Fidelity ........................................................................................ 65 7. CONCLUSION: ADDING COMMERCIALLY-VIABLE SIBS TO THE MIX ................ 70 8. ENDNOTES ............................................................................................................... 75 SCALE FINANCE: INDUSTRIAL-STRENGTH SOCIAL IMPACT BONDS FOR MAINSTREAM INVESTORS 1. Standard SIB Model ............................................................................................... 7 2. Illustrative SIB Math .............................................................................................. 8 3. SIBs Worldwide (Million US$ as of Nov. 30, 2016) ........................................... 8 4. Comparison of SIB Models ................................................................................... 12 5. Addressable Market for Scaling MST/FFT ........................................................ 12 6. Florida Redirection Project Savings .................................................................... 14 7. Summary of Scale Finance Pro Forma Cash Flow for Juvenile Offending ..... 15 8. Investors in Eight U.S. SIBs .................................................................................. 17 9. Impact Investing Ecosystem ................................................................................ 18 10. Scale Finance Model .............................................................................................. 19 11. Levels of Evidence ................................................................................................. 25 12. WSIPP Evidence Decision Tree (Adapted) ........................................................ 26 13. Urban Institute’s Evidence Pyramid ................................................................... 27 14. “Crossing the Chasm” (Modified) ...................................................................... 35 15. Generic Whole Product Solution ........................................................................
Load more

Recommended publications
  • Who Benefits? Symposium on Equity, Diversity, and Inclusion in Social Finance in New York City
    Who Benefits? Symposium on Equity, Diversity, and Inclusion in Social Finance in New York City 1 Contents Introduction 4 Background on the Symposium 5 Definitions 6 Why is Examining EDI in Social Finance Important? 7 Our Hypotheses and the New York City Context 8 Who Benefits? 9 The Symposium Survey 10 Key Learnings 1 Minority and Women Entrepreneurs Face Numerous Challenges 12 Obtaining Social Finance Capital 2 Minority and Women Social Finance Investors Face Numerous 16 Challenges Raising Capital 3 Implicit Bias has a Role in Preventing Equitable Impact Investment 18 4 Community Investment has a Mixed Legacy that Impacts 22 Social Finance EDI 5 There are EDI Lessons Social Finance Can Learn from 24 Traditional Investors 6 A Successful EDI Strategy Benefits from a Diverse 28 and Committed Leadership Team EDI Toolbox for Social Finance Organizations 30 Appendix 32 Citations 34 3 Introduction The purpose of this white paper is to present the Why this topic and why now? In April of 2017, current state of equity, diversity, and inclusion (EDI) the Ford Foundation announced it was devoting in the social finance sector in New York City, as well up to $1 billion from its $12 billion endowment over as to offer possible paths forward by highlighting the the next ten years to mission-related investing. pioneering work of select organizations in the sector. The foundation has made clear in its announcement To do this, the Social Innovation and Investment that as it launches its mission-related investing, one Initiative (the Initiative), housed within New York key objective is to promote EDI within the social University’s Wagner School of Public Service, investment movement, paying attention to the compiled current research as well as insights from makeup of investment teams, as well as where a diverse group of industry professionals brought they invest, and with what values.
    [Show full text]
  • Amazon's Antitrust Paradox
    LINA M. KHAN Amazon’s Antitrust Paradox abstract. Amazon is the titan of twenty-first century commerce. In addition to being a re- tailer, it is now a marketing platform, a delivery and logistics network, a payment service, a credit lender, an auction house, a major book publisher, a producer of television and films, a fashion designer, a hardware manufacturer, and a leading host of cloud server space. Although Amazon has clocked staggering growth, it generates meager profits, choosing to price below-cost and ex- pand widely instead. Through this strategy, the company has positioned itself at the center of e- commerce and now serves as essential infrastructure for a host of other businesses that depend upon it. Elements of the firm’s structure and conduct pose anticompetitive concerns—yet it has escaped antitrust scrutiny. This Note argues that the current framework in antitrust—specifically its pegging competi- tion to “consumer welfare,” defined as short-term price effects—is unequipped to capture the ar- chitecture of market power in the modern economy. We cannot cognize the potential harms to competition posed by Amazon’s dominance if we measure competition primarily through price and output. Specifically, current doctrine underappreciates the risk of predatory pricing and how integration across distinct business lines may prove anticompetitive. These concerns are height- ened in the context of online platforms for two reasons. First, the economics of platform markets create incentives for a company to pursue growth over profits, a strategy that investors have re- warded. Under these conditions, predatory pricing becomes highly rational—even as existing doctrine treats it as irrational and therefore implausible.
    [Show full text]
  • Limits and Contradictions of Labour Investment Funds
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by R-libre Managing Workers’ Capital? Limits and Contradictions of Labour Investment Funds Ian Thomas MacDonald is Assistant Professor in the School of Industrial Relations at Université de Montréal. His research interests include labour organizing strategies, labour politics and radical political economy. His work has appeared in Labor Studies Journal, Socialist Register, and the British Journal of Industrial Relations. He is the editor of Unions and the City: Negotiating Urban Change (Cornell ILR Press, 2017). Mathieu Dupuis: is Assistant professor in labor relations, TÉLUQ Montréal – University of Québec. He is conducting research on trade unions, comparative employment relations, multinational corporations, and the manufacturing sector. Recent publication: 2018. “Crafting alternatives to corporate restructuring: Politics, institutions and union power in France and Canada” European Journal of Industrial Relations, 24(1): 39-54. Abstract: Labour-controlled investment is often touted as an alternative, pro-worker form of finance. Since 1983, the province of Québec in Canada has experimented with workers participation in the form of workers funds controlled by the two major trade union federations. Drawing on research from secondary sources, archival material and semi-structured interviews, this paper offers a comprehensive portrait of one of Québec main workers’ funds, the FTQ Solidarity Fund. To date very little has been said about the impact of workers funds on firm governance, employment quality and labour relations. We argue that any attempt to use investment to shape firm behaviour in the interests of workers and local unions is a limited and contradictory project.
    [Show full text]
  • Financing Growth in Innovative Firms: Consultation
    Financing growth in innovative frms: consultation August 2017 Financing growth in innovative frms: consultation August 2017 © Crown copyright 2017 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identifed any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-912225-08-8 PU2095 Contents Page Foreword 3 Executive summary 5 Chapter 1 Introduction 7 Chapter 2 The patient capital gap 9 Chapter 3 Strengths and weaknesses in patient capital 17 Chapter 4 Root causes (1): deployment of / demand for patient capital 29 Chapter 5 Root causes (2): supply of capital 35 Chapter 6 Current interventions 43 Chapter 7 Implications for policy 51 Annex A List of consultation questions 61 Annex B Terms of reference for the review 63 Annex C Terms of reference for and members of the Industry Panel 65 Annex D Data sources 69 1 Foreword Productivity is important. As I set out in my speech at the Mansion House earlier this summer, improvements in productivity ultimately drive higher wages and living standards. This makes it much more than just another metric of economic performance.
    [Show full text]
  • Impact Bonds in Developing Countries
    IMPACT BONDS IN DEVELOPING COUNTRIES: Early Learnings from the Field 2 | IMPACT BONDS IN DEVELOPING COUNTRIES IMPACT BONDS IN DEVELOPING COUNTRIES: Early Learnings from the Field SEPTEMBER 2017 Emily Gustafsson-Wright is a fellow at the Center for Universal Education at Brookings Izzy Boggild-Jones is a research analyst at the Center for Universal Education at Brookings Dean Segell is a manager at Convergence Justice Durland is a knowledge associate at Convergence ACKNOWLEDGEMENTS The authors would like to thank Brookings gratefully acknowledges many people for their contributions the program support provided to the to this study. First, Alison Bukhari, Center for Universal Education by the Toby Eccles, Safeena Husain, Jane Government of Norway. Newman, Peter Vanderwal and Maya Ziswiler for their helpful comments, Brookings recognizes that feedback and insight on earlier drafts the value it provides is in its of the report. In addition, we would absolute commitment to quality, like to thank all those who supported independence, and impact. Activities with data collection for the Deal Book, and provided real time updates on the supported by its donors reflect this factsheets for each deal. We would commitment. also like to acknowledge those who participated in the impact bonds workshop in London in November 2016, whose valuable insights have Convergence is an institution that formed the core of this report. We connects, educates, and supports are particularly grateful for the investors to execute blended finance contributions of stakeholders involved transactions that increase private in the contracted impact bonds with sector investment in emerging whom we have had more in-depth markets.
    [Show full text]
  • Accelerating Energy Access
    ACUMEN 2018 ACCELERATING ENERGY ACCESS: THE ROLE OF PATIENT CAPITAL ACUMEN WOULD LIKE TO ACKNOWLEDGE OUR PARTNERS THAT GENEROUSLY SUPPORT THE PIONEER ENERGY INVESTMENT INITIATIVE STEVE ROSS & THE BERNARD & ANNE SPITZER SHELLEY SCHERER CHARITABLE TRUST GLOBAL OFFICES SPECIAL THANKS ACCRA, GHANA Special thanks to our peer reviewers Saad Ahmad, David Aitken, Magdalena Banasiak, Morgan DeFoort, Fabio De Pascale, BOGOTÁ, COLOMBIA Christine Eibs-Singer, Peter George, Steven Hunt, Neha Juneja, KARACHI, PAKISTAN Jill Macari, Damian Miller, Jesse Moore, Willem Nolens, Steve Ross, LONDON, ENGLAND Peter Scott, Ajaita Shah, Manoj Sinha, Ned Tozun, Nico Tyabji, MUMBAI, INDIA Hugh Whalan, and David Woolnough NAIROBI, KENYA Special thanks to Carlyle Singer for her strategic guidance and NEW YORK, U.S.A. Harsha Mishra for his analytical research. Additional thanks SAN FRANCISCO, U.S.A. to the Acumen team: Sasha Dichter, Kat Harrison, Kate Montgomery, Jacqueline Novogratz, Sachindra Rudra, and Yasmina Zaidman Lead Authors: Leslie Labruto and Esha Mufti Table of Contents FOREWORD 02 EXECUTIVE SUMMARY 04 INTRODUCTION 06 1. ENERGY SNAPSHOT: 08 ACUMEN’S TRACK RECORD FOR INVESTING IN ENERGY ACCESS 2. THE PIONEER GAP: 12 HOW HAS THE INFLUX OF CAPITAL AFFECTED ENTREPRENEURS? 3. NEED FOR CAPITAL: 16 FILLING GAPS IN OFF-GRID ENERGY MARKETS TODAY 4. THE BIG PICTURE: 26 WHAT IS THE OPTIMAL MIX FOR SCALING ENERGY ACCESS COMPANIES? 5. REACHING THE POOR: 38 USING PATIENT CAPITAL TO ACCELERATE IMPACT 6. BEYOND CAPITAL: 46 WHAT DO ENERGY ACCESS STARTUPS NEED? 7. FACILITATING EXITS: 48 SENDING THE RIGHT MARKET SIGNALS 8. CONCLUSION: 56 WORKING TOGETHER TO CATALYZE ENERGY ACCESS APPENDIX 58 CASEFOREWORD STUDY Jacqueline Novogratz FOUNDER & CEO Dear Reader, I am pleased to share Acumen’s Accelerating Energy Access: The Role of Patient Capital report with you.
    [Show full text]
  • Using Impact Investment to Expand Effective Social Programs Luther Ragin, Jr.* Global Impact Investing Network Tracy Palandjian Social Finance, Inc
    Community Development INVESTMENT REVIEW 63 Social Impact Bonds: Using Impact Investment to Expand Effective Social Programs Luther Ragin, Jr.* Global Impact Investing Network Tracy Palandjian Social Finance, Inc. o address the wide-ranging challenges facing the United States, collaboration among philanthropy, government, and the investment community is vital. Social impact bonds (SIBs) offer a new way to advance cross-sector partnerships and introduce innovative financing solutions to scale proven preventative social Tprograms. SIBs operate at the intersection of three important trends: greater funder interest in evidence-based practices in social service delivery; government interest in performance- based contracting; and impact investor appetite for investment opportunities with both financial returns and social impact. This article focuses on how impact investors in SIBs can help drive improved perfor- mance in the US social sector while providing growth capital to effective nonprofit or social enterprise social service providers. The true power of SIBs lies in the discipline that inves- tors can bring to the process of provider selection and delivery of social services. When government, investor, and provider expectations are aligned, SIBs have the potential to bring significant new capital and efficiencies to social service delivery. A New Vehicle for Impact Investors Interest in impact investing has grown substantially in recent years. The Rockefeller Foundation and others effectively make the case that addressing complex societal problems requires larger scale funding and greater collaboration among philanthropists, government, and private investors. Although impact investment is only a small proportion of the total assets under professional management, it represents a significant and growing pool of capital that can fund programs to address social problems.
    [Show full text]
  • Navigating the ESG Landscape for Sovereign Debt Managers
    FINANCE FINANCE EQUITABLE GROWTH, FINANCE & INSTITUTIONS INSIGHT Riding the Wave: Navigating the ESG Landscape for Sovereign Debt Managers Sebastien Boitreaud, Ekaterina M.Gratcheva, Bryan Gurhy, Cindy Paladines, and Andrius Skarnulis © 2020 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved. This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO), http:// creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: Sebastien Boitreaud, Ekaterina M.Gratcheva, Bryan Gurhy, Cindy Paladines, and Andrius Skarnulis.
    [Show full text]
  • Marxism and the Solidarity Economy: Toward a New Theory of Revolution
    Class, Race and Corporate Power Volume 9 Issue 1 Article 2 2021 Marxism and the Solidarity Economy: Toward a New Theory of Revolution Chris Wright [email protected] Follow this and additional works at: https://digitalcommons.fiu.edu/classracecorporatepower Part of the Political Science Commons Recommended Citation Wright, Chris (2021) "Marxism and the Solidarity Economy: Toward a New Theory of Revolution," Class, Race and Corporate Power: Vol. 9 : Iss. 1 , Article 2. DOI: 10.25148/CRCP.9.1.009647 Available at: https://digitalcommons.fiu.edu/classracecorporatepower/vol9/iss1/2 This work is brought to you for free and open access by the College of Arts, Sciences & Education at FIU Digital Commons. It has been accepted for inclusion in Class, Race and Corporate Power by an authorized administrator of FIU Digital Commons. For more information, please contact [email protected]. Marxism and the Solidarity Economy: Toward a New Theory of Revolution Abstract In the twenty-first century, it is time that Marxists updated the conception of socialist revolution they have inherited from Marx, Engels, and Lenin. Slogans about the “dictatorship of the proletariat” “smashing the capitalist state” and carrying out a social revolution from the commanding heights of a reconstituted state are completely obsolete. In this article I propose a reconceptualization that accomplishes several purposes: first, it explains the logical and empirical problems with Marx’s classical theory of revolution; second, it revises the classical theory to make it, for the first time, logically consistent with the premises of historical materialism; third, it provides a (Marxist) theoretical grounding for activism in the solidarity economy, and thus partially reconciles Marxism with anarchism; fourth, it accounts for the long-term failure of all attempts at socialist revolution so far.
    [Show full text]
  • Better Finance Better World Consultation Draft of the Blended Finance Taskforce
    BETTER FINANCE BETTER WORLD CONSULTATION DRAFT OF THE BLENDED FINANCE TASKFORCE In partnership with the Business and Sustainable Development Commission and SystemIQ The Taskforce has written Better Finance, Better World with secretariat support provided by SYSTEMIQ, and is guided by its Steering Committee. The Taskforce is grateful for the input of numerous special advisors and support from independent contractors including Climate Policy Initiative, Convergence and KOIS Invest. Steering Committee members of the Blended Finance Taskforce act in their personal capacity and support the general thrust of the arguments, findings and recommendations made in this report (but should not be taken to agree with every word or number). The institutions with which they are affiliated have not been asked to formally endorse the report. Readers may reproduce material for their own publications, as long as they are not sold commercially and are given appropriate attribution. Copyright Business and Sustainable Development Commission. This work is licensed under a Creative Commons License Attribution-NonCommercial 4.0 International (cc by-nc 4.0). Business and Sustainable Development Commission (Blended Finance Taskforce) c/o SYSTEMIQ 69 Carter Lane London EC4V 5EQ United Kingdom www.businesscommission.org Cover photo: Scania Group/Flickr CONTENTS The Blended Finance Taskforce 5 Highlights 6 Executive Summary 7 Key takeaways 7 Better finance, blended finance 8 What is blended finance 10 Where is blended finance needed 11 Blended finance in action 13 Why
    [Show full text]
  • Exploratory Study of Consumer Issues in Online Peer-To-Peer Platform Markets Task 4 – Case Study: Airbnb
    Exploratory study of consumer issues in online peer-to-peer platform markets Task 4 – Case study: AirBnB February 2017 Justice and Consumers EUROPEAN COMMISSION Produced by Consumers, Health, Agriculture and Food Executive Agency (Chafea) on behalf of Directorate-General for Justice and Consumers Directorate E - Consumers Unit E.1 – Consumer Policy E-mail: [email protected] European Commission B-1049 Brussels EUROPEAN COMMISSION Exploratory study of consumer issues in online peer-to-peer platform markets Task 4 – Case study: AirBnB Directorate-General for Justice and Consumers EU Consumer Programme 2017 EUR [number] EN Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). This report was produced under the EU Consumer Policy Programme (2014-2020) in the frame of a service contract with the Consumers, Health, Agriculture and Food Executive Agency (Chafea) acting under the mandate from the European Commission. The content of this report represents the views of the contractor and is its sole responsibility; it can in no way be taken to reflect the views of the European Commission and/or Chafea or other body of the European Union. The European Commission and/or Chafea do not guarantee the accuracy of the data included in this report, nor do they accept responsibility for any use made by third parties thereof. More information on the European Union is available on the Internet (http://europa.eu).
    [Show full text]
  • Green and Social Finance Development Around the World
    BACKGROUND PAPER Green and Social Finance Development around the World Dragon Yongjun Tang DISCLAIMER This background paper was prepared for the report Asian Development Outlook 2021: Financing a Green and Inclusive Recovery. It is made available here to communicate the results of the underlying research work with the least possible delay. The manuscript of this paper therefore has not been prepared in accordance with the procedures appropriate to formally-edited texts. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Asian Development Bank (ADB), its Board of Governors, or the governments they represent. ADB does not guarantee the accuracy of the data included in this document and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. Any designation of or reference to a particular territory or geographic area, or use of the term “country” in this document, is not intended to make any judgments as to the legal or other status of any territory or area. Boundaries, colors, denominations, and other information shown on any map in this document do not imply any judgment on the part of the ADB concerning the legal status of any territory or the endorsement or acceptance of such boundaries. GREEN AND SOCIAL FINANCE DEVELOPMENT AROUND THE WORLD 1 Dragon Yongjun Tang2 HKU Business School The University of Hong Kong April 2021 Abstract Green and social finance has become mainstream around the world.
    [Show full text]