The Banking for Impact (BFI) Coalition is a global pre-competitive collaboration which brings together leading banks and renowned knowledge institutions, with the aim is to support the transition of the financial sector towards a more inclusive economy that creates value for all stakeholders and to scale up impact measurement and management in the financial sector.
Scaling up impact measurement in the financial sector
We have published the Principles of Impact Reporting for Financial Institutions
We need to measure what matters
Our global economy remains stalled at a critical juncture. Well-known social and environmental threats have been ignored in favor of a short-sighted economic system. The negative side effects are piling up – runaway climate change, natural resource depletion, increasing inequality, diminishing social safety nets and a widening gap between rich and poor.
The remedy is a more inclusive market economy, one that serves people and the planet, not just shareholders. To help get there the Banking for Impact Working group aims to create a common impact measurement and valuation approach tailored to banks. We are working on a robust, scalable and cost-effective method for the quantification, valuation, attribution and aggregation of impacts for the sector. With support from the financial industry, the goal is to scale up and standardize these efforts over time.
A four-pronged approach tailored to the financial sector
Impact must be included as a driver of economic profit and factors like job creation, climate change, quality of life, and human rights must be considered. To capture the full scope of impact along the value chain, Banking for Impact proposes a tailored fourpronged approach to create meaningful impact
measurement and valuation (IMV).
The consultation draft of the guidance document for impact measurement and its supplement with a classification of activities, related impacts and relevant data sources are now available. We are soliciting input from practitioners on the methodology and its applicability for financial institutions. If you have any feedback or ideas on how this guide can be made stronger, please contact Simone van Klaveren.
Members
Observers
What We Do
Our aim is to scale up impact measurement and management in the financial sector. It does this by bringing together expertise and experience, working on a robust, scalable and cost-effective method for the quantification, valuation, attribution and aggregation of impacts for the sector.
We come together regularly with a Steering Committee, where we discuss strategy, develop our Knowledge Hub, and strengthening our Coalition. We also have a Working Group, in the form of our BFI Lab, whose primary focus is on the practical application of impact measurement and valuation (IMV) in shared pilots.
Activities
The goal of the BFI Lab is to advance the practical implementation of IMV. This is achieved by combining the strengths of the BFI members to create a common benchmark across them through an impact assessment pilot, on a commonly decided-upon topic using the BFI methodology. Topics that could be considered are, for example, biodiversity and/or the implications of upcoming ESRS and CSRD implications, and more.
The learnings and insights of concrete cases like these, serve as a basis for future impact assessments, and presents a unique opportunity for BFI members, to co-create and share learnings and expertise along the process, discuss what they mean for their organisations, and what the next steps should be.
This will also help inspire other financial institutions to follow suit, to also start applying IMV. Would you like to join us? The BFI is open to new members, please reach out to Simone van Klaveren.
The Banking for Impact Working Group
Tjeerd Krumpelman
Global head of Advisory, Reporting & Engagement
Adrian de Groot Ruiz
Executive Director, Impact Institute
Thorbjørn Lundholm Dahl
Acting Head of Group Sustainability
Severiano Solana
Director of Sustainability Strategy and Monitoring
Rob Zochowski
Program Director, Multi-Faculty Impact Investing and Sustainability Special Projects
Laila Page
Head of Sustainable Banking, Performance, Frameworks Giving & Governance
To be announced
Chief Sustainability Officer
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