The UK has introduced an independent institute to make it easier for investors to engage in impact investing.
The new Impact Investing Institute would seek ways to integrate responsible investing with financial returns for Britons investing into savings products and pensions.
It would encourage investments in organisations providing housing to homeless, renewable energy firms or companies offering sustainable employment, among others.
The institute combines the UK National Advisory Board on Impact Investing and the Implementation Taskforce on Growing a Culture of Social Impact Investing in the UK.
It is backed by the government, private sector, and financial services sector.
The programme is being headed by Harvey McGrath and Elizabeth Corley. The duo will chair the institute.
McGrath previously led Allianz Global Investors as its CEO while McGrath chaired Big Society Capital.
A search for a CEO is currently underway.
Commenting on the initiative, Corley noted: “The Impact investing market has grown rapidly in the UK and around the world.
“Investing for positive impact goes beyond avoiding harm and mitigating risks, and is at the centre of a wider movement towards more responsible investing.
“The Institute will play a significant role in ensuring the UK continues to stay at the forefront of innovation in Impact Investing, enabling UK savers to invest in line with their values and have increased ownership over the social outcomes that their money generates.”