Escapekey: «Office for the Impact Economy» — SIIAG, фидуциарная обязанность пенсионных фондов и 25-летняя биография Рональда Коэна

Office for the Impact Economy Source: https://escapekey.substack.com/p/office-for-the-impact-economy

Late in 2025, HM Treasury and the Department for Culture, Media and Sport published recommendations from the Social Impact Investment Advisory Group. The paper plans to make impact investing permanent across government, change pension fiduciary duty, and create an Office for the Impact Economy inside Whitehall.

It looks routine, even dull. But it’s the arrival of a financing model built over the previous fifteen years at private meetings the public never knew took place.

The SIIAG was set up in January 2025. Dame Elizabeth Corley, chair of Schroders, leads it. Members include senior figures from Legal & General, Lloyds Banking, Bridges Fund Management, the Church Commissioners, the Esmée Fairbairn Foundation, the Charities Aid Foundation and the impact investing sector. HM Treasury asked them to advise on using public funds to attract private impact capital, and to design one or more Impact Investment Vehicles for the Spending Review1.

The group produced a framework — a vocabulary, a financing model, and institutional recommendations — and published it as advice to government. The vocabulary includes ‘mobilisation mindset’, ‘staircase model’, ‘impact economy’ and ‘leverage-first approach’. The financing model is blended finance2: public money takes the downside risk while private investors take the senior returns. The institutional recommendation is an Office for the Impact Economy, a permanent director-led hub inside Whitehall that would embed this model across every department, procurement decision and local authority.

The framework didn’t begin with the SIIAG. The term ‘impact investing’ was coined at the Rockefeller Foundation’s Bellagio Center on Lake Como in October 20073. The concept launched publicly at the Clinton Global Initiative in September 20094, backed by JPMorgan, the Rockefeller Foundation and USAID. David Cameron endorsed the UK variant — ‘social impact investment’ — at the G8 in June 20135. By 2018 the OECD’s Development Assistance Committee had adopted blended finance principles as the standard for international development capital6.

The SIIAG’s recommendations are the domestic installation of a framework that’s been moving through international institutions for nearly two decades.

What the document recommends The plan rests on three pillars. The first sets up the Office for the Impact Economy7 — a permanent government hub with its own director, deputies in key departments, a ring-fenced budget, ministerial oversight and an independent advisory group from the impact investing sector. The Office would act as a ‘front door’ for external capital and coordinate how government works with the ‘impact economy’ across Whitehall.

The second pillar builds what’s called a ‘match-first / leverage approach’ into government planning. Business case templates, procurement playbooks, Local Growth Plans and the mandates of Public Finance Institutions would all get updated so officials must seek external impact capital before spending public money alone. Policy Labs — co-design sessions between civil servants and impact economy organisations — would become standard practice. A Local Investment Enablement Facility would push the model into local government8.

The third pillar unlocks private capital at scale. The main idea is to clarify pension trustees’ legal duty. Right now, many trustees read their obligation to act in members’ ‘best interests’ as maximising short-term financial returns. The SIIAG wants a change in law — an amendment to the Pension Schemes Bill9 — that redefines ‘best interests’ to include members’ real living standards: housing, energy and climate resilience. The document estimates this could unlock £100 billion or more in domestic impact investment over the next decade.

What this means in practice The fiduciary duty recommendation is the document’s most important element, and deserves close attention. Once it’s redefined in law, pension trustees aren’t choosing to invest along impact lines — they’re legally required to. A trustee who backs a project that doesn’t meet the new criteria faces personal liability for breaching their duty. One who refuses to back an SDG-aligned project that does meet the criteria faces the same risk from the other side.

That’s the stranded assets framework entering British pension law. The Smith School forums at Waddesdon Manor from 2014 to 2018 came up with the vocabulary — ‘transition risk’, ‘physical risk’, ‘stranded assets’ — that turned political preference into a fiduciary obligation through the TCFD, the NGFS and the Basel Committee. The SIIAG recommendation completes the chain. Capital that was guided at the institutional level through central bank doctrine and disclosure requirements now gets guided at the pension fund level through statutory duty.

The document presents this as an alternative to the government simply ordering pension schemes to invest in UK assets. The effect’s the same — pension capital flows towards impact-aligned projects — but the mechanism’s different. Instead of a directive that a future government could reverse, fiduciary duty becomes a permanent constraint. Any new administration wanting to undo it would have to redefine fiduciary duty again, against opposition from every institution, law firm and trustee board that had already restructured its portfolio around the previous definition.

The £500 million Better Futures Fund10, announced in July 2025, shows blended finance in action. Government money covers the downside, impact investors supply the upfront capital, and delivery organisations only get paid if outcomes are met. The document calls these ‘social outcomes partnerships’ and says earlier versions generated £9 in public value for every £1 spent. The structure matches the blueprint Jeffrey Epstein sent to JPMorgan’s Jes Staley in February 201111: charitable purpose as the compliance layer, with the money-making parts kept at the necessary distance.

That £9 figure deserves a closer look. The SIIAG’s own source splits it into £3 of fiscal savings and £6 of calculated social value — modelled estimates of reduced reoffending, better health outcomes and fewer benefit claims, given monetary values through frameworks the delivery organisations helped design. The £3 is at least partially measurable, though it still relies on a counterfactual — what would have happened without the intervention — which is itself a projection. The £6 is a number assigned by the same people delivering the outcomes, using metrics they set.

It’s an unfalsifiable figure calculated by a ‘black box’ computational model for which no-one will accept responsibility.

The pipeline in view The SIIAG is a textbook example of how a framework goes from private design to enforceable regulation in four stages.

In the first stage, an invitation-only group — funded and convened by government but staffed by the financial sector — writes the framework. The SIIAG’s members come from the same institutions that’ll profit: fund managers, banks, foundations and impact investing intermediaries. They set the vocabulary, design the financing vehicles and define the metrics.

In the second stage, the framework enters the technical machinery. Once it’s created, the Office for the Impact Economy becomes the permanent secretariat, translating the SIIAG’s recommendations into procurement rules, business case templates, spending review criteria and local government guidance. The technical specification outlasts the advisory group that produced it.

In the third stage, the implementation reaches the statute book. The Pension Schemes Bill amendment12, the updated Local Growth Plan guidance13, and the reformed mandates of Public Finance Institutions14 — each one moves the framework into law or binding regulation through the normal legislative process.

In the fourth stage, Parliament votes. MPs debate the Pension Schemes Bill, approve the Spending Review and scrutinise the Better Futures Fund. By the time they vote, the SIIAG has designed the framework, the Office has turned it into specifications, and the civil service has drafted it into legislation, so MPs receive a finished product. The vote’s real, but the substance was settled earlier.

The temporal dimension The SIIAG wants the 2027 Spending Review used to ‘realise the benefits of working with the impact economy’ more widely. It proposes an annual Civil Society and Impact Economy Summit15 as a permanent fixture, plus an independent review after twelve months16. Each recommendation pushes the timeline beyond any single electoral cycle.

Once the Office for the Impact Economy is established, it’s a permanent part of Whitehall infrastructure. Once fiduciary duty is redefined, pension capital gets deployed on thirty-year timelines. Once procurement playbooks are rewritten, every local authority and combined authority operates within the new framework. A government elected in 2029 promising to reverse the model would find the Office staffed, pensions restructured, capital deployed and procurement rules baked into every business case template across the country. Reversal would need simultaneous action across pension law, Whitehall machinery, local government guidance and Public Finance Institution mandates — all within one parliamentary term, against opposition from every institution that’s already reorganised around the framework.

The gap between five-year election cycles and thirty-year pension deployment isn’t a flaw. It’s what makes the design permanent.

The ethical criteria against which impact is measured aren't set by Parliament or the electorate. They're defined by civil society organisations operating through Blair/Brown’s ‘Third Way’ in the UK17 and trisectoral framework formalised at the UN in 200018 — unelected, unaccountable, and embedded in the architecture from the start.

Not just Britain The SIIAG isn’t a standalone UK initiative. It’s the British node of a network covering forty-four countries.

The Global Steering Group for Impact Investment19 grew directly out of Cameron’s 2013 G8 Social Impact Investment Taskforce20. Ronald Cohen founded it and remains president. Each country has a National Advisory Board — now a National Partner — that does locally what the SIIAG does here: it brings together finance, government, philanthropy and civil society to build the national impact investing ecosystem21, set the vocabulary, design the vehicles and push the framework into government planning.

The US version is the US Impact Investing Alliance22, successor to the U.S. National Advisory Board on Impact Investing. It runs a Presidents’ Council of twenty foundation heads23 with over $90 billion in combined assets, including the Rockefeller Foundation, Open Society Foundations, Omidyar Network and the Robert Wood Johnson Foundation. France has the most developed EU-level ecosystem, with the économie sociale et solidaire legal framework giving mission-driven enterprises a distinct legal status24. Japan’s Prime Minister Kishida used Davos 2022 to call for ‘new capitalism’ built around impact25. Colombia, South Africa and Zambia have written impact into their National Development Plans. India, Thailand, Ghana, Kenya and Nigeria all have National Advisory Boards established with UNDP and DFID support.

The GSG signed a formal agreement with UNDP in 2019 to align the whole structure with SDG Impact Assurance Standards26. The International Sustainability Standards Board harmonises reporting requirements across all forty-four countries27. The EU’s Sustainable Finance Disclosure Regulation sets the compliance grammar for institutional investors across the bloc28.

The pattern’s the same everywhere. An invitation-only national advisory board from the financial sector produces a framework that enters government planning and becomes procurement rules and fiduciary standards. The GSG coordinates the national boards, the UNDP provides the SDG alignment layer, and the ISSB harmonises the reporting. Forty-four countries run the same four-stage pipeline, linked by a single coordination body.

The SIIAG paper looks like a domestic fiscal initiative. What it actually is: the UK installation of a framework designed at Bellagio in 2007, endorsed at the G8 in 2013, coordinated through the GSG across forty-four countries, and now arriving in British pension law, procurement rules and Whitehall machinery as though it were fresh thinking for a tight fiscal environment.

The selector Two names runs through the entire chain.

In April 2000, Gordon Brown’s Treasury set up the Social Investment Task Force to find ways of using investment for social returns in deprived communities29. Sir Ronald Cohen chaired it. In 2002, he co-founded Bridges Ventures30 — now Bridges Fund Management, a member of the 2025 SIIAG. In 2005, he established the Commission on Unclaimed Assets31, which recommended a Social Investment Wholesale Bank funded by dormant bank accounts32. Parliament passed the Dormant Bank and Building Society Accounts Act in 200833.

In 2007, Cohen co-founded Social Finance UK34, the organisation that designed the social impact bond — a financial instrument tying government funding to measurable outcomes and paying investors only if outcomes are met. The first pilot ran at HMP Peterborough from 201035. That same year, David Cameron launched the Big Society initiative and promised every penny of dormant account money would go into a social investment bank36.

In 2011, Big Society Capital launched with Cohen as founder chair37. The CEO was Nick O’Donohoe, former Head of Global Research at JPMorgan38. O’Donohoe left JPMorgan to run Britain’s social investment bank in the same year that Jes Staley and Mary Erdoes — JPMorgan’s two most senior executives — were writing to Jeffrey Epstein about ‘Project Molecule’39, the impact-investing vehicle that became the Global Health Investment Fund40. The bank building the public infrastructure and the bank designing the private financing architecture were staffed from the same desk.

O’Donohoe’s path after Big Society Capital shows how the architecture expanded. At JPMorgan he’d sat on the Investment Bank Management Committee and the Executive Committee of JPMorgan Chase, and was senior sponsor of JPMorgan’s Social Finance Unit. In November 2010 he co-authored ‘Impact Investments: An Emerging Asset Class’ with the Rockefeller Foundation — the report that defined the field for institutional investors41. After leaving Big Society Capital in 2015, he became Senior Adviser to the Bill and Melinda Gates Foundation specialising in blended finance42. The Cabinet Office appointed him Chairman of the UK Dormant Assets Commission in 201643. In 2017, he became CEO of CDC — now British International Investment — the UK’s development finance institution, where he deployed over £9 billion across Africa and South Asia44. He’s also Vice-Chairman of the GSG.

One person walked from JPMorgan’s executive committee through the social investment bank, the Gates Foundation, the UK’s development finance arm and the global coordination body, carrying the architecture from private banking into public infrastructure at each step.

In 2012, Cohen received the Rockefeller Innovation Award for innovation in social finance45. In June 2013, Cameron announced the G8 Social Impact Investment Taskforce with Cohen as chair46. The OECD produced the supporting analysis and Lawrence Summers endorsed it. The Taskforce published its report in September 2014 — ‘Impact Investment: The Invisible Heart of Markets’47 — with recommendations for every G8 government.

In 2015, the Taskforce became the Global Steering Group for Impact Investment48, with Cohen as president. Membership expanded beyond the G8 to thirteen countries, then to forty-four. Each country got a National Advisory Board. The GSG signed its agreement with UNDP in 2019, aligning the whole structure with the Sustainable Development Goals49.

Over twenty-five years, one person chaired the task force that wrote the framework, the commission that found the funding, the bank that deployed it, the G8 taskforce that internationalised it, and the steering group that now coordinates forty-four countries. Two institutions Cohen built — Bridges Fund Management and Better Society Capital, the renamed Big Society Capital — sit on the 2025 SIIAG that produced the recommendations now entering British law.

The SIIAG document doesn’t mention any of this. It presents its recommendations as advice from an independent advisory group responding to current fiscal constraints. The twenty-five-year institutional genealogy — from Brown’s Treasury through Cohen’s successive convenings to the GSG’s forty-four-country network — has disappeared from the policy paper entirely.

Postscript: chronology The architecture has two arms. Impact investing pulls capital towards compliant assets, while the stranded assets framework makes non-compliant assets uneconomic to hold. Together they form a single mechanism, and the SIIAG’s fiduciary duty recommendation is where both lock into law.

What qualifies as ‘compliant’ — the ethical criteria against which impact is measured — is defined not by Parliament but by civil society organisations, typically NGOs holding General Consultative Status with the UN’s Economic and Social Council, operating through the trisectoral framework formalised in 2000.

The ethical groundwork 1984-1993 — Evelyn de Rothschild co-patronises the Interfaith Declaration on International Business Ethics50, producing the moral vocabulary later embedded in corporate governance codes worldwide.

1994 — The Caux Round Table51, founded in 1986 by Frits Philips of Philips, Olivier Giscard d’Estaing of INSEAD and Ryuzaburo Kaku of Canon, publishes its Principles for Business — the first international code of business ethics. These introduce stakeholder capitalism as a formal framework where business serves customers, employees, communities and competitors, not just shareholders.

1995 — The Caux Principles52 are presented at the UN World Summit on Social Development in Copenhagen53.

2000 — The Caux Principles go to UN Secretary-General Kofi Annan. His office launches the UN Global Compact54, where companies pledge support for human rights, labour, environment and anti-corruption principles. The stakeholder vocabulary moves from a business code into an intergovernmental framework.

2000 — Reinicke and Deng publish Critical Choices55, funded by the Turner and Rockefeller Foundations, formalising the ‘trisectoral network’ — government, business and NGOs as co-equal partners in global policy. NGOs with General Consultative Status at ECOSOC can place items on the agenda, co-design standards and hold parties accountable against criteria they helped write. The Global Compact adopts this architecture. The entity defining the ethics is neither elected nor accountable to shareholders.

2001 — Enron collapses. The corporate governance crisis drives Sarbanes-Oxley in 200256 and a wave of ‘business ethics’ reform. The moral vocabulary prepared since 1993 finds its political moment. Corporate social responsibility, stakeholder accountability and ethical governance move from academic language into regulatory expectation — the soil where ESG and impact investing will grow.

2006 — The UN launches the Principles for Responsible Investment57, applying the stakeholder framework directly to investment decisions. ESG — environmental, social and governance — becomes a measurable set of criteria for capital allocation. The ethical vocabulary from the Interfaith Declaration in 1993 through the Caux Principles in 1994 and the Global Compact in 2000 has become an investment standard.

The pull: impact investing 2000 — Gordon Brown’s Treasury sets up the Social Investment Task Force, with Ronald Cohen as chair58.

2002 — Cohen co-founds Bridges Ventures, now Bridges Fund Management59.

2004 — Al Gore and David Blood found Generation Investment Management60, building the case for long-term sustainable capitalism.

2005 — Cohen chairs the Commission on Unclaimed Assets61, which recommends a Social Investment Wholesale Bank funded by dormant bank accounts.

2007 (July) — Cohen co-founds Social Finance UK62, which designs the social impact bond.

2007 (October) — The Rockefeller Foundation coins 'impact investing' at the Bellagio Center on Lake Como63.

2008 — Parliament passes the Dormant Bank and Building Society Accounts Act64.

2009 (September) — The Global Impact Investing Network launches at the Clinton Global Initiative in New York65. Founding members include JPMorgan, the Rockefeller Foundation, USAID and Gore's Generation Investment Management66. Jamie Dimon attends.

2010 — Edmond de Rothschild launches the Moringa agroforestry fund67, the pilot blended finance vehicle: development banks and public capital take junior debt and first losses, private investors take senior equity with guaranteed returns. The structure mirrors 2008’s CDO tranching68 — risk is socialised, reward is privatised. Impact investing adopts this as its standard financing model, adding an ethical objective as the compliance layer.

2010 (March) — First social impact bond pilots at HMP Peterborough69.

2010 (October) — Cameron launches the Big Society initiative70.

2010 (November) — Nick O'Donohoe, a member of JPMorgan's Executive Committee and senior sponsor of its Social Finance Unit, co-authors 'Impact Investments: An Emerging Asset Class' with the Rockefeller Foundation71.

2010 (November) — At the Sir Bani Yas Forum72, Prince Andrew emails Epstein about Sheikh Abdullah bin Zayed during a state visit with the Queen.

2011 (January) — Hillary Clinton's State Department organises an impact investing summit with seventy attendees from the private sector, government and NGOs73.

2011 (February) — Jeffrey Epstein sends Jes Staley at JPMorgan the arm's-length financing blueprint74: charitable purpose as the compliance layer, with the money-making parts kept at the necessary distance.

2011 — Big Society Capital launches with Cohen as founder chair75. O'Donohoe leaves JPMorgan to become CEO76. At the same time, Staley and Mary Erdoes at JPMorgan are writing to Epstein about Project Molecule77.

2012 (April) — Hillary Clinton hosts an impact investing conference at the State Department78. As Secretary of State, she'd already approved the Overseas Private Investment Corporation's $285 million deployment into impact investing funds79.

2012 — The Global Health Investment Fund launches80, built from Epstein's 2011 blueprint81.

2012 — Cohen receives the Rockefeller Innovation Award for innovation in social finance82.

2012 (September) — The Clinton Global Initiative annual meeting runs under the theme 'Designing for Impact'83. The key session is 'Strengthening the Field of Impact Investing', targeting $500 billion in capital84.

2013 (March) — Epstein sends Boris Nikolic, Bill Gates’s chief science adviser, a strategic memo listing the components: ‘DAF, estate, structured giving, partnered giving, social good bonds’85.

2013 (June) — David Cameron announces the G8 Social Impact Investment Taskforce. Cohen chairs it86.

2013 (September) — Over one week at Epstein's Manhattan townhouse, Ehud Barak, Boris Nikolic, Bill and Melinda Gates, Larry Summers, Thorbjørn Jagland (Secretary General of the Council of Europe), the President of Mongolia, Ariane de Rothschild's executive Olivier Colom, and Barnaby Marsh (currency researcher) all convene87. Barak proposes that he and Summers offer a joint advisory package for sovereign heads of state.

2014 (September) — The G8 Taskforce publishes ‘Impact Investment: The Invisible Heart of Markets’88. Lawrence Summers endorses it.

2015 (September) — A Geneva conference on pandemic preparedness starts out branded as a Rothschild conference89, then gets rebranded to the International Peace Institute before going public90. The WHO Director-General and the Gates Foundation's Global Development Division president attend.

2015 (October) — Ariane de Rothschild signs a $25 million contract with Epstein's Southern Trust Company for 'risk analysis' and 'the application and use of certain algorithms'91.

2015 — O’Donohoe leaves Big Society Capital. Becomes Senior Adviser to the Bill and Melinda Gates Foundation specialising in blended finance92.

2016 (April) — Larry Summers emails Epstein the digital currency specification93.

2016 — The Cabinet Office appoints O’Donohoe Chairman of the UK Dormant Assets Commission94.

2017 — O’Donohoe becomes CEO of CDC (now British International Investment), deploying over £9 billion across Africa and South Asia95.

2018 — The OECD’s Development Assistance Committee adopts blended finance principles as the standard for international development capital96.

2019 — Lynn Forester de Rothschild co-founds the Council for Inclusive Capitalism with the Vatican, convening executives controlling over $30 trillion in assets97.

2019 — The GSG signs a formal agreement with UNDP, aligning the forty-four-country network with SDG Impact Assurance Standards98.

The push: stranded assets 2011 (November) — Al Gore and David Blood publish ‘A Manifesto for Sustainable Capitalism’ in the Wall Street Journal, introducing ‘stranded assets’ into mainstream financial discourse99.

2013 (September) — At the Manhattan townhouse summit100, Epstein tells Barak to meet Michael Bloomberg101. Bloomberg later chairs the TCFD102.

2014 (March) — First Stranded Assets Forum at Waddesdon Manor103, hosted by Jacob Rothschild, funded by the Rothschild Foundation, run by the Smith School at Oxford. Forum 1 identifies First Mover Disadvantage as the structural problem.

2015 (December) — Mark Carney delivers the ‘Tragedy of the Horizon’ speech at Lloyd’s of London, turning the Waddesdon vocabulary into central bank doctrine104.

2017 — The Task Force on Climate-related Financial Disclosures publishes its recommendations105. Bloomberg chairs it.

2017 — The Network for Greening the Financial System launches, translating climate risk into Basel-compatible capital requirements106.

2021 — ISO Technical Committee 322 on sustainable finance begins publishing standards107. The TCFD framework is folded into IFRS S2108.

2023 — The NGFS climate scenarios feed directly into Basel Committee supervisory expectations for climate-related financial risks109.

The convergence 2025 (January) — HM Treasury establishes the SIIAG110. Bridges Fund Management and Better Society Capital — both founded by Cohen — sit on it.

2025 (July) — The £500 million Better Futures Fund is announced111.

2025 (late) — The SIIAG publishes its recommendations: the Office for the Impact Economy, redefined fiduciary duty for pension schemes, and blended finance embedded across Whitehall procurement112. The fiduciary duty amendment locks both arms into pension law. A trustee faces liability for holding stranded assets and for failing to invest in impact-aligned ones.

The push and the pull meet in the same statutory obligation.

T/y to Ben Rubin of UKColumn, whose mention of the ‘Office for the Impact Economy’ set the initial research direction of this essay.

You can find my Telegram channel over here.

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82 https://www.prnewswire.com/news-releases/sir-ronald-cohen-receives-innovation-award-from-the-rockefeller-foundation-160227845.html

83 https://www.fastcompany.com/3000592/clinton-global-initiatives-new-theme-designing-impact-emphasizes-action

84 https://bluemark.co/app/uploads/2024/03/impact-management-discipline-the-key-to-effective-impact-investi.pdf

85 https://www.justice.gov/epstein/files/DataSet%209/EFTA00652752.pdf

86 https://assets.publishing.service.gov.uk/media/5a7c9b48ed915d12ab4bbeaf/G8_Social_Impact_Investment_Forum_-_Outputs_and_Agreed_Actions.pdf

87 https://www.justice.gov/epstein/files/DataSet%209/EFTA00383331.pdf

88 https://www.humanfoundation.it/wp-content/uploads/2019/07/Impact-Investment-Report.pdf

89 https://www.justice.gov/epstein/files/DataSet%209/EFTA01069699.pdf

90 https://www.justice.gov/epstein/files/DataSet%2011/EFTA02702398.pdf

91 https://www.justice.gov/epstein/files/DataSet%209/EFTA00584881.pdf

92 https://bluemark.co/team/nick-odonohoe/

93 https://www.justice.gov/epstein/files/DataSet%209/EFTA00830263.pdf

94 https://www.gov.uk/government/news/dormant-assets-commission-new-commissioners-announced

95 https://www.bii.co.uk/en/news-insight/news/news-cdc-appoints-nick-odonohoe-as-ceo/

96 https://www.oecd.org/en/publications/oecd-dac-blended-finance-principles_dc66bd9c-en.html

97 https://www.inclusivecapitalism.com/news-insights/the-council-for-inclusive-capitalism-with-the-vatican-launches/

98 https://sdgprivatefinance.undp.org/

99 https://www.wsj.com/articles/SB10001424052970203430404577092682864215896

100 https://www.justice.gov/epstein/files/DataSet%209/EFTA00383331.pdf

101 https://www.justice.gov/epstein/files/DataSet%2010/EFTA01957808.pdf

102 https://www.fsb-tcfd.org/about/

103 https://ora.ox.ac.uk/objects/uuid:749fdedf-00e9-4160-82d7-d5eea0ec7d1d

104 https://www.bankofengland.co.uk/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-stability

105 https://www.fsb-tcfd.org/recommendations/

106 https://www.ngfs.net/en

107 https://www.iso.org/committee/7203746.html

108 https://www.ricardo.com/en/news-and-insights/industry-insights/from-tcfd-to-ifrs-s2

109 https://www.bis.org/bcbs/publ/d572.pdf

110 https://www.gov.uk/government/publications/social-impact-investment-advisory-group

111 https://www.gov.uk/guidance/better-futures-fund

112 https://www.gov.uk/government/publications/social-impact-investment-advisory-group/final-report-of-the-social-impact-investment-advisory-group