Finance for Tomorrow launched in March 2021 a Paris Financial Centre Task force dedicated to Impact Finance at the request of Minister Olivia Grégoire, Secretary of State in charge of the Social, Solidarity and Responsible Economy to the Minister of the Economy, Finance and Recovery.

It now gathers more than 80 institutions from the Paris financial centre within four working groups focusing on (i) the definition, (ii) the measure, (iii) the conditions for development and removal of barriers, and (iv) the international promotion of the French vision of Impact Finance.

Pledge for the development of Impact Finance

The Paris Financial Centre Task force dedicated to Impact Finance worked on the development of a pledge for the development of Impact Finance. This declaration aims to massively strengthen the contribution of the financial sector to the achievement of the international sustainable development goals and is based on three principles to be implemented in order to scale up Impact Finance: the implementation of a structured and demanding definition of Impact Finance ; the promotion of an upstanding impact approach ; a clear and transparent communication as well as the appropriate measurement and reporting tools ; and the integration of Impact Finance into regulatory and market frameworks.


Read the pledge


More than 89 organizations committed to support the development of impact finance by signing the pledge


The joint search, over time, for an ecological and social performance and a financial return, while controlling the occurrence of negative externalities.


The adoption of a clear and transparent methodology describing the causal mechanisms through which the strategy contributes to the targeted environmental and social objectives, the relevant period of investment or financing, as well as the measurement methods – according to the concept of theory of change.


The achievement of environmental and social objectives aligned with frameworks of reference, in particular the Sustainable Development Goals, defined at the international, national and local levels.

the definition of Impact Finance

Impact Finance is an investment or financing strategy that aims to accelerate the just and sustainable transformation of the real economy, by providing evidence of its beneficial effects.
It is based on the pillars of intentionality, additionality and impact measurement, to demonstrate :



Group 1 - Common Definition of Impact Finance

Lead by Caroline Neyron (IMPACT France) and Thierry Sibieude (ESSEC) :
• Work on a common definition of impact finance based on all the initiatives and work done in France and abroad with the objective of covering all the markets.
• Deliverable: definition and operationalization guide explaining the concept, the requirements, the possible methodological approaches, with illustrations of use cases

Group 2 - Measuring the intensity of impact for a portfolio of assets, particularly with regard to the SFDR regulation

Lead by Thibaut Ghirardi (2DII) and Laetitia Tankwe (AF2i) :
• Work on measuring the intensity of impact for a portfolio of assets, particularly with regard to the SFDR regulation
• Deliverable : rating scale of the potential contribution of a fund to sustainable transformation (excel grid) that can be used as a reference with regard to the SFDR regulation, accompanied by an explanatory note, an SFDR summary note and completed by a governance framework

Group 3 - Development of recommendations to remove the obstacles to « impact finance »

Lead by Anne-Sixtine Enjalbert (ORSE) and Alix Faure (AFG) :
• Make recommendations to remove the obstacles to impact finance (in particular, diffusion beyond the non-listed sector and the increase of outstanding amounts)
• Deliverable : recommendations on 4 axes (regulatory requirements, ecosystem, product offering, access to information)

Group 4 - International Promotion

Lead by Laurène Chenevat (Mirova) and Maha Keramane (BNP Paribas) with the support of Maxime Mathon (Alphavalue):
• International promotion of the French vision of Impact
• Deliverable: multi-level « pledge » based on the recommendations of the various working groups of the Groupe de Place and project to create an international dialogue platform on Impact


Under the co-lead of Philippe Taffin (Aviva France) and Xavier Ploquin (Meridiam), the Paris financial Center group is composed of 4 working groups with the objective of formalizing our vision of impact finance and guiding the operationalization through the production of targeted deliverables :