innovative technologies development, a positive reputational effect, the global competitiveness growth, participation in global trends.

As businesses tap and comprehend the new market, they also face issues that form barriers for further growth and participation, and this is also expressed in a number of works: the lack of a unified vision of the classification of types of socially-oriented investment, erroneous expectations of investors to get a quick result as investments in solving social problems are characterized by their long-term character. Other constraining factors are difficulties to determine the level of profitability, high financial risks, uncertainty in assessing the project success, and investments impact, assessment of their social impact, as well as imperfection of regulatory policies and legislation. All these are challenges on the way to the successful development of the impact investment market, and the future of this sector development depends on overcoming these issues. In addition to stating the existing restrictions, the research papers also suggest ways to overcome them. Thus, we can talk not only about the theoretical search of impact investment researchers, but also about the desire to saturate the general knowledge base with practical conclusions, recommendations, tools, etc.

Thus, in 2021, quite a lot of attempts were made to create a kind of guide for investors, offering them new tools for measuring and assessment of impact investment projects, establishing a dialogue between organizations. We see a large number of organizations, both domestic and international, that are engaged in research in this area and contribute to creating a favorable ground for development. In the past year, great strides have been made towards the development of classifications, measurement tools, and towards the study of experience in the field of impact investment.

At the same time, it is worth mentioning that Russia is also a part of the global trends in new approaches to solving social problems and already has some experience in mastering impact investment, but so far the share of Russian business in the global market of this segment is about 1 %. Nevertheless, within the country there is already a large number of examples of both specific cases of impact investment and scientific research and understanding of this new area.

We have selected 10 important and useful publications in our opinion for 2021, which reveal different aspects of impact investing and record the changes and achievements that are taking place. In our opinion such a selection will help to get acquainted with the current agenda of the impact investments topic in the outgoing year and to have a look into the future — learning what prospects in this area await us.

INVESTMENTS IN THE SOCIETY

Analytical Report, 2021. SKOLKOVO Business School, Noôdome and PwC.

Dmitry Ageev, Ivan Klimov, Maria Davydova, Arina Fursova

There is no doubt in 2020 that we are living in an extremely difficult time. And it’s not so much about the pandemic as such, but also about how society, business, authorities and the world as a whole react to it — all together it radically changes our world. The crisis highlighted need to develop global impact investing that is long overdue, and to look for the tools of assistance for those who need it. The world needs a powerful and flexible financial system to solve the most pressing global social problems.

The development of impact investment ideas calls into question the traditional belief that social and environmental problems should be solved only through philanthropic donations and that market investments should be focused only on generating income. Both the behavioral models and the investors way of thinking are changing: investors they are more and more trying to take into account what will be the social effect of their decisions on how to earn, save, spend and invest their funds. There is growing social pressure on companies and investors, forcing them to think in terms of “people, planet and profit", as well as to look for comprehensive solutions to problems both within their business and beyond.

Many publications have already been devoted to impact investing. This means that we are not alone on this long road that we have to pass. This publication is focused primarily on investors, their requirements, expectations, opportunities and skills.

https://ftp.skolkovo.ru/web_team/research/2021/SKOLKOVO_Investing_in_Society_SWTC.pdf

COMPASS: THE METHODOLOGY FOR COMPARING AND ASSESSING IMPACT

2021, Global Impact Investing Network.

Rachel Bass, Dean Hand, Kelly McCarthy, Sophia Sunderji, Noshin Nova

COMPASS: The Methodology for Comparing and Assessing Impact builds on the GIIN’s ongoing efforts to help impact investors integrate impact into decisions across their investment processes. COMPASS presents for the first time, a tested, widely accepted methodology to assess and, most critically, compare impact results. Since impact is inherently multi-dimensional and complex, this methodology is designed to offer investors insight into three critical impact performance figures: scale, pace, and efficiency. This research effort seeks to standardize the components for and process of impact performance analysis, describing each step of the analytic process the GIIN has developed that can be used for aggregate investment-, fund-, or portfolio-level analyses.

In November 2020, the GIIN released a first of its kind analytic methodology for understanding and comparing impact performance. This paper underwent a public comment period, which garnered feedback from 367 individuals representing over 150 organizations on the methodology, which can be found here. Many of these participants are GIIN Members, the current list of whom can be viewed here. COMPASS incorporates this feedback into this revised version of the methodology.

https://thegiin.org/research/publication/compass-the-methodology-for-comparing-and-assessing-impact

IMPACT INVESTING DECISION-MAKING: INSIGHTS ON FINANCIAL PERFORMANCE

2021, Global Impact Investing Network. Dean Hand, Sophia Sunderji, Noshin Nova, Indrani De

"Impact Investing Decision-making: Insights on Financial Performance" uncovers insights into financial performance and explores the increasing sophistication with which impact investors are approaching decision-making. Specifically, it finds that impact investors are applying a multi-dimensional approach to decision-making, considering impact objectives and impact risks alongside traditional factors such as financial return, financial risk, resource capacity, and liquidity constraints. Experienced impact investors