Measuring Impact. Dr. Olaf Weber. Export Development Canada Chair in Environmental Finance, School of Environment, Enterprise and Development (SEED)
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1 Measuring Impact Dr. Olaf Weber Export Development Canada Chair in Environmental Finance, School of Environment, Enterprise and Development (SEED)
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3 What are the important societal/ sustainability problems? Environment Social Economy North-South Climate change Language / Education for Migrants Biodiversity School dropout / vocational training Deforestation Health care / elderly people Unemployment Spread of Income Intransparency Human Right Justice Poverty Water Energy use Food Externalization Increasing population
4 Social Banks How do Social Banks tackle these problems? What products and services do they use? How do they measure whether they achieve a change and what change they achieve?
5 Direct and indirect impacts of banking on sustainable development CO 2 CO 2 Office Bank Products and services CO 2 1:50
6 How does the financial sector influence sustainable development by their products and services? Multiply your chequing and/ or savings amount with the multiplier for your bank Bank RBC/BMO Scotiabank TD CIBC Desjardins Mean Multiplier The result is the carbon footprint in kg of your account(s) per year (financed emissions) CO2 emission per capita per year: 17.4 t
7 Financials Total investment Investment by FI Percentage of FI investment Duration of investment Method Impact Assessment Type of project / borrower (solar, wind, coal, etc.) Energy production per year / per duration CO 2 emissions of produced energy (LCA databases) Benchmark (energy mix, other benchmarks) Impact Allocation Percentage of capital provision by the financial institution on the total capital multiplied with the CO 2 emissions or CO 2 reductions compared to a benchmark during the time of financing or per year
8 Sustainability impact of banking on sustainable development CHF invested in a renewable energy fixed deposit for one year reduces CO 2 emissions according to the emission of 1.5 persons per year and creates financial return Sustainability return Financial return
9 Sustainability and financial performance of SRI and conventional mutual funds * p<0.10, **<0.05 Source: Köllner, T., Sangwon Suh, S., Weber, O., Moser, C. & Scholz, R.W., 2007
10 Governments: Social Impact Bonds Equity investment that contracts between private investors and government. Pays for the provisioning of social services and experimentation by innovative organizations. If these services are successful in achieving targeted outcomes, investors are provided a financial return based on savings to government. If they are not successful, government pays nothing and investors receive nothing.
11 Example for Social Impact Bonds The first Social Impact Bond aims to reduce re-offending amongst male prisoners leaving HMP Peterborough who have served a sentence of less than 12 months. During the Peterborough Prison pilot, experienced social sector organisations, such as St. Giles Trust, The Ormiston Children and Families Trust, SOVA and YMCA will provide intensive support to 3,000 short-term prisoners over a six year period, both inside prison and after release, to help them resettle into the community. If this initiative reduces re-offending by 7.5%, or more, investors will receive from Government a share of the long term savings. If the SIB delivers a drop in re-offending beyond the threshold, investors will receive an increasing return the greater the success at achieving the social outcome, up to a maximum of 13%.
12 VanCity Savings
13 Sarona Impact Fund Jobs: 1 Job per $ Direct BOP Beneficiaries Investment: $ 250 million
14 IRIS: Impact Reporting and Investment Standards
15 Social Return on Investment Establishing scope: Which Impact? Describing desirable outcomes Defining the method: How do I want to create the impact? Measuring the outcome Reporting the outcome
16 SROI Concepts Inputs Which and how many resources were invested? Outputs Direct products and services (jobs, apprenticeships, renewable energy in kw/h) Outcomes Change in society and the environment (higher income, lower welfare payments, CO2 reduction) Impact Outomce ninus things that had happened anyway
17 SROI Report Card: Year End 2007 Inner City Renovation: Social Mission Overview Goals Methods Success Metrics Hire majority of ICR employees from low income, inner city neighbourhoods Contribute to the revitalization of Winnipeg s inner city Provide quality jobs to target employee group Provide opportunities for skill development and internal career laddering Establish an ICR employee ownership plan once the enterprise has stabilized and reached profitability Recruit at least 60% of employees from lowincome, inner city neighborhoods Dedicate significant proportion of contract opportunities to inner city projects Pay market wages and employee benefits Establish apprenticeship program, participatory management training and career laddering structure Retain Employee Social Support Worker Develop employee steering committees and regular staff social and educational events ICR maintains a 60% employee average from the target population Current and past target employees are able to lessen or eliminate need for government financial assistance Tangible progress made regarding individual target employee sustainable livelihood asset development ICR retains majority of target employees while reaching profitability
18 SROI Report Card: Two year period ending July 2007 Enterprise: Inner City Renovations Location: Winnipeg MB Date of Inception: August 2002 Financial Performance Total Sales Revenue: $3,146,259 Total Grants and Subsidies $296,892 Total Sales Revenue and Grants $ 3,443,151 Total Operating Profit (Loss) $(2,812) Additional Social Support Infrastructure $7,837 Total Investment for Years Four & Five $307,541 Total Investment Required to Date $1,149,541 Overview of Business Increased total sales revenues by an average of 13.5% per year over the past five years Completed more than 175 projects since start-up Generated more than $6.5 million in earned revenue since start-up Paid out more than $2.5 million in wages and benefits to its employees Sustainable Livelihoods Outcomes Four target employees were registered in the Apprenticeship Carpentry training program Six employees participated in savings program in 2006 Employees at ICR are recognizing the benefits of secure employment and a regular pay check. ICR continues to provide a social calendar of events in order to encourage social connections for staff and their families e.g. spring retreat, staff Christmas party, family picnic etc. In addition to the normal health plan covering extended health benefits ICR s upgraded health plan now includes life insurance and long term disability. One employee has accessed this long term disability due to a health challenge. Direct payroll deposit ensured that all employees are utilizing bank accounts Hep C vaccinations were provided to all employees in 2006 One employee has obtained a valid driver s licence which he did not previously have. Social Return On Investment Average Change in Societal Contribution (Target Employees) $11,932 Average Number of Target Employees 16.5 Number of Target employees in Sample Group 10 Current Year Cost Savings to Society Cumulative Cost Savings (yrs 1-3) Overview of Target Population 67% aboriginal Average age is 42 6% female 75% have not finished high school 50% have criminal records 46% of original target employee base recruited in Year 1 are still with ICR Employment Outcomes Maintained average 66% target/non target employee ratio throughout Years 4 & 5 Average target employee wage of $13.56 and average hourly wage for all staff of $14.51 over the past two years. As of July 31, 2007 average hourly wage for all staff was $15.29 This wage increase for target employees is a 27% increase over the average wage calculated in 2005 Career building opportunities have resulted in a target employee moving from entry level employee with few job skills to journeyman supervisor Target employees continue to enjoy their work at ICR and most view ICR as a good career opportunity Long term employees noted an improvement in their technical skills $196,878 $397,752 Total Cost Savings to Date $594,630 Cumulative SROI 52%
19 SROI Report Card: Year End 2007 Definitions and Methodology Total Investment Required to Date Represents all cash injections in the business Change in Societal Contribution (Target Employees) Difference between the direct societal cost or benefit contributed by the employee before hire versus after hire Ongoing Portion of Societal Contribution The component of the change in financial position that can be measured beyond year one Total operating losses + Grants and Subsidies + Additional Support Infrastructure = Total Investment Required Annual Social Assistance Before Hire - Annual Income Tax Paid Before Hire + Annual Income Tax Paid After Hire = Change in Societal Contribution Annual Income Tax Paid After Hire - Annual Income Tax Before Hire = Ongoing Portion of Societal Contribution Annuity Multiplier Projected value of ongoing new income tax contributions generated by target employee in the future Current Year SROI Return on investment generated by the current year change in target employee financial position Projected Long Term SROI SROI generated by extrapolating the ongoing portion of the change in employee financial position into the future Total Change in Societal Contribution / Total Investment Required =Current Year SROI Ongoing Portion of Societal Contribution * Annuity Multiplier / Total investment Required =Projected Long Term SROI Data Gathering Process Target employees are interviewed to obtain a baseline socioeconomic data Data is gathered regarding employment and sustainable livelihood status prior at hire A second survey is taken at the end of each year to determine changes for target employees Only target employees who are employed for more than three months are considered for SROI calculations Community Ownership Solutions developer and joint venture partner of ICR - put this SROI Report together
20 The Steps of Impact Measurements Define the societal change you want to achieve Develop products and services that try to achieve the change Develop KPIs that can demonstrate the change (monetary or non-monetary)
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