Vice President Yemi Osinbajo has intimated that Impact investment, a method that blends society’s social and environmental aims can no longer be disregarded in the face of inequities in income and opportunity exacerbated by the COVID-19 pandemic.
According to Osinbajo, the society should create an avenue for people to have access to wealth and opportunities that enhances better living conditions.
Osinabjo made his submission in a keynote speech delivered virtually at the 4th Impact Investors’ Foundation Annual Convening on Impact Investing.
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In his words: “glaring inequalities of wealth and opportunity in the face of poverty, misery and social alienation in any society is asking for trouble. Such a situation is neither sustainable nor wise.
“The sharp drop in standards of living caused by COVID-19-induced shocks to the economy have not only further deepened existing inequalities, but pushed many more into extreme poverty.
“Neither governments nor businesses can afford to ignore the huge social disparities and environmental deterioration for long.
“So, impact investing is an eminently sound approach to balancing these inequities by catalyzing social and environmental impact for long-term structural change.”
“profit and sound social and environmental benefits can co-exist and governments can be facilitators of impact investment.”
“Because the logic of the profit motive as being the driver of innovation, wealth creation and growth is unassailable, the real question is how to ensure that it accommodates a moral compass.”
“a more sustainable business model is intentionally building into the profit making objective, the means of attaining society’s social and environmental goals. The notion of doing well by doing good, or harnessing the forces of innovation, entrepreneurship, private capital to achieve both profit and social and environmental good.”
“Some of the current models of impact investing we are seeing are not only inspiring but also point in the general direction that policy and regulation should go,”
To Address Inequalities, Social Benefits And Profits Can Co-Exist- Osinbajo
