One of the highlights was Nobel Prize winner Michael Kremer, who emphasized the importance of cost-effectiveness in what we choose to finance and the unique role aid can play in driving innovation and experimentation where markets fall short.
NorNAB opened with an introduction to impact investing, highlighting it as a powerful tool for foundations aiming to achieve measurable social or environmental outcomes alongside financial resilience. The presentation clearly distinguished between ESG strategies and impact investing, emphasizing the latter’s focus on intentional, outcome-driven capital allocation. NorNAB encouraged Norwegian foundations to explore both Program-Related Investments (PRI) and Mission-Related Investments (MRI) as complementary approaches—using investment capital to amplify their mission, align asset management with purpose, and enhance the effectiveness of their grant budgets through catalytic and innovative strategies.
Other key contributions included:
- Inger Julie Aasland, legal adviser at the Ministry of Education, who clarified the existing legal flexibility for foundations to invest in pursuit of their mission.
- Foundation leaders from Grieg Foundation, Kavlifondet, Laerdal Global Health, and AKO Foundation, who shared concrete examples of how they combine grant-making with investments.
- NorNAB also announced the upcoming release of a practical guide to impact investing for foundations, scheduled for autumn 2025, and encouraged sector-wide input.
Three key takeaways from the day:
- Mission-aligned investments are both possible and increasingly necessary.
- Foundations have unique advantages – they can think long-term, take risks, and act with agility.
- Foundations have a responsibility to explore how to best fulfill their purpose, and impact investing can be part of that answer.
