NorNAB Becomes an Official Member of the Global Steering Group for Impact Investment

October 2, 2023 Frida Vik

As of October 1st, NorNAB is part of The Global Steering Group for Impact Investment (GSG), a Global network of NABs working to solve some of the world's most pressing social and environmental challenges.

The Global Steering Group for Impact Investment (GSG) is an independent organization catalyzing impact investments to benefit people and the planet. GSG currently have 41 member countries represented through 36 National Advisory Boards, with NorNAB as one of the newest members.

The GSG Chair, Nick Hurd, welcomes NorNAB as a member. He served nine years as a minister in the UK government, including as the Environmental Minister during the UN Climate Conference in 2015, when the Paris Agreement was adopted. "Our goal is an economy where impact is an integral part of all investment decisions and is seen as valuable. If we succeed, we'll change the world," he points out.

Hurd believes it's mutually beneficial for Norway and the GSG that NorNAB becomes a member. "I'm confident that Norway will benefit from being part of a network of people around the world driven by a desire for change. For the GSG, NorNAB will be a valuable member", he says.

On the left: Nick Hurd, right: Espen Daae. Photo: Sveinung Bråthen

A survey by NorNAB estimates the size of the Norwegian market for direct impact investments at 100 billion NOK (77 billion NOK excluding Development Finance Institutions). The GSG and the EVPA estimates the total European market has a value of about 900 billion NOK. "Even though we're a small country, we have significant role when it comes to impact investments," NorNAB Chair Espen Daae points out.

Private capital plays a crucial role in securing a safe future for coming generations. "We must stop believing that governments have all the answers – the truth is, there will never be enough public money to address the challenges we face. That's why we must utilize the creativity and resources in the private sector," says Nick Hurd.

"This represents the largest investment opportunity the world has ever seen, and massive fortunes will be earned and lost in the coming years. The GSG network grows every day and has ambitions to become an impact tsunami to save our burning planet. We are delighted to be a part of this," says Espen Daae.


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