 And I think you want to say, but we've been talking about global issues, but we've been talking about them in a very domestic focus Impact investment so cap are not just domestically focused This is a global movement and for those of you who might remember in 2013 when Prime Minister David Cameron announced the G8 social impact investment task force This felt like huge global news and five years later in 2018 we see that this task force has grown into a truly global movement Amit Bhatia is the CEO of the global steering impact investment and He's gonna take us on a whirlwind tour of the state of global impact investment He has an amazing perspective to see what this looks like in countries around the world Please welcome to the stage Amit Bhatia. Thank you in 1988 30 years ago The tech movement was very young The world was busy excited about the 20 kilogram cathode ray tube desktop Declaring the typewriter dead and Announcing to the world that Fortran and Kabul will be the road to Nirvana But the visionaries right here Had something else on their mind But if you had asked anyone outside of Silicon Valley to take a bet that someday Half the humanity will have a 200 gram or less device in their hand with real-time data Real-time connectivity. They would have told you stop smoking pot go write science fiction 30 years later. We know Apple and Microsoft Amazon and Facebook Intel and Cisco were all born in that movement in 30 years those new bonds rule global capitalism in 2018 right here right now Steve Jobs words ring in my mind that you cannot connect dots looking forward You can only connect those dots looking backward So right here right now another phenomenon is taking place that of the impact movement The spirit in this room is not very different from what I have experienced back in 80s and 90s in Silicon Valley startup town halls You know something very few know You know something very few believe but I'm here to reassure you you've got it right The impact movement is much like the tech movement showing the same growth trajectory With 26 trillion dollars in responsible sustainable and impact investing. This is not just a leap of faith We're already connecting the dots and this is happening because Rousseau social contract written 250 years ago has expired as The people I meet in the frontline in a country like India will live in poverty Hobbes Leviathan documented 350 years ago Has turned out heartless Even Adam Smith's invisible hand Back from 1860s can do with a little bit of guidance We are well on our way to creating the impact economies of the future We are turning capitalism on its head and this capitalism 2.0 It's going to be very different from capitalism 1.0 Don't get me wrong capitalism 1.0 delivered a lot of good unbelievable unprecedented improvements in quality of life health Transport you know the industrial revolution tech revolution, which I just mentioned But you'll all agree it has Exasperated poverty it has increased inequity. It's Devastated the planet So I'm going to take next 10 minutes just to convince you that this movement is global this movement is going to win and 30 years from now when the history will be written of the impact movement You'll be able to tell the story just the way we tell the story of the tech movement But before I launch into that I do want to acknowledge Lin says smalling and so cap which for this movement have been an incredible clear sharp and pioneering voice so give them a big hand So revolutions There are three things about revolutions. I got to tell you one All revolutions are simple and bold ideas that restore justice or balance Think of it women should vote All citizens are equal dictatorship is bad Similarly, the impact narrative is a simple and bold idea That capital has a higher purpose Capital must be used to deliver a social or environmental impact alongside financial returns That impact can drive profitability and need not impair it second All revolutions are decentralized and replicable Think of this at the beginning of the last century Susan Anthony here in US and Emily Pankhurst on the other side of the Atlantic in UK fought for women's suffrage at the same time Without having internet and tweeting to each other and asking what's your next move? similarly The impact movement has manifested in different ways responsible investing sustainable investing impact investing We have a common vocabulary a common toolkit and we are proving to each other across every continent that profit and purpose can coexist Third revolutions are inclusive and abiding Think of all major movements. They engaged all citizens irrespective of caste color creed religion Even the recent Arab Spring still work in progress for many spread to 20 plus countries Likewise our movement is inclusive of Philanthropies on the left and capitalist on the right of for-profits and non-profits of private markets and public markets You've got to agree that at its core the impact movement has characteristics that make successful revolutions So let's launch right and take a little bit of a journey around the world from the eyes of the global steering group for Impact investing and tell you how this movement has taken root in our 21 plus countries How our nabs are making sure that in their countries capitalism 2.0 will be ushered in soon But I got to tell you a little story first In Europe in the medieval times when they drew world maps They would only mark the known world on The unknown world they would just write to big line here be dragons So let's go across the Sierra Nevada desert first to Mexico where alongside Mayan and Relics of Aztec this February I discovered 125 million fund-off funds founded by Sonnen capital based right here in San Francisco Across the Amazon Brazil government just created a national strategy for impact investment along with our National advisory board or NAB you'll hear that word often when I was there I discovered the two largest deals in Brazil impact venture capital both by LGT of $20 million each with the Brazilians didn't know about one in doctor consulta one in general waters, and I saw Vox capital get its first exit at 26% IRR Let's cross the Andes. I was in Chile down just last week and our NAB there has former president Lagos They are going to be hosting the 2019 impact summit and they are about to launch their first two social impact bonds in Argentina where in 30 days you'll welcome the 20 g20 head of states the government just launched a fund-off funds the stock Exchanges writing regulation on ESG and making going to make it mandatory for all corporations. They just launched their first sip In fact the rise fund just made their first 20 million dollar investment in Argentina in an education startup called digital house Let's cross the Atlantic Portugal vibrant with impact bonds the national government just passed a law for a 55 million euros national social innovation fund in France president Macron has announced a social business act Solidarity funds are already allowing pension funds to put 10% of their AUM in social stocks Across the Rhine Germany has to impact bonds Up in the Nordics Finland has been an innovative innovator six impact bonds the largest environmental bond the first refugees bond Come down to Marco Polo's Italy even there the government is Including impact investment in its budget They just announced a 25 million euros social impact fund and across the channel in UK Thanks to Sir Ronald Cohen. It's been an innovator and an institution builder World's first wholesaler big society capital first social impact bond at Petersboro prison the social finance global network The life chances outcome fund Totally funded by the government of UK Let's continue along what we call the silk route to Israel In Israel, they have been two impact bonds including one on diabetes They are four in the pipeline and if you go keep going down this route you get to my home in India where we Get a billion dollar plus of impact capital annually which touches 60 to 80 million poor and delivers 11% IRR in dollar terms and Those of you thinking where is the scale? India alone is home to about a dozen impact enterprises over a billion dollar in revenue or market cap Amal and dairy Romkin Vero and waste management Jane irrigation in agriculture AU financials and financial inclusion renew power in solar energy So don't tell me we can't get to scale because I come from a country where 300 million people are getting served You know through impact movement Let's go from 77 degrees east to 90 degrees east from Delhi to Dhaka Bangladesh is a billion dollar market and between 2017 and 2020 they're gonna grow by 50% Let's go down south to Australia Where our nab members are putting their values into law and building a 300 million wholesaler with public funds matching private funds Let's go another 70 degrees north from Sydney to Seoul and in Korea a Mod the market just reached 500 million mark and our nab there persuaded the government to put together a Social impact fund of funds 300 million dollars Across the Codian Strait in Japan the market doubled between 2014 and 2017 and Guess what a nab members learning from the British experience convinced the government to unlock Dormant accounts and unclaimed assets to build a four and a half billion wholesaler That's the power of our movement And as I crossed the Pacific to come back where we sit today I got to tell you this 2015 US was a 50 billion market when we recently got KPMG to do a market sizing study They projected by 2020 US is going to be 100 billion twice or what it was and the largest impact market in the world You're going to discuss enough about regulations about Opportunity zones and the build act passed recently and all I know is This country more than anyone else is putting impact at the center of the agenda in both public and private debates As I complete the world tour, I got to tell you this we are adding as GST five countries to the movement every year We committed to widening and deepening this movement And I want to let you know that as you travel around the world be rest assured What you have started is taking deep root. I also got to tell you this that I have a I have a deep personal reason for doing the work. I do I'm a son of a refugee family My parents arrived back in 1947 when the undivided India was split after the British rule into India and Pakistan They used to live on the Pakistan side My father arrived in India as a seven-year-old boy at Amritsar The refugee camps were in disarray He worked as a porter for weeks Before the family was relocated youngest of seven he did not get to study much But I can tell you this that he found time to learn how to type shorthand and became a lower division clerk Though he did not study much or earn much Even that clerk had a vision. He knew how to disrupt The low income cycles and he had an intergenerational view. He put us we lived very humbly But he put us through schools people from our economic strata could never dream of going So I stand here today the son of a clerk living proof to the power of education the power of impact and Last fortnight at the GST summit in Delhi. We launched two billion dollar Education outcome funds one for Africa Middle East and one for India, which I personally mentored So God will leave you with this On this world map of impact There are only opportunities across the world Dragons only haunt maximization of profit without purpose as Intrepid questers like even batuta and Columbus and wasco de gamma We cannot seize our quest We can't build a world where our children hold up a map of a more equal and just planet That vision is worth fighting for that vision is worth sacrificing for Thank you all and let's go build a world Which we are all proud of and let's show capital how to find its highest purpose. Thank you