IMPACT MONDAY – Impact Standards: changing impact culture in development

The OECD UNDP Impact Standards for Financing Sustainable Development are an ambitious initiative of the OECD and UNDP with a mission: changing the incentives in the development industry, to make development finance institutions, asset managers and donors who invest directly more impact-centric.

The Standards are designed to support donors in the deployment of resources through DFIs and private asset managers, in a way that maximises the positive contribution towards the SDGs. They constitute a best practice guide and self-assessment tool, and are freely available for subscription on a voluntary basis. They act as a framework for all organisations with a desire to demonstrate public accountability regarding their measurement and management of impact.

This work is relevant today, more than ever, for a number of reason. The COVID pandemic asks us to build back better, and puts pressure on governments and investors to use their resources more efficiently and effectively. We are also well into the decade of delivery, and we need to make sure we do our best to hit the SDG targets. The harmonisation of impact measurement and management practices plays a key role in this context. By implementing the Standards using the supporting Guidance Note all partners can better integrate impact into decision-making, increase impact integrity and provide better evidence of impact.

This session will discuss the status of impact measurement and management in the development cooperation world, what is the role of the Impact Standards and what still needs to be done to improve the chances of long term impact.