225 2. IMPACT INVESTING: CONCEPTUAL FOUNDATIONS AND IMPLICATIONS Impact investing emerged in the mid-2000s as part of broader efforts to align capital markets with environmental and social objectives. Initiatives led by the Rockefeller Foundation played a key role in shaping this approach, demonstrating that capital could generate measurable societal outcomes alongside competitive financial returns. The establishment of the Global Impact Investing Network later formalized the concept (GIIN, 2021). Moreover, it represents a clear evolution beyond ESG integration. ESG frameworks have primarily focused on identifying and managing environmental, social, and governance risks, often functioning as compliance and reporting mechanisms rather than as drivers of strategic and financial decisionmaking (Roncalli, 2023; CFA Institute, 2023). Table 1 – Evolution from ESG Compliance to Impact-Oriented Mining Dimension ESG Compliance Model Impact-Oriented Mining Model Objective Risk mitigation and regulatory compliance Value creation through measurable impact Measurement ESG reporting and disclosure Outcome-based impact measurement Financial integration Limited linkage to financial performance Direct linkage to cost of capital and investment decisions Technology role Reporting and monitoring Strategic enabler of measurement, traceability, and decision-making Organizational integration Sustainability as a separate function Sustainability integrated into core strategy Competitive impact Limited differentiation Strategic advantage and capital access More recently, double materiality assessments, introduced mainly from 2021–2022 through European regulatory developments, expanded ESG reporting by requiring companies to assess both financial risks and the environmental and social impacts of their activities. While this approach strengthens accountability and narrows ESG focus, it does not, by itself, ensure intentional impact or influence capital allocation decisions. Impact investing goes beyond double materiality by placing intentionality and outcomedriven measurement at the core of investment strategy. As Cohen (2020) argues, impact represents an additional dimension of value creation alongside traditional financial metrics. This shift is particularly relevant for mining, a capital-intensive sector with long project horizons,
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