Impact investments: social impact bonds and green bonds in Spain

Abstract

The investment impact could be defined as the investment which aims to generate a social and environmental impact is also positive to obtain a financial return. Are new institutional configurations that seek to associate social motivations to the search of financial profitability, and at the same time, to develop approaches that there are economically more sustainable to social and environmental initiatives. The investment impact in Spain are still to be developed but it is a segment that is growing. The fundamental motive that has driven the growth of the market of the investment impact in Spain is the interest on the part of investors in generating a positive impact in the society and align their investments with their social and ethical concerns. Within this study analyze two investment products of impact that are social impact bonds issued by the ICO and the green bonds issued by both Iberdrola and Abengoa.