This position paper summarizes a normative conceptual framework of the Bundesinitiative Impact Investing (BIII, German National Initiative for Impact Investing) that offers a differentiated definition of impact-oriented investment approaches. It serves the purpose of agreeing on a definition
of “genuine” impact investing that is on the one hand sufficiently sharp and unambiguous for a clear differentiation from conventional ESG approaches as well as between different impact investing qualities.
![](https://bundesinitiative-impact-investing.org/wp-content/uploads/2023/08/BIII_PP1_Impact_Investing_eng.png)