The Structuring of Social Finance

This paper explores the emerging approaches to structuring social finance for environmentally and socially impactful projects, conceptualizing social finance as a pre-paradigmatic field. It discusses how leading social finance institutions adopt different investment rationalities to achieve positive social impact. The analysis highlights two primary forms, social impact investment and ethical banking, which drive the institutionalisation and paradigm-building process. It also examines how these forms differ in business models while aiming for social impact.