Impact Report 2023 | Our impact is crystal clear

Find out how we made money work for positive change in 2023

Here’s a small sample of what our investment portfolio accomplished in 2023. Want to know how each of our strategies is delivering positive change? Explore the full range of our 2023 Impact Reports.

366,000 Households provided with clean energy

Clean energy

In 2023, Triodos Investment Management’s climate and energy funds financed 202 projects (2022: 185) in the energy sector. These included:

162 (2022: 150) sustainable power-generating projects related to wind (57), solar (97), hydro (7), or biopower (1)
20 (2022: 19) sustainable power projects in a construction phase
20 (2022: 16) energy-efficiency projects including 7 heat and cold storage projects, 6 battery storage projects, and 7 other energy efficiency initiatives

Through our share in these renewable energy projects, over 402 ktonne of CO2e emissions were avoided (2022: 358 ktonne). This is equal to the avoidance of emissions of approximately 2.7 billion kilometres travelled by 230,000 cars.

The total capacity of the power-generating projects was 6,600 MW (2022: 5,500 MW), producing the equivalent of annual electricity needs of 7.4 million households worldwide, or approximately 366,000 based on our share in the total financing of these projects (2022: 347,000).

Triodos Investment Management also invests in the development of large electricity storage systems. The total storage capacity of these super batteries we financed exceeded 49 MW. By storing excess generated sustainable electricity in a battery and selling it when needed, demand and supply are better aligned. This not only prevents waste but also keeps the market and grid voltage in balance, thereby reducing reliance on power from fossil fuel sources.

18.2M Microfinance borrowers reached

Borrowers reached

At year-end 2023, our Financial Inclusion funds financed 105 financial service providers (2022: 113) in 44 countries. These values-based institutions offer access to a range of fair and transparent financial services for people and small businesses. Together, these financial service providers reached approximately 20.4 million individuals in 2023, who can now save for unexpected expenses and their future (2022: 19.9 million).

Some 18.2 million borrowers, two-thirds of whom live in rural areas were reached who used the funding to start or expand their business, generate income and better manage their daily lives (2022: 20.3 million). The portfolio experienced significant growth in India, Peru and Uganda. Concurrently, the exit of high-impact clients in India and Ghana contributed to an overall decrease in the total number of borrowers compared to 2022.

Of the loan clients, 78% are female. Giving women the freedom to manage their income and to support their families empowers their position and has been shown to have a greater economic impact overall.

30,200 Smallholder farmers paid directly and fairly

Smallholder farmers

In 2023, approximately 30,200 smallholder farmers (2022: 42,800) in seven emerging market countries worldwide were paid directly and fairly upon delivery of their harvests, a contributing result of the trade finance that Hivos-Triodos Fonds provides to farmers’ cooperatives and agribusiness. The decline in the number of farmers is due to lower number of disbursements in 2023.

The farmers had 16,900 hectares of certified organic farmland under cultivation in 2023 (2022: 57,100). An additional approximately 5,100 (2022: 6,000) hectares in conversion. The farmers' harvests brought seven different fair trade and organic products to international markets, including coffee, cocoa, rice, fruit juice and sesame.

77% Less water use

Footprint

In 2023, the footprint benchmark results for the Triodos' Impact Equities and Bond funds were on average:

Greenhouse Gas (GHG) emissions: 53% lower footprint compared to the benchmark (2022: 52% lower)
Water use: 77% lower footprint compared to the benchmark (2022: 82% lower)
Landfill waste production: 8% higher footprint compared to the benchmark (2022: 2% higher).

The GHG and water footprints of the Impact Equities and Bond funds showed lower environmental impacts of the portfolio companies’ activities compared to those of the benchmark.

The higher than benchmark landfill, or non-recyclable, waste footprint is mainly related to the investment in a number of paper (packaging) companies promoting the Resource Transition from plastic to paper packaging. Since landfill waste is defined as all waste eligible to be disposed of via landfills, it includes paper and plastic packaging, which in many instances can be recycled so they do not end up in landfill. We consciously accept that a handful of investments with positive overall impact results in the funds have a larger waste footprint than the reference index. However, we firmly believe these companies deliver a solution to problems such as plastic pollution in our oceans.

The benchmark with which the Triodos Impact Equities and Bond funds compare differs per fund and type of footprint. These are: MSCI World, MSCI World Small & Mid Cap Index, MSCI World Impact ESG Select Childrent’s Rights Index and customized benchmarks for the Triodos Impact Mixed funds and the Triodos Bond Impact funds.

Today’s global challenges bring us back to the very core of investing: to meet society’s needs and ensure a thriving planet for future generations. Explore how we lived up to this ambition in 2023.

Learn from our experts. Rosl Veltmeijer and Henk Jonker share how company engagement is a force for change. We talk with Tatiana Kalinina about our participation in the 60 Decibels Microfinance Index to measure the impact of microfinance. And tune in to the podcast with Rebecca Spohrer about the challenges in measuring impact .

Get a clear view of how each of our investments work and contribute to achieving the UN Sustainable Development Goals. Explore our interactive map.

Impact Strategy
- Impact Equities and Bonds
- Financial Inclusion
- Energy and Climate
- Sustainable Food and Agriculture
SDG
- 1. No Poverty
- 2. Zero Hunger
- 3. Good health and well-being
- 4. Quality Education
- 5. Gender Equality
- 6. Clean Water and Sanitation
- 7. Affordable and Clean Energy
- 8. Decent Work and Economic Growth
- 9. Industry, Innovation and Infrastructure
- 10. Reduced Inequality
- 11. Sustainable Cities and Communities
- 12. Responsible Consumption and Production
- 13. Climate Action
- 14. Life Below Water
- 15. Life on Land
- 16. Peace and Justice Strong Institutions
- 17. Partnerships to achieve the Goals
Fund
- Triodos Pioneer Impact Fund
- Triodos Global Equities Impact Fund
- Triodos Impact Mixed Fund - Defensive
- Triodos Impact Mixed Fund - Neutral
- Triodos Impact Mixed Fund - Offensive
- Triodos Euro Bond Impact Fund
- Triodos Sterling Bond Impact Fund
- Triodos Microfinance Fund
- Triodos Fair Share Fund
- Sustainability Finance Real Economies Fund
- Triodos Food Transition Europe Fund
- Triodos Energy Transition Europe Fund
- Triodos Emerging Markets Renewable Energy Fund
- Triodos Groenfonds
- Triodos Multi Impact Fund
- Triodos Future Generations Fund
- Hivos-Triodos Fund
Asset Class
- Listed equity
- Corporate bonds
- Impact bonds
- Sovereign bonds
- Sub sovereign bonds
- Private equity
- Private debt
- Investment fund
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By using this tool you agree with the content of this disclaimer.

The purpose of this tool is to inform investors about the type of investments and their potential sustainability impact. The information in the tool is of a general nature and does not constitute an opinion of Triodos Investment Management of the financial instrument. Therefore, the tool is not intended and should not be construed as an offer, invitation or general solicitation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or investment recommendation.

Impact Equities and Bonds

The SDGs mentioned in the company sections are linked to the (main) transition theme that the company contributes to, not directly to its products or services. Refer to the Sustainability Annex in the prospectus for more information.

All investments carry risk and all investment decisions of an individual remain the responsibility of the individual. Past or estimated results are no guarantee or indication of future results. Triodos Investment Management does not accept any liability for any losses.

The information in the tool is updated on a regular basis. However, the tool is not updated on a daily basis. Therefore, the information in the tool can be outdated. Triodos Investment Management can not be hold liable for information that is outdated.

Read the 2023 Impact Reports of each of our investment funds.

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