The SRI Label, created in 2016 by the Ministry of the Economy, identifies funds that rigorously integrate ESG criteria. Since the reform of March 1, 2024, it requires funds to invest at least 15% of their portfolio in high-impact sectors with transition plans aligned with the Paris Agreement.

According to the Global Impact Investing Network (GIIN), the impact investing market reached $1,571 billion in 2024. This estimate reflects the significant growth of this type of investment that combines social/environmental impact with financial returns.

ESG criteria assess companies across three dimensions: Environmental (impact on ecosystems), Social (treatment of employees and stakeholders), and Governance (transparency and ethics). These pillars complement traditional financial analysis, as specified by the AMF.

The GSIA taxonomy from the Global Sustainable Investment Alliance classifies strategies into several categories. Exclusion eliminates sectors, best-in-class selects the best companies by sector, and shareholder engagement influences practices through dialogue.

Unlike SRI, solidarity-based finance does not necessarily seek to maximize financial returns. It finances projects such as employment access for disadvantaged individuals or social housing. In France, it represents 20.3 billion euros compared to more than 800 billion for SRI.

Impact investing goes beyond thematic investing. It requires three fundamental characteristics: intentionality (explicit identification of a cause), additionality (contribution that effectively increases the impact), and measurability (monitoring with specific indicators). A thematic water fund cannot always demonstrate these elements, unlike an impact investment.