The Plumbing and the Gauges: Money Supply Today, and the Metrics that Govern It

Two things are simultaneously broken in the capital system that impact investing operates within. The first is the plumbing: the money supply system — banks, financial institutions, blended-finance architects, product shelves — remains organised around risk-adjusted financial return, with impact bolted on as a product category rather than reorganised into the institution itself. The second is the gauges: the measurement frameworks the community has spent a decade designing (ISSB, CSRD, IRIS+, SDG mapping, TCFD, TNFD) have produced sophisticated design without producing the measurement culture that would make capital reallocation genuinely evidence-driven. Broken plumbing distributes capital according to the wrong criteria. Wrong gauges hide the fact that the criteria are wrong. Fixing either without the other changes nothing. This forum holds both halves on the same stage and asks what would actually shift.