Positive or negative, intentional or unintentional, direct or indirect, impacts on people, communities, society or the planet caused by an entity which is not reflected in market prices (i.e. an entity’s enterprise value or an investment’s valuation).

United Nations Development Programme. (2021). SDG Impact Standards
Glossary. https://sdgimpact.undp.org/assets/SDG-Impact-Standards-Glossary.pdf