The 2030 Agenda for Sustainable Development brought the critical challenge of how private capital can support its new goals—the Sustainable Development Goals (SDGs)—to the attention of finance, business and policy actors. Impact finance instruments, which aim to obtain both financial and positive social/environmental returns simultaneously, can serve as effective institutional mechanisms to support the financing of SDGs. Social impact bonds (SIBs) are part of this emerging field. SIBs represent multi-stakeholder partnerships, built on outcome-based contracts, designed to harness private impact-oriented investors, service providers and public entities to address social or environmental problems. SDG 17 considers partnerships priority instruments for the achievement of SDs targets. This paper provides an exploratory analysis into the field of Social Impact Bonds and aims to (i) understand how such instruments are suitable for involving sustainable economy actors in SDG-based partnerships; (ii) determine the interplay between SIBs and SDGs. In order to address these questions, the article presents a multiple case study that includes a cross case analysis of four SIBs experienced in different social policy areas and different countries. As secondary step, the study matches phases and activities of SDG-based financial partnerships derived from a literature review with those experienced by each SIB case study. The results show that SIBs are fully compliant with SDG-based financial partnership structures derived from the literature, and their architecture reveals a high degree of SDG investment readiness. The originality of the research consists of including SIBs in the analysis of the new financial tools for the achievement of the SDGs, and extending them into the field of partnerships for the Goals, at the center of SDG 17. The paper fills the significant gap in the current research related to the issues of financing sustainable development and financial sector instruments on sustainability.

中文翻译：

---

可持续发展目标的可持续金融伙​​伴关系：社会影响债券案例

2030 年可持续发展议程将私人资本如何支持其新目标——可持续发展目标 (SDG)——的严峻挑战提请金融、商业和政策参与者关注。影响力融资工具旨在同时获得财务回报和积极的社会/环境回报，可以作为支持可持续发展目标融资的有效体制机制。社会影响债券 (SIB) 是这一新兴领域的一部分。SIB 代表多方利益相关者伙伴关系，建立在基于结果的合同之上，旨在利用以影响为导向的私人投资者、服务提供商和公共实体来解决社会或环境问题。可持续发展目标 17 考虑了实现可持续发展目标的伙伴关系优先工具。本文对社会影响债券领域进行了探索性分析，旨在 (i) 了解此类工具如何适用于让可持续经济参与者参与基于可持续发展目标的伙伴关系；(ii) 确定 SIB 和 SDG 之间的相互作用。为了解决这些问题，本文提出了一个多案例研究，其中包括对在不同社会政策领域和不同国家经历过的四个 SIB 的交叉案例分析。作为第二步，该研究将文献综述中基于可持续发展目标的金融伙伴关系的阶段和活动与每个 SIB 案例研究的经历相匹配。结果表明，SIBs 完全符合源自文献的基于 SDG 的金融伙伴关系结构，其架构显示出高度的 SDG 投资准备。