Our dedicated blogs to help you on this journey:
Why IRIS+ Metrics Matter Now More Than Ever
Yet with this explosive growth comes a critical challenge: how do we measure, compare, and verify that these investments are actually creating the social and environmental change they promise?
Enter IRIS+ metrics, the globally recognized standard for impact measurement and management (IMM) developed by the Global Impact Investing Network (GIIN).
Whether you're a social entrepreneur seeking funding, a conservation organization scaling your impact, or an impact investor looking to standardize your portfolio data, understanding IRIS+ is no longer optional ; it's essential for credibility, comparison, and capital access.
It enables the impact investing industry to standardize and compare data and reach a shared understanding of impact across different investments and stakeholders." - GIIN.
This comprehensive guide explores what IRIS+ metrics are, how they work within the five dimensions of the Impact framework, and, most importantly, how your organization can leverage them to secure funding from impact investors like us, Edamah.
What are IRIS+ Metrics?
IRIS+ metrics are a catalog of standardized performance indicators developed by the GIIN to measure social, environmental, and financial performance in impact investing.
The system evolved from the original IRIS catalog into a comprehensive Impact Measurement and Management (IMM) system that helps investors and enterprises set goals, assess performance, and optimize their impact.
Key Components of the IRIS+ System
| Component | Description | Purpose |
|---|---|---|
| IRIS Catalog | Repository of 500+ standardized metrics across themes | Provides consistent definitions for impact measurement |
| Core Metrics Sets | Evidence-based, thematic metric collections aligned with SDGs | Enables comparability across similar investments |
| Thematic Taxonomy | Classification system for impact categories and themes | Helps investors navigate to relevant metrics |
| Five Dimensions Framework | WHO, WHAT, HOW MUCH, CONTRIBUTION, RISK | Structures comprehensive impact assessment |
| Evidence Base | Research and best practices supporting metric selection | Ensures metrics are backed by rigorous research |
Unlike disclosure-oriented frameworks like GRI or SASB, IRIS+ serves as a practical toolkit for quantifying and managing impact.
It's designed specifically for impact investors, fund managers, social enterprises, and organizations targeting measurable social and environmental outcomes.
IRIS+ vs. IRIS: What's the Difference?
The evolution from IRIS to IRIS+ represents a fundamental shift:
- IRIS (Original): A catalog of metrics, essentially a standardized dictionary of impact indicators
- IRIS+ (Current): A complete system for measuring, managing, and optimizing impact that includes guidance, evidence, and practical implementation resources
The Five Dimensions of Impact: The Core Framework
At the heart of IRIS+ lies the Five Dimensions of Impact, a consensus framework developed by the Impact Management Project that evaluates investments across five critical questions:
Dimension 1: WHAT ... What outcome is being pursued?
This dimension identifies the specific social or environmental outcome the investment aims to achieve. IRIS+ Core Metrics Sets include metrics that define:
- Outcome type: Education, health, clean energy, financial inclusion, etc.
- Importance to stakeholders: How much affected communities value this outcome (metric: OI5495)
- Threshold levels: The minimum acceptable level of outcome achievement
Dimension 2: WHO ... Who is affected and how underserved are they?
Understanding who experiences the impact is crucial for targeting investments effectively. This dimension covers:
| Data Category | Example Metrics | Application |
|---|---|---|
| Stakeholder type | Client Individuals: Total (PI4060) | Count of people affected |
| Geographical boundary | Target Stakeholder Geography (PD6424) | Location of beneficiaries |
| Socioeconomic status | Target Stakeholder Socioeconomics (PD2541) | Income levels, poverty status |
| Demographics | Target Stakeholder Demographic (PD5752) | Age, gender, ethnicity |
Example:
An investment in rural solar energy would track not just "households gaining electricity" but specifically "low-income, off-grid rural households without prior electricity access."
Dimension 3: HOW MUCH ... Scale, Depth, and Duration
This dimension quantifies the significance of the impact:
- Scale: Number of people experiencing the outcome (e.g., PI4060-Client Individuals: Total)
- Depth: Degree of change experienced (calculated by comparing baseline to current outcome values)
- Duration: Time period for which stakeholders experience the outcome (e.g., PI9910-Student Dropout Rate)
Dimension 4: CONTRIBUTION ... What is the investor's additionality?
The contribution assesses whether the investment caused outcomes that would not have occurred otherwise. This includes:
- Financial additionality: Capital provided when markets fail
- Non-financial additionality: Expertise, networks, governance support
- ESG value creation: Environmental, social, and governance improvements
Dimension 5: RISK ... What is the probability that the impact differs from expectations?
Impact risk assessment considers:
- Execution risk: Can the enterprise deliver?
- External risk: Policy changes, market shifts, climate events
- Stakeholder participation risk: Will beneficiaries engage?
- Impact evidence risk: Is the impact measurement reliable?
IRIS+ Core Metrics Sets: Standardized, Evidence-Based Measurement
What Are Core Metrics Sets?
Core Metrics Sets are curated collections of standardized, evidence-based metrics that allow investors to compare impact performance across similar investments. Each set includes:
- Strategic goals aligned with specific impact themes
- Outcome metrics measuring what changes for stakeholders
- Output metrics tracking activities and immediate results
- Evidence resources supporting metric selection
Available Core Metrics Sets (2024-2025)
| Theme | Focus Area | Example Metrics |
|---|---|---|
| Financial Inclusion | Access to financial services | PI4060 (Client Individuals), PI7954 (Client Households) |
| Clean Energy | Renewable energy access | PI5376 (GHG Reductions from Products) |
| Agriculture | Sustainable farming practices | PI5926 (Waste Reductions from Products) |
| Housing | Affordable, quality housing | OI6697 (Energy Conserved) |
| Quality Jobs | Decent work and economic growth | OI3160 (Full-time Employees: Total) |
| Climate Change Mitigation | Carbon reduction | PI5376 (GHG Reductions Due to Products Sold) |
How to Use Core Metrics Sets: A Step-by-Step Guide
- 1 Step 1: Select Your Impact Theme. Navigate to the IRIS+ platform and identify which Core Metrics Set aligns with your investment focus or organizational mission.
- 2 Step 2: Review Strategic Goals. Each set includes 3-5 strategic goals that define success. For example, a Financial Inclusion set might include "Increase access to credit for underserved populations."
- 3 Step 3: Identify Required Metrics. Core Metrics Sets specify mandatory metrics (usually 5-10) that must be reported for comparability, plus optional metrics for deeper insight.
- 4 Step 4: Establish Baselines. Before measuring change, collect baseline data using the same metrics you'll use for outcome measurement.
- 5 Step 5: Report and compare. Submit data to IRIS+ (optional but recommended) to contribute to industry benchmarks and compare your performance against peers.
How to Access and Use IRIS+: Is It Free?
One of the most common questions from social enterprises and small fund managers is: "Is IRIS+ free to use?"
Yes... IRIS+ Is a Public Good
According to the GIIN, IRIS+ is completely free to access and use. The system is designed as a public good to advance impact investing globally. You can:
- Browse and download metrics without registration.
- Access Core Metrics Sets and guidance documents
- Use the thematic taxonomy to navigate indicators.
- Register your use on the IRIS Registry (encouraged but not required)
What IRIS+ Does NOT Provide (Important Limitations)
While access to metrics is free, organizations should understand that IRIS+ does not include:
- Data collection tools or platforms
- Data analysis or verification services
- Automated reporting systems
- Consulting or implementation support
Creating an IRIS+ Account
To access full functionality:
- Visit iris.thegiin.org
- Click "Register" to create a free account
- Complete your organization profile
- Access personalized recommendations based on your impact goals
- Join working groups to co-create resources
Pros and Cons of IRIS+ Metrics: An Honest Assessment
Advantages of Using IRIS+
| Advantage | Explanation | Evidence |
|---|---|---|
| Industry Standardization | Enables comparison across the $1.5T+ impact investing market | Used by 3,907+ organizations globally |
| Credibility & Trust | GIIN-backed metrics signal rigor to investors | 94% of impact investors report meeting/exceeding expectations using standardized metrics |
| SDG Alignment | Direct mapping to UN Sustainable Development Goals | All Core Metrics Sets include SDG targets |
| Free Access | No cost barrier for social enterprises and small funds | Public good model |
| Evidence-Based | Metrics backed by research and expert input | Developed with 850+ stakeholders |
| Investor Recognition | Required or preferred by major impact investors | Used by Acumen, Root Capital, Bridges Fund Management |
Challenges and Limitations of IRIS+
| Challenge | Explanation | Mitigation Strategy |
|---|---|---|
| Implementation Complexity | Selecting from 500+ metrics can overwhelm | Use Core Metrics Sets to narrow focus |
| No Data Collection Tools | Framework only-no software included | Integrate with platforms like Sopact, 60 Decibels, or custom CRM |
| Resource Requirements | Data collection, analysis, and verification require staff time | Start with 3-5 key metrics; expand gradually |
| Static vs. Dynamic | Annual reporting cycles may miss real-time insights | Implement quarterly data collection |
| Qualitative Gap | Heavy focus on quantitative metrics | Supplement with stakeholder interviews and narrative evidence |
| Verification Burden | No built-in verification mechanism | Engage third-party auditors for high-stakes reporting |
Common Mistakes to Avoid
Based on industry research, the five most common IMM mistakes when using frameworks like IRIS+ are:
- Counting outputs, not measuring outcomes (e.g., "people trained" vs. "income increased")
- Designing data collection for funders, not learning (400-question surveys nobody analyzes)
- Separating qualitative and quantitative analysis (stories without numbers = anecdotal; numbers without stories = meaningless)
- Annual reporting cycles (too slow for course correction-quarterly minimum recommended)
- Frameworks without architecture (choosing metrics without systems to collect data)
How Your Project Can Secure Funding from Edamah Using IRIS+
Edamah's Investment Focus
at Edamah's program, we support any entity driving meaningful goals through our program.
We welcome partnerships across all sectors-examples include (or beyond): you're still eligible to apply:
- Renewable Energy: Solar farms, clean energy access
- Social & Health Projects: Education, healthcare, community infrastructure
- Sustainable Agriculture: Organic farming, smart irrigation, food security
- Economic Development: SMEs, job creation, green economy
- Fisheries & Aquaculture: Sustainable fish farming, marine conservation
- Innovative Solutions: AI, IoT, circular economy technologies
Each of these sectors' maps directly to IRIS+ core metrics sets, making IRIS+ compliance a strategic advantage for applicants.
The Funding Application Process
Step 1: Prepare Your IRIS+ Impact Data
Before approaching us, ensure you have:
- Baseline data using IRIS+ metrics relevant to your sector.
- Theory of Change mapping activities to outcomes.
- 3-5 Core Metrics from the relevant IRIS+ theme (e.g., Financial Inclusion, Clean Energy)
- Stakeholder engagement evidence showing community need and participation.
Otherwise, you can demonstrate social impact with other metrics; we have covered several globally recognized ones on our blog, and we accept reviewing any of them.
Guides: How to measure social impact.
Step 2: Submit Your Pitch with IRIS+ Data
Step 3: Due Diligence with IRIS+
Edamah's investment team will conduct impact due diligence, our team may consider the following:
- Review your Theory of Change documentation.
- Verify your baseline data and measurement systems.
- Assess stakeholder engagement processes.
- Evaluate your team's capacity for impact management.
- Compare your metrics against IRIS+ benchmarks.
Example: How a Sustainable Agriculture Project Would Apply
Project: Organic tomato farming cooperative in rural Syria
| IRIS+ Element | Application |
|---|---|
| Theme | Agriculture Core Metrics Set |
| WHAT | Increase farmer income; reduce chemical pesticide use |
| WHO | Smallholder farmers (PD2541-Target Stakeholder Socioeconomics); rural women farmers |
| HOW MUCH | PI4060-Client Individuals: Total; PI7954-Client Households; depth calculated via income change |
| CONTRIBUTION | Technical assistance + market access + fair trade premiums |
| RISK | Climate variability; market price fluctuations; conflict disruption |
Key Metrics to Report:
- Number of farmers trained (output)
- Average income increase % (outcome-depth)
- Hectares under organic cultivation (scale)
- Pesticide reduction (environmental outcome)
- Farmer retention rate (duration indicator)
Examining Impact Measurement: The Role of IRIS+ in the Ecosystem
IRIS+ in Context: How It Compares to Other Frameworks
| Framework | Primary Use | Strengths | Best For |
|---|---|---|---|
| IRIS+ | Impact measurement & management | Standardized metrics, investor comparability, free access | Impact investors, social enterprises, funds |
| GRI | Sustainability reporting | Comprehensive stakeholder transparency, broad ESG coverage | Corporate sustainability reporting |
| SASB/ISSB | Financial materiality | Investor-focused, industry-specific, financially material ESG | Public companies, financial analysts |
| GIIRS | Impact rating & certification | Third-party verification, B Corp alignment | Certified B Corps, impact fund ratings |
| SROI | Monetized impact valuation | Financial expression of social value | Social enterprises seeking to quantify value |
| Theory of Change | Program design & evaluation | Causal pathway mapping, learning-focused | Nonprofits, program designers |
Integration Strategy: Using Multiple Frameworks
Sophisticated organizations often combine frameworks:
- GRI for annual sustainability reports (broad transparency)
- SASB for investor relations (financial materiality)
- IRIS+ for impact measurement (outcome tracking)
- Theory of Change for program design (causal logic)
Step-by-Step Guide: Implementing IRIS+ for Your Organization
Phase 1: Foundation
1. Strategy Alignment
- Define your impact thesis and theory of change.
- Identify 1-2 priority SDGs aligned with your mission.
- Select the IRIS+ theme(s) most relevant to your work.
2. Metric Selection
- Review the Core Metrics Set for your theme.
- Select 3-5 mandatory metrics + 2-3 optional metrics
- Document your rationale for metric selection.
Phase 2: Data Infrastructure
1. Baseline Collection
- Collect baseline data for selected metrics.
- Establish data collection processes (surveys, administrative data, sensors)
- Set up a data management system (CRM, database, or specialized platform)
2. Stakeholder Engagement
- Conduct stakeholder consultations to validate the importance of the outcome.
- Document stakeholder characteristics (WHO dimension)
- Establish feedback loops for continuous improvement.
Phase 3: Reporting & Optimization (Ongoing)
Quarterly
- Collect outcome data using IRIS+ metrics.
- Analyze trends against baseline.
- Report to investors/funders using standardized formats
Annually
- Contribute anonymized data to IRIS+ benchmarks (optional)
- Review and refine metric selection.
- Update Theory of Change based on learnings.
Frequently Asked Questions (FAQ)
What are IRIS+ metrics for social impact measurement?
IRIS+ metrics are standardized performance indicators developed by the Global Impact Investing Network (GIIN) to measure social, environmental, and financial performance.
They provide a common language for impact investors and social enterprises to define, track, and compare impact across investments and sectors.
Is IRIS+ free to use?
Yes. IRIS+ is completely free to access and use. The GIIN offers IRIS+ as a public good to advance impact investing globally.
You can browse metrics, download guidance, and use Core Metrics Sets without cost.
How do I create an IRIS+ account?
Visit iris.thegiin.org, click "Register," and complete your organization profile. Registration is free and unlocks personalized recommendations, participation in working groups, and the ability to contribute to industry benchmarks.
What are the Five Dimensions of Impact?
The Five Dimensions are: WHAT (outcome pursued), WHO (stakeholders affected), HOW MUCH (scale, depth, duration), CONTRIBUTION (investor additionality), and RISK (probability of impact).
This framework provides a comprehensive framework for impact assessment.
How do I find specific metric codes, such as PI4060?
Use the IRIS+ Catalog search function at iris.thegiin.org. You can search by keyword, sector, or SDG. PI4060 (Client Individuals: Total) is found in the Financial Inclusion and general client metrics categories.
What are IRIS+ Core Metrics Sets?
Core Metrics Sets are curated collections of evidence-based metrics aligned with specific impact themes (e.g., Clean Energy, Financial Inclusion, Agriculture). They enable standardized comparison across similar investments and include SDG-aligned threshold targets.
Can IRIS+ metrics help me get funding?
Yes. Impact investors like Edama increasingly require or prefer IRIS+ metrics for due diligence.
Using standardized metrics signals credibility, enables comparability, and demonstrates your commitment to rigorous impact measurement...key criteria for funding decisions.
What is the difference between IRIS and IRIS+?
IRIS was originally a catalog of metrics. IRIS+ is a complete system for measuring, managing, and optimizing impact that includes Core Metrics Sets, the Five Dimensions framework, evidence resources, and practical guidance.
How do I report IRIS+ data?
IRIS+ does not require specific reporting formats. You can:
- Include IRIS+ metrics in investor reports.
- Use GIIN's optional IRIS Registry to contribute to benchmarks.
- Integrate metrics into your existing reporting systems.
- Reference IRIS+ codes in communications (e.g., "PI4060: 5,000 client individuals")
Are there software platforms that integrate IRIS+ metrics?
Yes. Several platforms support IRIS+ integration, including specialized impact measurement tools and customizable CRM systems.
However, IRIS+ itself does not provide software...it provides the metric definitions and guidance.
Conclusion: Your Path to Impact Investment Readiness
IRIS+ metrics represent more than a measurement framework; they're a gateway to capital in the rapidly growing impact investing market.
With $1.571 trillion in assets under management and 94% of impact investors reporting that their financial and impact performance met or exceeded expectations, the field has proven that rigorous impact measurement and strong financial returns go hand in hand.
For social entrepreneurs, conservation organizations, and sustainability projects seeking funding from Edamah, IRIS+ compliance offers:
- Credibility: GIIN-backed standards signal professionalism
- Comparability: Standardized metrics enable benchmarking
- Clarity: The Five Dimensions framework structures your impact story
- Access: Many impact investors require or prefer IRIS+ data
The journey from impact intention to measurable outcomes begins with a single step:
- selecting your first three IRIS+ metrics and collecting baseline data.
Start today, and position your organization for the funding and partnerships that will scale your impact.
Ready to Submit Your Pitch to Edamah?
Edamah invites social entrepreneurs, conservation organizations, and social sustainability projects to submit funding pitches. Projects with IRIS+ data receive priority consideration in our due diligence process.
Join us in building a more sustainable future...where profit meets purpose, and impact is measured with rigor.
About Edamah
Edamah is a leading sustainability investment program that merges financial strategies with community needs to achieve the SDGs.
We fund projects in renewable energy, sustainable agriculture, social development, and innovative green technologies across the Middle East and beyond.