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The structural outcome where capital enters with stated intent and exits with contested or unverifiable outcomes. Stakeholders must trust processes rather than inspect meaning. This opacity persists even under good faith—it follows from the absence of a semantic layer capable of carrying intent across capital flows.
A $100M impact fund reports 'climate-positive' outcomes, but stakeholders cannot trace whether the original conservation intent survived through refinancing, portfolio rebalancing, and management changes. Impact is inferred, not verified.
SF Section 1.3