Listing

Friday 20 February 2026, 13:00 UK Time

... includes ...

• The Rise of an Investable Asset Class
• Demand-Side Integrity: the Shift to a Contribution Approach
• Supply-Side Integrity: Ensuing Market Consolidation Over Division
• COP30 and the Next Decade of Climate Finance

Can sustainable fashion can overcome cost pressures, regulatory hurdles, and scalability challenges to deliver scalable financial returns, as investors weigh its long-term potential against the dominance of fast fashion?

The fashion industry is in the midst of a sustainability crisis. The dominance of fast fashion, particularly ‘ultra-fast-fashion’ brands like Shein and Temu, has shaped consumer expectations for artificially low prices.

The shift to a high-volume, low-cost operating model driven by thin margins within a globalised supply chain is concealing harmful side effects not born by the fashion brands or their customers. Regulation is lax and limited consumer demand for ‘ethical’ clothing means there are few incentives for fashion companies to invest in sustainable practices.

Includes:

• A series of challenges
• Sustainable solutions?
• Investor lens: waiting but watching

"Putting head in sand on ESG - a costly mistake

2025 felt like a whirlwind from a sustainable investment perspective. With no shortage of negative headlines, it is easy to be deceived in thinking it was a uniformly negative year. But scratch beneath the surface, and it becomes clear that the reality is far different. We highlight below the 5 biggest ways ESG issues impacted markets in 2025.

1. ESG created the best performing market?
2. Environmental concens continue to shape technology and cash flows
3. Shifting role of defence in sustainability considerations
4. Social issues debated extensively, but incentives dominated outcomes
5. Pricing of negative externalities in security prices

...

The renewed political push to restrict institutional investors from purchasing single-family homes has re-emerged as one of the most potent housing narratives in the United States.

The appeal is immediate: the idea that large pools of capital are crowding out households and inflating prices resonates in a country where homeownership remains both an economic aspiration and a cultural anchor. Yet housing markets, like all capital-intensive sectors, are governed less by intent than by capacity. When examined through the lenses of scale, supply elasticity and historical experience, the case for constraining institutional single-family rental capital as a remedy for affordability appears significantly weaker than the rhetoric suggests.

...

Why is there a women's health gap and how can we fix it?

Women might live longer than men, on average, but they also suffer from poor health for longer. In the European Union, for example, women’s life expectancy is five years higher than men’s, but the gap shrinks to just one year if you consider how much of that time is spent in good health.

Reasons for this disparity include lack of research, testing, and investment focused specifically on women’s health. Closing the women’s health gap would present at least USD1 trillion of economic opportunities, according to research by the McKinsey Health Institute and the World Economic Forum.

... includes:

• ESG & sustainable investment: A decade-long hype cycle
• Environmental Outlook 2026
• Social Outlook 2026
• Governance Outlook 2026

... & Sustainable Finance Overview

China’s energy transition and sustainable finance ecosystem is vast and multifaceted, with meaningful implications for both generalists and sustainability-focused investors. This report provides key indicators and investment insights to help track and interpret that evolution over time.

China’s commitment to the energy transition and ongoing reform related to sustainable finance has important implications for global investors. As the world’s second-largest economy, China accounts for 17% of global GDP1 and approximately 30% of global carbon emissions2, making its decarbonization progress critical to achieving worldwide climate goals related to the Paris agreement.

...

"Welcome to the new space race, brought to you by AI.

Data centers built to deliver artificial intelligence (AI) services are springing up as fast as Wall Street can finance them. Meanwhile, these sprawling digital workhorses are inhaling electricity (putting pressure on already stretched grids) and consuming massive amounts of water for cooling. Earthly limits loom.

Not so in space: Up there, data centers can feed on continuous solar power and simply radiate heat into the void; furthermore, orbital centers could allow high-performance computers to sit right next to the satellites that collect the raw information, helping reduce data-processing time."

...

Engagement Priorities Summary for Benchmark Policies

'This note summarizes BIS’ Engagement Priorities. Our approach to engaging on each priority is set out in detail in the supporting commentaries on each topic. This summary should be read in conjunction with the supporting commentaries.'

Key Takeaways
 
- With engagement oversight practices quickly evolving, a coordinated, cross‑team approach across ESG, investment, and client‑facing functions is essential.
- Purpose-built technology and external engagement support can help investors meet the demand for more structured, scalable tracking of engagement activities and outcomes.

Part One here

..What the Latest Data Says on Director Independence, Commitments and Diversity

Key Takeaways

• Compared to 2024, there were slight increases in board independence (77.5%) and the presence of an independent chair (44.9%)
• In response to ongoing shareholder concern regarding the substantial increase and scope of directors’ responsibilities and oversight, the number of issuers implementing policies limiting director commitments continued to rise, with 75% of companies within the Russell 1000 having such policies.
• Although the overall number of women on Russell 3000 boards increased slightly in 2025 to 30.6%, the number of gender diverse, first year appointments at Russell 3000 companies decreased from 35% in 2024 to 28.4%.
• There was a significant decrease in the number of companies within the Russell 1000 that disclosed the racial/ethnic diversity of directors on either the aggregate board or individual director level (approximate 24% decrease from 2024).

The global financial system is undergoing a silent yet irreversible transformation. The current capital is no longer assessed by its ability to compound returns in a particular fashion, but by what it facilitates in the actual economy. Whether it is climate volatility and biodiversity loss, or social inequality and governance failures, systemic risks no longer exist independently of financial performance. The UN Sustainable Development Goals (SDGs) are at the heart of this change process.

Initially seen as aspirational goals by governments and NGOs, the development goals presented by the UN have become a strategic instrument for financial institutions. In 2026, banks, asset managers, insurers, and asset owners are likely to increasingly measure, report, and manage SDG impact across portfolios not as a reputational activity, but as an essential aspect of risk management, regulatory alignment, and long-term value creation.

This guide summarizes the 17 SDG goals, how SDGs’ sustainable development relates to financial decision-making, and how tools like SDG impact data, SDG impact ratings, SDG scores, and UNSDG impact scores are influencing the future of capital allocation.

This Regnan Alert analyses two developments with growing relevance for global investors. It assesses China’s accelerating green hydrogen leadership and the implications for Australia’s export ambitions and examines how rising affordability pressures are driving a shift in US utility rate decisions. Together, these themes highlight material risks and opportunities across evolving energy and infrastructure systems.

• Waste generation is expected to grow at double the rate of the global population by 2050
• Regulation and environmental awareness are catalysts for change
• Investment in waste management infrastructure and systems is essential – put simply ‘there is no sustainable economy without waste management’
• The waste sector offers an array of long-term secular growth opportunities ...

• Water is essential for life on earth and is a precious, yet underappreciated and undervalued resource.
• Water is used in nearly all forms of economic activity including food production, industrial manufacturing, textiles, energy production and materials extraction – put simply ‘there is no economy without water’
• Water is intrinsically linked to many of the Sustainable Development Goals (SDGs)
• Water use continues to increase rapidly, driven by: population growth, urbanisation, rising wealth and.....

A major infrastructure upgrade by Brazil’s largest water utility is reshaping the future of sanitation and water quality in São Paulo. At the ETE Parque Novo Mundo wastewater facility, new high-efficiency treatment technology, rising capacity, and expanded service to underserved communities are strengthening the region’s environmental resilience while supporting long-term social and economic development.

..except for Scope 3 emissions, for which it is "comply-or-explain" from 2028

Having indicated in its regulatory initiatives grid that it would consult on disclosure requirements for UK listed companies in January 2026, the FCA has delivered – just. Previously expected in Q3/4 2025, the FCA has now published its long awaited consultation on changes to the Listing Rules to reflect the incoming UK Sustainability Reporting Standards (UK SRS) to replace existing TCFD based rules.  

Interested parties have until 20 March 2026 to provide their feedback to the FCA.

With the UK Government’s UK SRS yet to be finalised (currently due to be published in February 2026), the FCA’s position could still change, as the FCA intend for their final rules to reflect the final UK SRS. 

Given the Government’s consultations in June 2025 (see our previous blog posts here and here), the FCA also does not consider it appropriate at this stage to set out requirements for transition plans or for mandatory assurance – but this may be revisited at a later date. 

Opportunities for Decarbonisation in the Cement Sector

Cement underpins global infrastructure, yet it accounts for about 8% of global CO₂ emissions. Reducing those emissions is difficult because much of the CO₂ is released by the chemistry of cement production. This report shows what can realistically bring emissions down, and how policy and carbon pricing are reshaping the sector’s investment case.

... includes ...

• Cement Emissions in Context#
• Cement and Sustainable Development
• Carbon Emission Footprint Across the Cement Life Cycle
• Decarbonisation Levers in Detail
• How investors can accelerate decarbonisation
• Comparative Assessment of Leading Cement Players

... includes ...

• Workforce strategy
• Competing for top talent
• Upskilling and mobility
• Talent evolution
• Data navigator - for countries/regions
• Data navigator - for industries

... includes:

• Workers are embracing AI, but to build resilience they need a clear purpose
• Employees must understand the value of their work to maximise skills development
• Human connection builds trust for a responsible redesign of work

The latest Carbon Performance data for the world’s largest 42 coal mining companies are now available on the TPI tool[1]. 

The latest Carbon Performance (CP) data for the world’s largest food producers are now available on the TPI tool. The update covers 53 food producers[1]. 

The TPI Global Climate Transition Centre (TPI Centre) methodology assesses historical and projected greenhouse gas emissions, comparing companies against sector-specific benchmarks to evaluate their alignment with the goals of the Paris Agreement. In our flagship annual report, State of the Corporate Transition 2025, we outline the progress these sectors have made in Section 3: Carbon Performance, including historical alignment trends and rates of emissions intensity reductions.

The relevant methodology note can be found here: Food producers: methodology note

Includes a section on sustainability:

Investors continue to view sustainability as an important consideration when allocating to private markets. However, fewer now describe it as a primary driver of decision-making. This suggests a market in which sustainability has become more institutionalised and viewed less as a standalone theme.

SUMMARY

Households are already "taxed to the hilt" and public services are under pressure, so the transition cannot easily be financed mainly by fiscal measures. A just transition depends on private sector investors shifting from just transition commitments to scaled capital allocation-financing, so governments can protect the social contract rather than constantly asking workers to pay more. Governmental climate strategy will then be acting as an enabler (policy certainty, standards, and de-risking) and as a backstop for fairness (targeted support, skills, and place-based adjustment).

1) THE SUBSIDY PROBLEM: TAX BURDEN + SOCIAL SERVICE PRESSURE

• A typical £30,000 worker pays meaningful tax before "hidden" taxes: around £4,880 in Income Tax and employee NI using 2025-26 thresholds and rates.
• The burden people feel is larger because it includes council tax and consumption taxes. Council tax alone is highly visible; the England average Band D is £2,280 in 2025-26.
• VAT and duties are harder to see but are paid repeatedly through everyday spending and prices, producing the sense of being "taxed twice" (PAYE and then again at the till).
• The political implication: adding new, salient "green charges" on top of this landscape is likely to trigger backlash, especially when households already perceive living standards and services to be under strain (witness the recent tax per mile on EVS).

2) WHO FUNDS THE JUST TRANSITION IN PRACTICE

The transition is not mainly an "income tax-funded programme". It is a capital programme financed through multiple channels:

• Government: targeted spending (skills, transition support, regional adjustment) and catalytic tools (guarantees, policy-bank style crowd-in). But headroom is limited, and the transition also creates major "lost receipts" pressures as legacy tax bases decline (e.g. from fuel taxes).
• Devolved/regional funds: important for place-based justice but too small to carry whole-economy investment needs (e.g. Scottish transition fund).
• Regulation and standards: governments can require upgrades and shift markets, but costs still land on households/firms unless supported; this is where distributional design matters.
• Public finance institutions and market-building: policy banks and transition finance initiatives exist to reduce risk, lengthen tenor, and mobilise private capital at scale

3) WHY PRIVATE CAPITAL HAS TO DO MORE (AND WHAT THAT MEANS FOR INVESTORS)

• Net zero delivery requires large annual investment by the early 2030s; the transition is fundamentally an investment programme, not only a public-spend programme.
• Governments are explicit that public funding is a minority share; the objective is to mobilise private capital into policy-backed pipelines.
• "Just transition" commitments imply distributional constraints: investors cannot credibly claim to support a just transition while expecting the median worker to fund it through higher taxes or regressive bill impacts.
• Pension funds and long-term asset owners are central: they represent workers whose tax capacity is constrained. That strengthens (not weakens) the investment case for transition assets that protect long-run prosperity and manage climate risk.

4) WHAT "PUT YOUR MONEY WHERE YOUR MOUTH IS" LOOKS LIKE

Investors that take just transition seriously could:

• Reallocate capital toward credible transition pathways (not only already-green assets), including grids, clean power, industrial decarbonisation, retrofit finance, heat infrastructure, and supply chains.
• Accept the transition risk profile: longer tenors, contracted/regulated revenues, and policy-linked risk are often part of bankable transition assets.
• Engage for credibility: require financed emissions alignment, capex plans, and labour/place strategies; do not reward targets without funding.
• Co-invest and crowd in: show up alongside public institutions designed to mobilise private capital.
• Treat fairness as investable: retrofit, resilience, and affordability are where social consent is won or lost.

"Why inconsistent asset retirement obligation disclosures leave investors exposed to hidden risk

Oil and gas companies in the UK, Canada and Australia are failing to fully disclose the costs of decommissioning their fossil-fuel-related infrastructure, leaving investors with incomplete and non-comparable information. Our new report, Asset Retirement Obligations: What Lies Beneath? reveals significant variation in the quality and completeness of reporting information, despite companies in all three jurisdictions using the same international accounting standards.

Our report makes the case for improving transparency and comparability in how oil and gas companies in the UK, Canada, and Australia report information about obligations to decommission their fossil fuel infrastructure. This includes information underlying the balance sheet liability, including estimated costs and timing. Currently, gaps in reporting expose investors to financial and regulatory risks.

Key findings

Overall quality of ARO disclosures is poor and seems to vary depending on jurisdiction

Carbon Tracker assessed 38 oil and gas companies’ financial statements using 15 disclosure metrics. While each metric was achievable – with at least one company providing some of the relevant information – overall disclosure is poor, leaving investors with incomplete and non-comparable information.

Recommendations

In 2023, Carbon Tracker estimated that decommissioning existing oil and gas infrastructure in the U.S. alone would cost over $1.2 trillion, and that total global costs could be four times as large. As the energy transition gathers pace, the resources to pay for clean-up may be needed sooner than planned, while production revenue may not be available as a source to cover these costs.

More regulatory scrutiny is urgently needed to improve transparency about how oil and gas companies report decommissioning and clean up obligations (and the related liabilities) in their accounts.

The report recommends that financial market regulators:

• Prioritise transparency of decommissioning liabilities in supervision and oversight
• Ensure investors can understand the scale, timing of, and impact of uncertainties on asset retirement obligations
• Encourage companies to adopt consistent, comprehensive reporting practices"

"SI saw mixed performance in 2025, with energy transition continuing but market penetration plateauing

Climate physical risk and energy transition continue to have a significant impact on the global economy, and investors’ sustainability concerns are growing despite geopolitical headwinds; the market for sustainable investment products has been mostly flat over 3 years. Investment performance was mixed in 2025; most global SI equity indices outperformed the market, whilst SI fixed income indices were in line or behind the market."

Highlights"

• SI equities outperform, but with volatility and headwinds
• SI fixed income sees performance headwinds, but continued demand
• Energy transition continues to grow
• SI market penetration plateaus

Sustainability is increasingly proving to be a driver of corporate financial performance.

Recent analysis from WBCSD shows positive financial returns, with reported ROI ranging from 2x to 14x, especially in sectors like food and beverage.

Companies with strong sustainability practices often benefit from a lower cost of capital, while those that fail to act face tangible financial penalties, including EBITDA reductions of 5% to 25%.

In agrifood value chains, there is growing evidence of the linkage between climate, nature, and equity outcomes and management of material risks and opportunities that shape long-term value and resilience. 

In October 2025, WBCSD and Principles for Responsible Investment brought together a group of agrifood companies and investors to discuss how shared metrics can better support decision-making for both corporates and investors and drive more coordinated action across the sector. The article highlights the main insights from the dialogue.

In the evolving world of sustainable finance, investors are beginning to look beyond carbon. As the climate crisis intensifies, another equally urgent challenge is rising to the forefront — the loss of nature and biodiversity. The degradation of forests, oceans, and ecosystems is now recognized not only as an environmental concern but also as a financial risk threatening global growth and stability.

Biodiversity funds are emerging as powerful investment tools to tackle this challenge. By aligning profit with purpose, these funds are redefining sustainable investing and placing nature at the heart of long-term value creation.

Nature risks are fast becoming systemic risks that touch every part of the economy.

Like climate change, the loss of biodiversity and ecosystem services now poses a real threat to financial stability, business continuity, and food security.

Central banks, investors, and corporations are starting to catch up, albeit slowly.

ESG report detailing goals and progress for the fiscal year ending Dec 28, 2024 across environment, people and governance.

Includes metrics, programs and supporting disclosures/assurance resources via the Reporting Verifications hub.

Annual sustainability report (ESRS framework) supplementing the annual report, including the separate combined non‑financial report.

Covers environmental, social and governance topics, targets and progress across operations and value chain.

With the continued expansion of renewable energy, the electrification of transportation and heat,  and the rapid growth of data centers to support AI, global demand for electricity is surging. Electricity grids require significant investment to meet this skyrocketing demand. 

According to Bloomberg New Energy Finance, grid spending is expected to reach $577 billion annually by 2027, up from an estimated $479 billion in 2025.

Clean Edge’s 2026 Grid Market Map represents a selection of companies and organizations contributing to the grid across a range of sectors, from transmission & distribution manufacturers and data and software providers to grid enhancing technology innovators and energy storage players.

Europe is the fastest-warming continent, with climate change triggering more frequent and severe heatwaves, droughts and floods. This is driving up food prices, multiplying health risks, especially for the most vulnerable in society, and inflicting mounting damage to homes and livelihoods.

Banks have a vital part to play in tackling the climate crisis and helping protect our economy from the serious financial risks it creates. Yet, ShareAction’s new forensic analysis of Europe’s largest banks has found progress on climate has ground to a standstill, and in some cases, reversed.

A minority of banks are setting new targets to cut emissions in key sectors. This includes BPCE, ING, Intesa Sanpaolo, Standard Chartered, and UniCredit, which all expanded the scope of their decarbonisation targets to cover multiple new sectors between May 2024 and April 2025....

This monthly Regnan alert examines the “administrative commons” as a critical shared asset underpinning market stability. It argues that weakened public institutions and policy capture transfer systemic risk to diversified investors.

Framing institutional integrity as a material investment issue, it outlines why stewardship of resilient governance systems is essential for long-term value preservation.

AI presents a range of challenges and opportunities. As AI continues to evolve, it holds the potential to drive economic growth, improve quality of life, and address complex global challenges.

However, it comes with some growing concerns, particularly environmental and ethical. For example, the rapid expansion of AI increases energy consumption and carbon emissions, especially in data centres, raising sustainability challenges.

Ethically, AI systems can perpetuate bias, spread misinformation, and pose risks to privacy by collecting and analysing personal data, sometimes without adequate consent or transparency. Additionally, the adoption of AI may lead to job displacement and changes in employment patterns.

These challenges highlight the importance of robust governance, transparency, and measurable sustainability targets as AI technologies develop.

For the past several years, climate has dominated ESG agendas. Rightly so in our view, given that its physical and transition risks are reshaping portfolios and policy alike.

But in 2026, one issue has returned to the forefront with unmistakable urgency: governance, and more specifically, the health of democracy and the rule of law.

In 2019, the European Commission recognized the EU’s responsibility for around 10% of the global share of deforestation, highlighting the need for urgent and comprehensive regulation. In that document, the Commission first outlined its intention to address the EU’s impact on deforestation, citing its significant climate and biodiversity-related implications.

The EU Regulation on Deforestation-Free Products (EUDR), which entered into force in June 2023, aims to regulate key commodities linked to deforestation, specifically cattle, wood, cocoa, soy, palm oil, coffee, and rubber. Commodities that fall under the scope of the regulation must be demonstrably deforestation-free along their supply chain.

As of October 2025, the Commission has announced plans to delay the regulation for a second time, pushing its intended application date back a further year to December 2026, citing IT issues.

Because of its scope, the EUDR will have substantial implications for European businesses, especially from the consumer staples, paper & forest product, and automotive sectors. Reflecting this, companies and industry associations from these sectors have engaged actively on the EUDR, with industry associations taking more negative positions than companies.

Initial findings from new InfluenceMap research indicate that corporate communications around the term "just transition" are generally misaligned with international framework definitions from the UN's Intergovernmental Panel on Climate Change (IPCC) and International Labour Organization (ILO). This suggests that influential companies and industry groups may be risking both the energy transition and its just implementation.

Looking at climate-related communications by entities within the LobbyMap database from 2022 through 2024, InfluenceMap finds that the majority of engagement with the term is either vague or counter to the energy transition, such that:

• 69% of these communications only name-dropped or included a broad reference to a just transition;
• 11% of communications used just transition language to argue for an extended role for fossil fuels in the energy mix;
• 20% of communications involved some detailed engagement, with support for the steps required to meaningfully implement a just transition.

In 2025, new industry voices are chiming in on Europe's energy future—countering long-standing pro-fossil fuel advocacy by vested interests.

Between 2024 and 2025, in consultation responses on the EU Energy Security Framework, InfluenceMap finds an emerging contingent of industry voices from the renewable energy and utilities sector are emphasizing the importance of renewable-based electrification and the development of domestic renewables to strengthen the EU’s energy independence in line with scientific guidance from the Intergovernmental Panel on Climate Change (IPCC).

Largest asset managers increase their support for management at the corporate ballot box

"We analyzed proxy-voting records of 50 of the largest US managers of equity and allocation funds for companies in the Morningstar US Large-Mid Cap Index over the 2023, 2024, and 2025 proxy years.

Asset owners rely on proxy-voting records to assess alignment between their own objectives and the asset managers they appoint. This paper is a comprehensive review of US proxy-voting patterns that can help asset owners make that assessment."

The GSS Bonds Market Trends Report, January 2026, points to a turning point for the Green, Social and Sustainability (GSS) bond market, driven by a record reinvestment cycle, regulatory change under SFDR 2.0 and sharper scrutiny of climate impact.

GSS Bond issuance totalled around USD 1 trillion in 2025, broadly in line with recent years, but the composition of the market continues to evolve. Green Bonds consolidated their lead, increasing their share to 58% of total issuance, while Social Bonds declined to 13%. Sustainability Bonds continued to grow, reaching 26%, as Sustainability-linked Bonds fell to just 3%.

The report also highlights the largest maturity wall the market has faced to date, over EUR 250 billion in GSS Bonds matured in 2025, followed by a further EUR 290 billion in 2026. This reinvestment pool is expected to provide structural support for high-quality Green and Sustainability issuance.

At the same time, new issuance-level carbon analysis shows that issuer-level metrics materially understate the decarbonisation impact of use-of-proceeds bonds, reinforcing the strategic role of Green Bonds in sustainable portfolios.

"Part of Pensions for Purpose’s Systems Thinking Series – short reflections from our Ecosystem Theme leads, which explore how investment thinking needs to evolve. This piece was written by Charlotte O'Leary, System & Governance Change Lead."

In this report, we set out to explore what growth-independent pension systems could look like. Informed by the planetary boundaries and other signs of planetary insolvency, we saw a need for fresh perspectives and new directions. 

We’d summarize our findings and suggestions as follows: 

• By chasing growth, pensions are contributing to the destruction of our natural systems
• Pensions vastly underestimate the risk of climate and ecological collapse
• A shift to focusing more on providing social, human and natural capital is preferred

Please join Arketa Institute for Post-Growth Finance, on February 4th for a discussion of our recent paper: ‘A Path to Post-Growth Pensions’.

Gaya Herrington will moderate the discussion on how to better craft our retirement systems to serve human wellbeing - not simply capital accumulations.

You can sign up for the event here: A Path to Postgrowth Pensions Webinar

If you know anyone else who might be interested in this topic, please spread the word. 

Read more about the key responsible investment trends and their implications for investors in the Amundi Responsible Investment Views 2026

• Positive inflows led by fixed income in a context of continued normalisation
• Asset owners double down on stewardship
• Climate adaptation is now a tangible imperative for investors
• Energy system integration and strategic‑autonomy fragmentation
• Natural capital is the new market darlings, for good reasons
• AI is redefining responsible investing, from data to labour markets
• 2026: A window to align responsible investment products with investor preferences

As the consultation deadline approaches, we would like to remind you to share your views on the proposed updates to our sovereign and banking assessment frameworks.

At the start of December, the TPI Global Climate Transition Centre (TPI Centre) at the London School of Economics and Political Science (LSE) launched two public consultations, which are running until 31 January. The aim is to gather feedback on the frameworks we use to assess how sovereigns and banks are progressing in the transition to a low-carbon economy. Input from investors, banks and sovereign issuers is particularly important to ensure the frameworks remain relevant, credible and fit for purpose.

The TPI Centre provides independent, rigorous research and assessments based on publicly available information. To ensure its frameworks remain robust, they are periodically reviewed and, where proposed approaches are material, subject to public consultations. All assessment frameworks are transparent and accessible on the TPI Centre website.

The consultations close on 31 January 2026. We encourage you to respond to one or both consultations before the deadline. Details on each consultation and on how to respond can be found at the links below:

• Assessing Sovereign Climate-related Opportunities and Risks (ASCOR) tool consultation

• Banking tool consultation

In case your office system blocks external links, please use the below QR codes or short links to access each survey on your phone.

Banking consultation survey:                                     ASCOR consultation survey:
https://bit.ly/4pzbhWX                                                 https://bit.ly/49HY2OO

ESG / sustainability-related people moves reported since our previous post in early November 2025, across banking, asset management, corporates, advisory/data firms, NGOs, ESG ratings providers.

1. Banking – ABN AMRO (Netherlands)
Sandra Phlippen – appointed Chief Sustainability Officer (CSO), ABN AMRO
Organisation / sector: ABN AMRO – Dutch bank and financial services group (banking / sustainable finance).

Date: Effective 1 January 2026 (appointment announced in late 2025).

Move: Phlippen moves from her role as Chief Economist at ABN AMRO to become the bank’s Chief Sustainability Officer. She has been with ABN AMRO since 2018 and previously held academic and media roles focused on economics and public policy.

2. Asset Management – M&G plc (UK)
Marian D’Auria – appointed Chief Sustainability Officer, M&G plc
Organisation / sector: M&G plc – UK-based savings and investments group (asset management / insurance).

Date: Appointment announced December 2025.

Move: D’Auria joins from GFG Alliance, where she was Global Head of Risk & Sustainability. She has a background spanning risk management, industrial operations and sustainable finance, including advisory work with the Institute and Faculty of Actuaries on sustainability.

3. Corporate – Rolls‑Royce (UK industrial technology)
Ivanka Mamic – appointed Global Head of Government Relations and Chief Sustainability Officer, Rolls‑Royce
Organisation / sector: Rolls‑Royce – aerospace, defence and power systems (corporate / industrial & energy transition).

Date: Appointment announced mid‑January 2026.

Move: Mamic joins from bp, where she served as Chief Sustainability Officer and previously held senior roles in sustainable business and supply chains at Target. She brings experience in large-scale decarbonisation strategy and stakeholder engagement.

4. Research / Advisory – EY (Global professional services)
Alexis Gazzo – appointed Global Climate Change and Sustainability Services Leader, EY

Organisation / sector: EY – global assurance, tax, consulting and advisory firm (sustainability advisory / assurance).

Date: Appointment announced 10 December 2025.

Move: Long‑standing EY partner Alexis Gazzo takes over as Global Climate Change and Sustainability Services (CCaSS) Leader, succeeding Dr Matthew Bell (who moved to become Group CEO of Anthesis).

5. Data / Technology – Measurabl (Real‑estate sustainability data)
Maureen Waters – appointed CEO, Measurabl
Organisation / sector: Measurabl – real‑estate sustainability data and analytics platform (ESG data / proptech).

Date: Appointment announced 16 December 2025.

Move: Waters takes over as CEO from co‑founder Matt Ellis, who becomes Executive Chairman. She joined Measurabl in 2023 as Chief Growth Officer and later President, with previous roles as Chief Strategy Officer at Cushman & Wakefield and Head of Real Estate at Bill Gates Investments.

6. NGO / Climate Consultancy – The Carbon Trust
Wei Mei Hum – appointed Head of Asia, The Carbon Trust
Organisation / sector: The Carbon Trust – climate consultancy and think‑tank (NGO / advisory).

Date: Appointment announced 19 January 2026.

Move: Hum is appointed Head of Asia, based in Singapore. She brings experience in sustainability, carbon markets and finance from previous roles in the region.

7. ESG Ratings Provider – Morningstar Sustainalytics
Jodie Tapscott – appointed Head of Climate and Nature Solutions, Morningstar Sustainalytics
Organisation / sector: Morningstar Sustainalytics – ESG ratings, data and research provider (ESG ratings / analytics).

Date: Appointment announced 20 November 2025.

Move: Tapscott is appointed to lead the Climate and Nature Solutions function. She takes responsibility for product strategy, development and delivery in the areas of climate and nature within Sustainalytics’ platform.

Sustainability is one of the Barbican’s five core values hence this new strategically important role has been created. The Head of Sustainability will lead the sustainability team and ensure the Centre achieves its strategic goals and objectives. The post holder will lead the development and delivery of the sustainability strategy and report at a senior level on its progress. They will influence decision making across every team.

In partnership with Directors’ Group and the Management Team, they will also lead behavioural change in the areas of energy, sustainability and environmental management. They will lead the Centre-wide.

The Science Based Targets (SBTi) initiative is looking for a Sector Lead (paternity leave cover; 6-month contract with possibility of extension) to support the Sector Standards Team’s work to develop standards for the energy, industry and transport sectors. 

Core Responsibilities

-Build the ESG compliance agenda by partnering with Legal, Governance & Public Affairs and key partners to identify, interpret, and assess emerging ESG and human rights regulations aligned with sustainability and responsible sourcing goals
-Turn regulation into action by building multi-year compliance roadmaps and mitigation plans, inspire change management, and supporting embedding requirements into operations and supplier practices - especially within Procurement, in close partnership with Sustainable Sourcing
-Lead global EU Deforestation Regulations compliance, owning the overall roadmap and governance while coordinating cross-functional teams and ....tracking progress, risks, and milestones establishing ownership in and transition to business.

As the Principal Consultant for Corporate ESG Services, you will develop and manage the ESG advisory services offering within the wider ESG Corporate Services Business Unit, with support from Business Unit Manager.  Acting as commercial lead and providing support and direction. To deliver projects to the required quality and driving business growth and development activities. Provide an expert point of reference on technical delivery.

Join our client's JV project team, where your role will be to provide vital environmental and sustainability advice, guidance, and support across all operations. Your expertise will help reduce environmental risks associated with construction activities and foster a culture of sustainability.

Head, UK & Ireland, Responsible Investment Markets (12 Month Fixed Term Contract, Family Leave Cover) - Principles for Responsible Investment - Applied

Associate, Net Zero Asset Owner Alliance (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Head of Sponsorship, Events - Principles for Responsible Investment - Applied

Work as part of a multidisciplinary team across a range of industries to assist companies in better understand and develop solutions to respond to the complex and evolving policy, regulatory, and business environment risks and opportunities associated with ESG/Sustainability and Decarbonization....

Supervise and enhance the analysis of corporate activities and provide recommendations related to enhance their sustainability/ESG strategy, methods, framework, and related tools to support clients in achieving their sustainability/ ESG objectives.....

The MSCI Sustainability Research Corporate Governance team is responsible for providing clients with actionable content on corporate governance and contributing innovative insights into the environmental, social, and governance (ESG) ratings framework.

Open to London, Frankfurt and Amsterdam locations

Asset Management role

In this role, you will help deliver and evidence the outcomes of our stewardship activity across engagement and voting, including communicating clearly how these activities support investment decision -making and client priorities. You will act as an engagement specialist, contributing to targeted dialogue with companies and supporting the oversight of voting and engagement activity. A key focus of the role is producing high quality written materials and disclosures, including drafting content for the Stewardship code reporting, PRI submissions and voting and engagement reporting and developing clear, client ready narratives and case studies that articulate progress, outcomes, and client benefits.

The Sustainable Investing Research Analyst is a member of the Sustainable Investing Research team within State Street Investment Management’s Sustainable Investing organization. The role is responsible for conducting investment-relevant thematic research to support State Street Investment Management’s industry leading sustainable investing research capability and sustainable investment solution innovation in order to meet rising client demand. The position is based in London and reports to the Global Head of Sustainable Investing Research.

Reporting to the Managing Director, Sustainable Investing, the Principal, Sustainable Investing will play a key role in the implementation of HOOPP’s new Sustainable Investing strategy, a key initiative in the 2030 Strategic Plan.

In this role, you will be a leading contributor to generating sustainability insights to inform portfolio resilience. You will bring a strong technical foundation and a passion to contribute to the continued advancement of Sustainable Investing at HOOPP. 

Eurasia Group is looking for an experienced and driven Senior Analyst to join its Global Environment & Sustainability Practice. This role focuses on climate transition across industries, sustainability due diligence, and sustainable finance. The Senior Analyst will serve as Eurasia Group’s foremost expert on climate-related issues.

You’ll:

- Lead Workspace’s ESG strategy and ensure progress against the Net Zero pathway
- Embed ESG into investment, asset management and operations
- Strengthen our social impact agenda, with a clear focus on skills, early careers and local communities.....

The Associate will play an important role in consolidating the position of Moody’s Sustainable Finance team as the preeminent source of expertise on ESG credit risks and sustainable finance in global credit markets. The role-holder will support the Sustainable Finance team’s thought leadership program, contributing to the publication of thematic research and delivery of outreach activities. 

You will be part of a small and dedicated team supporting Schroders maintain its high level of responsible business standards and meet its own sustainability commitments. You’ll manage, co-ordinate and own multiple cross-functional initiatives and projects across the year. 

The Sustainability Reporting Manager will support the Director of Sustainability Reporting Expertise in overseeing Unilever’s global sustainability reporting. The role sits within the Sustainability Finance team which reports to Unilever’s Group Controller and works closely with the Group Chief Accounting Department (GCAD) to ensure consistency between financial and non-financial reporting.

Employment Type: Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location: Hybrid · London, City of, UK
Team: Investor Education
Seniority: Mid-level

Closing: 8:00pm, 1st Feb 2026 GMT

Employment Type Part time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location Hybrid · Germany (multiple locations)Berlin · Munich · Frankfurt
 
Team RI Markets
Seniority Mid-level
Closing: 8:00pm, 25th Jan 2026 GMT

We are looking for someone to join us as our Head of Sustainability. Reporting to Mark Farrow, the Director of Strategy & Planning (Places), and take the lead role developing, implementing, and embedding our Sustainability & Inclusivity Strategy across our substantial property portfolio.

Reporting to the Chief Brand & Reputation Officer, the Head of Sustainability will be instrumental in delivering Harrods’ ESG strategy, driving forward complex initiatives that embed sustainability into every facet of our business. This is a high-impact leadership role that spans across all ESG pillars - Our Business, Our Products, Partnership & Innovation, Our People, and Our Community -requiring strong stakeholder engagement, strategic oversight, and a passion for creating meaningful change.

We’re seeking a future team member for the role of Vice President, ESG Regulatory Programs to join our Sustainability Hub. The Vice President will operate as a core driver and manager across disclosure production, regulatory implementation, and cross-functional governance – bridging day-to-day execution with strategic oversight. This role is located in London or Manchester.

Brookfield Asset Management is looking to add a full-time Analyst to the Renewable Power and Transition team (London office) who will work closely with the Environmental, Social and Governance (“ESG”) team.  
 
The position provides an excellent opportunity to work on implementation of the impact and sustainability strategy across the Renewable Power and Transition business, including the Brookfield Global Transition Fund (“BGTF”) and Catalytic Transition Fund (“CTF”), and to interact with and support the investment team network. 

The Director of Environmental, Social, Governance, and Reputational (ESGR) and Net Zero (NZ) Client Risk Management is responsible for managing ESGR risks, including climate risks, with a focus on environmental and social risks. This role operates within the Enterprise Risk Management framework and ensures compliance with the CIB Climate Credit Risk Standard and Non-Financial ESG and Reputational Risk Management Standard. The Director will provide second-line oversight and challenge to key stakeholders across the Group, ensuring alignment with the Bank’s environmental and social standards.

As a Senior Sustainability Manager, you'll play a crucial role in setting and coordinating AXA UK's sustainability strategy and helping us achieve our environmental and social goals. You'll provide expert advice on sustainability risks, opportunities, and regulatory requirements, working across various teams to deliver impactful projects and initiatives. Your insights will help us track progress, communicate our efforts, and stay ahead of emerging trends and regulations.

Working closely with the Global Director, Climate, and the Director, Climate (when in post), the role-holder will provide senior management and leadership across both a specific portfolio of grants, as well as supporting broader team-wide efforts to increase the sophistication of our strategies and programmes, particularly with respect to the finance, corporates, carbon pricing and legal programmes part of the cluster. The role holder will be able to deputise for the Director, Climate as required, and represent CIFF externally across a variety of meetings and geographies.    

As Head of Programs, you will provide strategic leadership for the Foundation’s global program portfolio. You will manage a team of Program Directors, overseeing thematic and regional programs across education, health, climate/environment, humanitarian aid, and social-finance vehicles. Your role ensures alignment with the Foundation’s overarching social-impact strategy, blending traditional philanthropy with innovative financing structures to maximize impact, sustainability, and scale.

The Sustainability Office at State Street provides enterprise-wide leadership across State Street’s global sustainability and climate program, including strategy, policy, governance, and external engagement.  We are looking for a Vice President to lead the development of our approach to and ensure compliance with emerging global sustainability reporting standards.  The sustainability team works in close partnership with the Sustainability Controllers, based in Finance, as well as with colleagues across the company, notably Risk, Legal, Compliance, Data.

We are looking for a VP to join our Sustainability Strategy team in London.

To support the compliance manager in ensuring that the IFRS Foundation manages business and compliance risks. 18 mth fixed term

Your role

-Collaborate with investment teams to identify key stewardship targets and engagement objectives, and to support the exercise of proxy voting rights. Liaise with multiple investment teams to build consensus when necessary.
-Co-ordinate and participate in bilateral and/or collaborative engagements with companies on the broad range of ESG issues.
-Contribute to enhancing our firmwide approach to active ownership, including policy, procedures and guidelines on corporate engagement and proxy voting.
-Contribute to quality assurance, and internal and external reporting on active ownership activities.
-Conduct quantitative and qualitative research on RI topics and on market trends as they relate to active ownership, to inform RI strategy development and implementation and RI thought leadership, and support the delivery of specific initiatives.

-Leading our regulatory work on policy, regulatory and market design issues having a commercial impact on our carbon markets trading business
-Monitoring developments and develop insights into the carbon markets regulation and market design structures (e.g. EU ETS, EUETS2 etc..)
-Using this knowledge to derive and facilitate commercial strategies to generate tangible financial results in the short, medium and long term

As a Senior Sustainability Engagement Manager you’ll play a leading  role in advancing the Group’s strategic programme of external environmental and social  sustainability engagement. You'll shape and deliver a compelling, purpose-led narrative that builds reputation, helps to mitigate risk, and unlocks commercial value. Representing the Group, you'll engage with diverse audiences, including clients, investors, NGOs, and industry organisations to champion our sustainability and purpose work.

Role Overview: Join our team as a seasoned Resilience Taxonomy Manager on a 6-month fixed-term contract to cover maternity leave! In this role, you will spearhead the continuous development and execution of the Climate Bonds Resilience Taxonomy (CBRT), which serves as a vital framework for steering investments towards Climate Adaptation and Resilience (A&R).

In this role, you will lead high-integrity due diligence across a diverse portfolio of carbon projects, manage a team of due diligence specialists, and bring market-leading insights to our clients and partners.

"We’re now looking for a Sustainability Reporting Director to lead our global non-financial reporting strategy and help shape how Sage is seen, trusted, and understood by regulators, investors, customers, and society.

This is a senior leadership role at the heart of Sage’s sustainability and net zero ambitions, with direct exposure to Executive Leadership Team and Board-level stakeholders."

This is a two-year term role with opportunities for extension, based on performance and funding.

Senior Associates on Malk’s Multi-Strategy team support clients in building and enhancing ESG programs across various asset classes, including private equity, private credit, real estate, secondaries, venture capital, and hedge funds. Malk’s Fund Advisory work focuses on developing tailored ESG management strategies to meet each client’s priorities. Previous projects have included development of an ESG program for a GP stakes firm, creation of ESG maturity models and frameworks for a multi-strategy asset owner, and the design and execution of ESG data collection strategies. In addition to Fund Advisory projects, Senior Associates support Multi-Strategy clients by performing ESG due diligence reviews for their prospective acquisitions. 

As an Environmental & Social Due Diligence Associate on the Global Banking team, you will be responsible for assessing clients and deals, and leading strategic initiatives with support from the rest of the team. You should be a self-starter, able to articulate your thoughts clearly, and have excellent attention to detail. This role may involve limited travel and offers an excellent opportunity to gain exposure to a broad spectrum of E&S / ESG risks across multiple asset classes, industries, and geographies.

The Climate & Emissions DataVice President is part of Citi’s Sustainability & ESG team, which is responsible for the development and execution of Citi’s Sustainable Progress Strategy (https://www.citigroup.com/citi/sustainability/),net zero commitment and related key initiatives. 

The Sr. Director, Stewardship and ESG Integration Lead – Public Equities manages a team that executes on various elements of the organization's investment stewardship strategy. In addition to the day-to-day stewardship activities of company engagement and proxy voting, the role also is the primary liaison between the Responsible Investing (RI) Engagement and Integration pillars in terms of development of Environmental, Social, and Governance (ESG) research and Thought Leadership. 

We are seeking a proactive and experienced Sustainability Risk Lead to oversee end-to-end sustainability risk management across our Asset Management business.

This is an exciting interim opportunity for an ambitious candidate to join the FAIRR team to drive change in the global food system. The role sits as the organisation’s primary expert on climate and nature risk. 

We are seeking a high-energy, self-motivated, and organised Associate or VP who is passionate about sustainability and the low-carbon transition to join STS in a multi-faceted and dynamic role. 
 
The successful candidate will have the opportunity to work across and then specialize in several different focus areas via both long-term project work and day-to-day recurring responsibilities across strategyand business management.

As the Principal Consultant for Corporate ESG Services, you will develop and manage the ESG advisory services offering within the wider ESG Corporate Services Business Unit, with support from Business Unit Manager.  Acting as commercial lead and providing support and direction. To deliver projects to the required quality and driving business growth and development activities. Provide an expert point of reference on technical delivery.

This is an opportunity to work within the PRI’s Investor Initiatives & Collaboration team. PRI’s Investor Initiatives Portfolio team works alongside the sustainability & Stewardship teams to strengthen opportunities to work together.

Responsibilities include:

- Assist in the preparation of research reports across a range of ESG topics, including conducting primary research and data gathering

- Monitor and track research published by US analysts to aid in idea generation around fixed income and governance ESG themes

- Work with various sector analysts on collaborative cross-sector research reports

- Assist in the managing and execution of department-wide ESG publications and data initiatives

- Monitor and track Sustainability-related news flow

Full details in download link below

12 month FTC

Lead the delivery of Kingfisher’s annual ESG reporting commitments including the Responsible Business report and data appendix, annual report, banner summary reports, and responsible business pages of Kingfisher.com.

Manage the data collection process for responsible business key performance indicators (KPIs) across the group, including the data review and validation to ensure accurate disclosure.

Manage the audit and external assurance of responsible business data, including owning the relationship with external audit providers and internal audit team (where applicable).

Managing the responsible business reporting delivery team which includes internal and external specialists to successfully deliver the corporate responsible business reporting to a high standard, to time and budget

Serve as the ESG reporting subject matter expert for the KF Group, closely monitoring regulatory requirements and translating these back to the business in a clear and accessible way. Have strong technical competencies and understanding of ESG reporting frameworks and directives (i.e. SASB, TCFD, SECR, CSRD, ISSB)

Work with the Annual Report and Accounts team to ensure responsible business content required by regulation and internal/ external stakeholders is integrated into the annual reporting cycles.