Industry bodies

Developed in close collaboration with investor group leads, this two-year engagement  programme highlights key progress, challenges, and investor expectations.

Prepared for Border to Coast

Engagement & voting report (cases, themes, metrics) from Robeco’s Active Ownership team.

Scope: Large US & European managers plus a few “best practice” smaller firms

Date: Methodology dated Dec 2025

Looks specifically at climate-related practices:

- Fossil fuel exclusion policies (coal, oil & gas).
- Holdings in newly issued bonds from fossil fuel developers (2024–mid-2025).
- Proxy voting policies and records at fossil fuel companies (director elections, pay, etc.). 

Asset managers are grouped using colour-coded scores (red / yellow / green) for:

- Commitment to stop new fossil fuel investments.
- Share of new fossil-fuel bonds they hold.
- Voting behaviour against boards and remuneration at fossil fuel developers.

The Just Share Asset Manager Responsible Investment Benchmark 2025 assesses 20 of South Africa’s largest asset managers against international best practice across responsible investment standards on governance, climate change, biodiversity and social impacts. The findings show that the industry is failing to adequately address the systemic risks that climate change, biodiversity loss and inequality pose for investors and society.

The report was researched and produced by Just Share using a survey methodology developed by UK-based non-profit organisation ShareAction. The methodology assesses responsible investment performance against 20 key standards. The standards are ambitious, but achievable, with ShareAction demonstrating that every one of the standards was met by at least one of the 76 global asset managers assessed in ShareAction’s 2025 survey.

All assessed South African asset managers were provided with the survey prepopulated by Just Share using publicly available information, and given the opportunity to check the survey findings and provide additional information. Fifteen of the twenty assessed asset managers responded.

Despite responsible investment forming part of South African asset managers’ lexicon for over 15 years, 85% of the largest asset managers received only “E” or “F” grades, with scores below 25%, while four managers failed to meet even one of the benchmark’s 20 key standards for responsible investment. The top-performing local manager, Ninety One, scored just 30%, giving it a “D” grade that would place it 24th among the 76 global asset managers assessed by ShareAction.

From insight to value: The sustainability reporting journey continues

Mandatory sustainability reporting has arrived with a bang in 2025 as thousands of companies published statements under the European Union’s Corporate Sustainability Reporting Directive (CSRD) and countries in other jurisdictions started to adopt the International Sustainability Standards Board’s (ISSB) reporting framework.

Yet this is also a year in which regulators recalibrated. While many jurisdictions continue to work towards ISSB adoption, the EU set out to reduce the number of organisations within scope of the CSRD and, for those that remain, simplify and defer reporting requirements. Meanwhile, the US Securities and Exchange Commission’s climate-related financial disclosure regulations remain in flux. 

PwC’s inaugural Global Sustainability Reporting Survey, based on responses from 496 companies that have reported, or plan to do so in the future, under the CSRD or ISSB frameworks, reveals that while some have paused reporting plans in response to these changes, many are moving ahead. For example, about 40% of survey respondents planning to report under the CSRD in the future say they’ll postpone statutory reporting by two years, in line with the EU’s ‘stop the clock’ directive. An equal number say they’ll report on the original timeline, even if not legally required to do so, whether under the CSRD or an alternative framework like the ISSB or the Global Reporting Initiative. 

The OECD Global Corporate Sustainability Report aims to support the adoption of corporate governance policies and practices that strengthen the sustainability and resilience of companies.

It provides easily accessible information to help policymakers, regulators, and market participants understand how sustainability-related practices are evolving. 

The issues covered in this report relate to the recommendations on sustainability of the G20/OECD Principles of Corporate Governance (Chapter VI).

Phase 2 Engagement Progress Report

The global food system is becoming increasingly vulnerable to supply chain disruptions driven by geopolitical conflicts, disease outbreaks, and more extreme and unpredictable weather patterns. Animal agriculture supply chains are particularly vulnerable to these risks.  

Protein diversification offers companies with high exposure to animal proteins an opportunity to safeguard a supply of ingredients while also building a resilient product portfolio, amid uncertain macroeconomic events.  

This report discusses the progress made by 20 of the largest food retailers and brand manufacturers in North America, Europe, and Australasia in leveraging protein diversification as a risk mitigation tool following the completion of Phase 2 (2024/25) of the FAIRR Protein Diversification engagement. This engagement was supported by 73 investors representing US$11.5 trillion in combined assets.  

This report examines how growing climate and nature risks are reshaping global soft commodity markets—particularly corn, soy and wheat—and how these shifts are affecting the resilience and profitability of livestock supply chains. 

Drawing on data from the Coller FAIRR Climate Risk Tool (CRT), the Coller FAIRR Protein Producer Index, and Bloomberg, the report underscores how climate-driven feed disruptions translate into financial losses, operational risks, and long-term value implications for the world’s largest listed protein producers, and their investors. 

Feed is one of the most climate-sensitive cost components in livestock production. Under the CRT’s high-impact scenario, average feed costs could rise by more than 30% by 2050, with poultry and pork producers facing the greatest pressure on profit margins. FAIRR’s analysis highlights systemic vulnerabilities – including supplier and geographic concentration, low traceability, and uneven disclosure of feed-related and water risks – that constrain corporate risk management and investor oversight. 

Thanks to favourable growth and demographic trends, Africa’s role on the global economic stage is rising. The region’s fixed income markets have much to offer investors: double-digit yields; strong return drivers; powerful diversification benefits, to name just three. This is a new frontier that is well worth exploring.

AI is dramatically changing trends in electricity demand, creating exciting opportunities for equity investors.

April 8-9, 2026 | Hilton Downtown Toronto

Join us for the 2026 Investor Summit as we mark SHARE's 25th anniversary. The event will be held in Toronto for the first time.

The SHARE Investor Summit brings together institutional investors—including pension funds, universities, foundations and religious investors— from coast to coast to coast to build a sustainable, productive and inclusive economy. The Summit is designed to strengthen investor collaboration and identify opportunities for action toward reconciliation, climate action, human rights, affordable housing and racial equity. 

Register and attend the SHARE Investor Summit — Canada’s only non-profit-led responsible investor conference.

The disappointing results from the recently held COP30 Climate Summit in Brazil showed how leading politicians can’t agree on the necessary actions to keep temperature rise less than 1,5°C. To mitigate the significant negative consequences, private companies, investors, consumers and NGOs have to do even more than they already do.

Institutional investors can first and foremost invest in climate solutions and influence the companies they invest in to improve their climate management and performance through engagement and voting in order to reach net zero emissions in 2050 at the latest. Hundreds of asset owners and asset managers all over the world already do this to a large extent to reach their own Net Zero goals. However, with the lagging political results and the current ESG backlash, the pressure on responsible companies and investors has become even stronger.

The third quarter of 2025 marked a pivotal period for global sustainable finance regulation. Across regions, policymakers refined disclosure frameworks, clarified expectations, and tightened accountability around sustainability claims.

While the EU and UK advanced alignment with ISSB and ESRS standards, the US and Canada faced regulatory gridlock offset by strong state and competition-level enforcement.

Meanwhile, APAC jurisdictions continued a pragmatic rollout of ISSB-aligned rules at varying speeds.

For asset managers and financial institutions, the message is clear: the regulatory floor is converging around transparent, verifiable sustainability data, and supervisors are demanding credible evidence behind every disclosure and claim.

Sustainability reporting requirements across the Asia-Pacific (APAC) region are rapidly evolving. Regulators are moving toward adopting mandatory disclosures, many of which align with the IFRS Sustainability Disclosure Standards and focus on financial materiality. This shift is occurring while other regions, such as the European Union, face political and legal resistance to sustainability disclosure mandates.

As APAC economies continue to play important roles in global trade and investment, companies across the world may be implicated by these regulations. Our latest resource paper dives into the key regulatory trends related to sustainability reporting in APAC and outlines current and emerging disclosure requirements in key economies. Whether you're an APAC-based organization or a multinational company with operations in the region, understanding these developments is essential to ensure compliance and meet stakeholder expectations. 

As we approach the two-year milestone since the ISSB Standards became effective in January 2024, it is worth examining these standards in depth and considering what it would take for companies to align with them. 

This resource paper provides insight into the development, structure, and global adoption of the ISSB Standards, along with key considerations for companies transitioning their sustainability reporting to meet these requirements.

It also includes a detailed comparison of the TCFD Recommendations and IFRS S2, offering a practical guide that companies can reference to better understand alignment opportunities, identify reporting gaps, and enhance the transparency and consistency of their climate-related disclosures.

Global mining companies sit at the heart of the transition. They supply key materials for clean technologies, have high operational footprints, and are exposed to emissions-intensive commodities like coal and iron ore. 

LNG producers are doubling down on long-lifetime projects, claiming they can deliver strong returns while reducing emissions. That story is increasingly hard to square with future scenarios that deviate from the best case for companies. 

In this paper, we summarise our sector experts’ analysis of the emerging issues, risks and opportunities that are affecting the Financials sector and related sub-industries in the transition to a more sustainable economy.

We explore three key themes driving sustainability-related opportunities and risks for the sector over the next one to two years:

• Artificial intelligence’s double-edged role in financial services, enabling efficiency and increasing uncertainty over viability of business models
• The rising severity and incidence of extreme weather events and the challenge of correctly pricing these risks to financial institutions
• Ongoing and accelerating efforts to deregulate the banking sector which are unlocking a broader range of investment opportunities

Irreversible transformations are incrementally reshaping the global economy. The emergence of new technologies, evolving consumer demand and policy changes are combining to fuel a period of intense creative disruption.

As we enter 2026, our investment teams are focused on identifying companies and issuers that demonstrate resilience as these transformations continue in the current market context.

Our macroeconomic perspective is one of cautious optimism. Falling interest rates and rising government spending should support risk assets. However, narrow drivers of economic growth and unsustainable fiscal trajectories raise alarm bells.

Within equities, we continue to take a critical view of certain stock valuations and expect investors to rediscover a focus on fundamentals – and so on stocks whose potential has been overlooked. Within fixed income, we perceive compelling relative value opportunities, but rigorous credit selection will be critical given spreads remain at historically tight levels.

As the long-term challenges facing global society come into closer focus, we are looking to capitalise on misunderstood – and so mispriced – opportunities and risks arising from the transition to a more sustainable economy.

Governments that once led on climate and sustainability are recalibrating toward national security, trade and technological leadership amid growing geopolitical fragmentation. Policy consensus has fractured and public commitments are wavering.  

Yet capital hasn’t slowed. Markets are moving on their own momentum — rewarding commercially viable transition technologies and repricing physical climate risk as extreme weather increasingly drives financial losses. Artificial intelligence is amplifying these trends: accelerating demand for clean energy, improving hazard detection and reshaping how investors assemble and interpret sustainability data. 

This widening gap between political rhetoric and economic reality defines the sustainability landscape for 2026. Investments in green technology are advancing on commercial strength rather than policy support.

Prudential regulators, focused on financial stability, continue to embed climate risk into capital frameworks in the face of mounting physical risks. And as official reporting directives stall, investors are demanding the financially material data they need to price risk and return. 

Investors are acting on what endures: the economics of the transition, the cost of inaction and the data that still drive performance. The following five trends trace how that divergence is reshaping portfolios and capital allocation. 

Sustainable investing enters 2026 at a critical juncture. The past year brought political headwinds and regulatory setbacks, prompting some investors to question the importance of sustainability. Discover the key trends that could shape sustainable investing in 2026. 

Readers of this Morningstar Sustainalytics report will learn how:

• Sustainable investing is being recalibrated in response to changing market conditions.
• Global ESG regulations are evolving.
• Greater attention will be paid to physical climate risks and adaptation, while transition remains a priority.
• Energy transition infrastructure is driving private climate investing.
• Innovation and stronger standards are bolstering the green, social and sustainability-linked bond market.
• Rising investor concerns will drive deeper integration of biodiversity risks.

Louis Bromfield discusses how the clean energy transition is no longer defined by the search for new technologies, but by the ability to organise the ones already available into a coherent and resilient system.

The energy transition is often framed as a future consideration; a combined set of hurdles to overcome and milestones to achieve across a decades-long transformation of the global economy.

However, this framing ignores the central message of the Energy Transitions panel, hosted at Foresight Capital Management’s annual investor conference in November. The panel, which featured representatives from Foresight’s private markets team as well as senior representatives from SSE and Boralex was unequivocal. The transition to clean energy is already the fastest energy shift that the world has ever seen.

Ben Kluftinger summarises a year of the WHEB strategy in terms of both impact and performance. With its ups and downs, he identifies three potential important positive catalysts for the year ahead.

As the year draws to a close, we had the pleasure once again of meeting many of our investors in person at our Annual Investor Conference at the end of November. 

We also had the opportunity to take stock of 2025. How did we do on our dual mandate of delivering impact as well as investment return during Oct 24 – Oct 25?

Anna Elliott discusses how US profitability has long driven global pharmaceutical dynamics and how this foundation is now under pressure.

US profitability has long driven global pharmaceutical dynamics, but that foundation is now under pressure.

Over the past two US administrations, healthcare investors have faced unprecedented uncertainty. Drug pricing debates, trade tensions, and uncertainty in government funding have weighed heavily on the sector. This caution is visible in the market, where price-to-earnings ratios now sit well below their ten-year average.

Sefa Degirmenci explains how real assets are part of a multi-decade infrastructure investment cycle driven by digitisation and the energy transition.

At Foresight's 2025 Annual Investor Conference in November, one theme stood out in the listed real assets session: we appear to be entering a multi-decade infrastructure investment cycle driven by digitisation and the energy transition.

I was about to click “buy” on shares of First Solar, a renewable energy company, when a stark message flashed on my screen: “Warning: you do not have sufficient knowledge to purchase this investment product.” As a retail investor, I’m legally nudged to consider whether I truly understand what I’m investing in. But I can’t help wondering – do the fund managers pouring money into arms manufacturer Rheinmetall get the same warning? What knowledge do they have that I supposedly lack? And more importantly, what knowledge should any investor have before financing companies entangled in human rights abuses?

The nowledge we test vs. the knowledge we need

In the past year the pace of the progression of the energy transition, measured by the indicators we track, has been largely mixed, with acceleration in some areas such as global electric vehicle technology and infrastructure offset by decelerating factors such as U.S. federal policy changes. In the real economy global emissions continue to increase.

We see investor’s perception of the low-carbon transition growing overly negative relative to what the indicators and related data would suggest, creating a robust landscape of opportunities for institutional investors.

Editor's Word: Discipline, Transition & Impact in Private Credit

Private credit has quietly become one of the most influential forces in global finance. With nearly US$2 trillion raised since 2011, it now funds the backbone of economic growth: the small and mid-sized companies unseen by public markets and underserved by banks. As capital searches for resilient returns and investors seek to align portfolios with the transition to a low-carbon economy, private debt sits at the centre of an urgent and fascinating tension: how do we reward performance while reshaping the real economy?

This publication explores that question through the lens of those deploying capital on the ground. The story is not one of glossy sustainability labels; it is about structuring covenants that change behaviour, about designing incentives that push borrowers to reduce risk and environmental harm, and about the messy practicality of gathering ESG data from companies that have never reported it before. Lenders are learning that sustainability isn’t just an ethical overlay; it is a tool for protecting capital, improving creditworthiness, and unlocking new markets.

The conversations captured here reveal a market in transition: from hype to discipline. Investors have moved past the ESG bubble toward a more pragmatic understanding of what matters, and how to deliver it.  They show how contract terms can prevent deforestation in Brazil, how financing can upgrade local infrastructure in Indonesia, and how borrowers can be supported rather than punished as they build new capabilities.

Yet major challenges remain: opaque information, shifting regulation, geopolitical instability and a persistent bias toward investing close to home. Blended finance may help unlock emerging-market opportunity, but only if public and private players learn to trust one another.  Private credit will continue to grow. The question is whether it becomes a powerful lever for sustainability, or simply more capital without consequence. The answer lies in what investors choose to demand next.

... read more ...

Consolidated Statement of Non-Financial Information and Sustainability Information (SNFI) FY2025

Sets out firm’s B Corp and Benefit Corporation commitments, ESG integration in fixed income strategies and culture; complemented by a 2024 Annual Benefit Report for legal benefit-corp disclosures.

Describes governance, ESG-integrated fixed-income process and engagement case studies across bond issuers

Second annual Sustainable Investment Review; consolidates information on screening, exclusions, engagement and voting, and references quarterly Sustainable Investment Reviews and thematic climate/nature reports.

ESG report and separate ‘highlights’ publication aligned with ESRS.

Privately held

Latest ESG report, with PDF filed to stock exchanges in early Dec 2025.

Real estate and hotels company

Tokyo Stock Exchange, Prime Market (securities code: 8923)
Singapore Exchange, Main Board (securities code: S2D)

"The report details our commitment to responsible business practices in accordance with internationally recognized standards, including the GRI (Global Reporting Initiative) and
SASB (Sustainability Accounting Standards Board). It also demonstrates our alignment with the United Nations Sustainable Development Goals (2030), particularly those relevant to our industry and operations. For the third consecutive year, an Independent Assurance Statement has been obtained, confirming the accuracy, reliability, and objectivity of the information presented."

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Nasdaq - SHIP

Against the backdrop of WBCSD’s 30th Anniversary, this paper examines if transformative business actions taken by executives are now receiving clearer signals from capital markets.

Key Takeaways

• Capital markets are starting to move – emissions profiles and credible transition plans are influencing borrowing costs in both bond markets (greenium) and bank lending spreads.
• Offense + defense improves EBITDA – growth can be accelerated through increased productivity, operational efficiency, and effective risk management (e.g., physical, policy).
• Markets reward credibility – publish milestones that investors and lenders can price over time; tie sustainability metrics to capex, incentives, and strategy.
• Sustainable financing structures may be advantageous – sustainability-linked instruments can diversify investor base and potentially lower pricing.
• Equity re-ratings are earned by delivering financial fundamentals – cost, revenue mix, resilience, and discipline drive valuation, not generic ESG claims.
• Doing nothing is an active risk choice – physical risks and policy shifts compound, increasing spreads and stranded-asset concerns.

A Guide to Understanding and Strengthening Investor Practice

Key Findings:

Systems stewardship is growing, but implementation varies and faces barriers.

Eighty-five per cent of surveyed investors incorporate systems thinking into stewardship.  They identified key system-level risks — climate change, human rights, biodiversity loss, resource depletion and social inequality — as material threats to long-term performance requiring coordinated, systemic action. Investors recognise that safeguarding beta-level returns helps protect the financial system and market.

Collaboration remains the dominant lever.

Ninety per cent of investors engage in alliances such as Climate Action (CA) 100+.  Policy advocacy is common across national and state governments, regulators and standard-setters, with a focus on climate policy, sustainability disclosures and sectoral transition pathways. However, there is a limit to depth and frequency.

Sector and value chain engagement is emerging.

While less common, initiatives such as the Investor Mining and Tailings Safety Initiative (IMTSI) and the Steel Purchaser Framework show the potential for collective action to shift industry systems.

Asset owner and asset manager alignment is strengthening.

Asset owners are increasingly engaging managers on systems stewardship, though formal accountability remains limited.

Company engagement is evolving.

Systems stewardship expands the lens to include lobbying practices, industry standards and collaborative tools to measure impact.

The report identifies six priorities to accelerate progress ... READ MORE VIA DOWNLOAD

Introduction

Many investors now have policies and strategies to address global issues of concern such as climate change, biodiversity loss, poverty and healthcare. But is the onus on investors to solve these problems? Are they aiding and abetting them through their investments in corporations? Or are states, companies and the general population largely to blame for societal and planetary ills? If the latter three actors, then maybe we should not have such high expectations for investors to direct their capital sustainably.

Looking at the numbers, however, all four actors are deeply implicated in most global problems but in different ways and investors do share part of the burden.

In short:

•        States: design the rules of the game (laws, taxes, subsidies, infrastructure).
•        Listed companies: concentrate production-side and consumption impacts in a relatively small number of enterprises, owned by investors.
•        General population: drive a big share of impacts through consumption choices and pressures such as poverty and poor education.

The issue of climate provides the clearest example of the interplay between these various actors. All four constituents take responsibility:

Producers (supply-side) and their owners:

The ‘Carbon Majors’ report traces ~72% of historical fossil-fuel and cement CO₂ to just 122 producers (investor-owned, state-owned and state entities). Recent analysis of 2023 data shows just 36 fossil fuel & cement companies account for over half of global emissions, with state-owned firms dominating that list.

Consumers (demand-side):

Multiple studies estimate 60–72% of global GHG emissions are driven by household consumption, once you include emissions embedded in goods and services.

States (policy-side):

Set the policy agenda, which can be strongly or weakly supportive of reducing emissions. So if you allocate responsibility by who “digs and burns” fossil fuels, you get a few hundred companies + the investors and/or states that own or regulate them.  If you allocate it by who buys goods and services, you get households and the lifestyles/patterns that states and firms enable. Both perspectives are therefore true but according to different lenses and that basic ambiguity repeats across most issues.

A responsibility matrix

Below is a basic “responsibility matrix” that maps this in a structured (high ‘H’ to medium ‘M’) way across a range of sustainability themes that many investors are concerned about.

Big picture patterns from the responsibility matrix

The general population column is not “absolving” people, but it recognises that consumers mostly choose from the menu they’re offered, under the rules states set and the systems companies build.

Climate and health are the clearest “investor-heavy” responsibilities. For climate, a relatively small number of carbon-intensive companies and their investors decide whether to keep expanding fossil fuel supply or to shift capex into low-carbon systems. For obesity, tobacco, alcohol and ultra-processed food, corporate actors engineer products, pricing and marketing in ways that drive population-level harm.  Investors ultimately own these companies and help determine capital allocation, strategy, and governance.  Thus, investor responsibility is also structurally very high.

States are structurally indispensable for poverty, inequality and enforcement. Redistribution, education, social protection and rule-of-law are fundamentally public functions. Companies and their owners can support or undermine this (via wages, tax practices, lobbying), but they can’t replace it.

Land use, biodiversity, deforestation and oceans are three-way problems. Here the pattern is a triangle. States control land and fishing rights, enforcement and infrastructure (roads into forests, ports, etc.). Companies/investors shape global commodity systems (beef, soy, palm, fish, timber, mining) and supply chains. Consumers drive demand for cheap meat, cheap palm-oil-rich products and cheap fish.

Plastic and waste show how shared responsibility really works. Policy can ban, tax or regulate certain plastics. Companies choose packaging formats and business models and could internalise more end-of-life costs. Households do the buying, binning and littering. It’s an example where investee companies cannot credibly claim “we just supply what people demand”, because they also design the packaging and the waste systems around it. Plastic pollution results from both corporate product/packaging design and mass consumption habits. Individuals play a significant role, but companies control upstream choices that lock in waste generation. 

Animal welfare highlights a moral responsibility, not just carbon or GDP related. Industrial livestock systems are very profitable, investor-owned and highly responsive to capital. States set minimum welfare standards, but companies design the actual conditions animals live in and investors benefit from that.

Why investors ultimately hold high responsibility

Consumers tend to choose from what companies produce. And investors own major corporations.

1. Investors own the menu offered by corporates; consumers choose from it - If all cars available were low‑carbon, personal transport emissions would plummet regardless of individual “choices.”

2. Investors have leverage even when states are weak - Companies can be encouraged (engagement, capital allocation) to adopt higher global standards even when national enforcement is poor.

3. Responsibility should roughly follow power and profit - Where a small set of profitable firms control system design, production and consumption trends, their owners carry disproportionate responsibility.

First published in 2012, the Global Sustainable Competitiveness Index (GSCI) measures country-level performance based on over 250 quantitative indicators, derived from international organisations such as the World Bank, various UN agencies, the IMF.

The GSCI serves as inclusive alternative to the GDP, to assess country-specific and issue-specific risks for operators and investors, and to verify development progress for government agencies.

The GSCI is officially used by four national governments to benchmark their progress on the path to sustainable and competitive development.

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Key points

• Scandinavia keeps dominating the Global Sustainable Competitiveness Index: The Index is topped by Finland, followed by Sweden and Denmark, with Iceland ranked 8th and Norway 9th
• Northern European countries dominate GSCI rankings: Japan is the only non-European nation in the top 20, Korea follows on 23. All Baltic countries are also listed in the top 20
• Asian nations (China, South Korea, Japan, Singapore) lead the Intellectual Capital Index – the basis of future competitiveness in a World dominated by technology
• The Social Capital Index ranking is headed by Northern European (Scandinavian) countries, the result of very high growth combined with a commonly accepted social consensus
• China tops the Intellectual Capital Index for the first time. However, the overall ranking (34) is evidence of underlying problems in Natural Capital and Resource Efficiency - albeit with encouraging signs of efficiency improvements
• The USA is ranked 42, performing comparatively poor in both resource efficiency and social capital, reflecting a decline that could potentially undermine the global status of the US in the future
• Countries in Africa show a combination of poor scores across several dimensions which are difficult to overcome, minimising the potential for real improvements in the short-term
• The global gap to a perfect sustainable competitive World is 56.1. We are far from an inclusive and circular society that lives in balance with the environment

Companies that disclose their political spending don't just look more accountable—they behave more coherently.

New analysis comparing The Center for Political Accountability's CPA-Zicklin Index scores against political-values alignment finds a 37% gap between the most and least transparent companies.

What our global asset owner survey says about sustainable investment 

To paraphrase Mark Twain, reports of the decline of sustainable investment are greatly exaggerated. Despite shifting political views on the climate transition and a deregulatory push in Europe and the US, our latest annual survey finds continuing and consistent adoption of sustainable investment by asset owners around the world. 

Indeed, our survey – which polled the views of 415 pension funds – found growing concern among investors about climate risk and an ongoing focus on diversity equity and inclusion. 

But it also revealed a shift from principles to pragmatism, and more hard-headed attitudes among asset owners towards sustainable investment in practice. This, we believe, offers a road map to how the sustainable investment industry builds from its current plateau. 

Resilience and Adaptation is the theme of our 2025 Impact Report. To foster more resilient communities and systems, we are actively adapting to the shifting landscape of sustainable and impact investing. This evolution allows us to better serve our clients and meet the volatile moment we face today.

This semi-annual report provides a summary and analysis of the environmental, social, and governance (ESG) profiles of 150 countries around the globe. It builds on the results of Robeco’s proprietary Country ESG Framework – a comprehensive tool which assesses relevant ESG data to calculate an overall country score.

Please see the Appendix for further details regarding data indicators and methodology. In addition to ESG scores and rankings, the report also delves into other relevant topics – from case studies related to ESG developments across countries and regions to exploring specific indicators that are part of our Country ESG Framework. It also includes relevant updates from our sovereign engagement and sustainability research. 

Author’s note: ESG data contained in this report is as of October 2025, unless otherwise indicated. Commentaries, summaries, and analyses are also as of October 2025. 

In our view, robust human rights due diligence is a great step toward addressing inequalities—and managing both idiosyncratic and systemic risk.

It’s vital to recognize that in today’s interconnected global economy, human rights violations have become real investment risks—not just ethical concerns.

Investors increasingly face financial, legal, and reputational consequences when companies in their portfolios are linked to abuses, including regulatory penalties, consumer backlash, operational disruptions, and stakeholder pressure to divest.

The links between agriculture, deforestation, and biodiversity and the impact for investors

Deforestation and biodiversity loss are accelerating, corporate performance through supply disruptions, creating material financial risks for companies and investors. Global supply chains remain major contributors, while regulatory pressure continues to tighten.

The EU Deforestation Regulation (EUDR) exemplifies this shift toward mandatory transparency, even if its delayed implementation highlights the complexity of transforming global 
value chains.

For investors, nature has become a source of double materiality: companies impact ecosystems, 
and ecosystem decline increasingly affects higher costs and reputational exposure. Because biodiversity is inherently local, assessing these risks requires geographically precise analysis and a deeper understanding of how corporate activities interact with ecosystems on the ground.

As regulation evolves and expectations rise, investors will need robust analytical frameworks, targeted engagement, and proactive risk management to navigate this new landscape and support a more sustainable economic transition.

Despite a turbulent period of sustainable investing, commitment to sustainability remains strong across Europe and Asia.

This article is part of our 2026 Investment Outlook.

Understanding the trends shaping 2026 is critical – not only for managing risk, but also for identifying new areas of growth and opportunity. Climate and net zero remain investors’ priority, so we expect the primary investment focus to be on green bonds, decarbonisation and climate and nature solutions.

Recent years have seen investors operate in an environment shaped by conflicts, inflationary pressures, extreme weather events, and growing digital disruption. These events, coupled with the longer-term sustainability themes shaping our decade – climate change, biodiversity loss, and rising inequality – are redefining risks in capital markets and placing long-term investment resilience under scrutiny.

Sustainability data – specifically the environmental, social, and governance (ESG) information that companies and assets disclose– is increasingly crucial for financial markets.

Investors place high importance on corporate climate, governance, and social information, including, but not limited to, greenhouse gas emissions and physical climate risks, workforce diversity, human rights practices, and governance structures.

For many UKSIF members, this information is as critical to investment decisions, or sometimes even more important, than traditional financial statements and metrics.

Key Themes for 2026

At the end of 2025 it seems a safe bet that we are living through historic times. But the exact definition of the historic times remains profoundly uncertain. Is our historic moment defined by politics?

Do we stand on the precipice of a new European war? Will we witness a rejuvenated American hegemony under a Trump-Monroe Doctrine? Or is the moment defined by technology? And if so, what exactly is the nature of the AI beast — is it bringing us towards Utopia or Armageddon?

Topics covered:

1. Shifting geopolitics: a new hope or the empire strikes back?
2. AI investment at scale
3. AI moves beyond NVIDIA to power and data centers
4. The growing - but untested - importance of private credit

Carbon markets will play a significant role in delivering global net zero. This was stressed by the UN Intergovernmental Panel on Climate Change (IPCC) in its April 2022 report on mitigating climate change, which noted that, “The deployment of carbon dioxide markets to counterbalance hard-to-abate residual emissions is unavoidable if net zero emissions are to be achieved.”

This InvesTips document covers:

• What are carbon markets?
• Current trends in carbon markets
• Why revisit carbon markets
• How can investors participate?
• What are the key risks and considerations?
• How to manage risk with carbon derivatives?
• How is technology reshaping carbon markets?

Methane is a greenhouse gas which stays in the atmosphere for a shorter time than C02 but has a powerful warming effect over that time.

While reducing CO2 emissions is necessary for long-term climate stability, reducing methane can deliver near-term cooling, providing an ‘emergency brake’ to global warming1.

According to the International Energy Agency and the UN, 20% of the warming expected between the 1.5C and 2C policy thresholds could be prevented by reducing methane emissions just in the fossil fuel sector2. This estimation highlights the significant contribution cutting methane emissions would deliver for climate change mitigation and presents a powerful opportunity for stakeholder action.

Key anthropogenic sources of methane include agriculture, oil & gas, coal mining, and waste (see the table below). ‘Low-Hanging Plumes: An Investor’s guide to Methane’ outlines the existing opportunities for methane reduction and challenges preventing effective implementation.

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.

Strong knowledge of Sustainable Finance markets and data needs, with experience across disclosure frameworks (e.g., TCFD, ISSB, GRI).

Master’s degree or advanced certification (e.g., CFA charterholder, CFA ESG, SASB FSA).
Experience with large dataset manipulation, profiling, and defining requirements.

Familiarity with semantic data modeling and LLM concepts

Proficiency in statistical analysis, quantitative modeling, and applied data analysis (Excel, SQL, R, Python).

Strong communication and partner management skills.

2 yr fixed term post

We’re recruiting an Investment Manager to identify, assess and manage impact investment opportunities.   You will also work with other teams to help develop the social impact investment market in the UK, working with investors, social enterprises and government.

"The team you will be joining is a part of State Street Investment Management, one of the largest asset managers in the world. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process. With over four decades of experience and trillions of dollars in assets under management, we offer one of the broadest selections of products and strategies across asset classes, risk profiles, regions and styles. As pioneers in index, ETF, and sustainable investing, we are always inventing new ways to invest."

This is an opportunity to work on Advance, the PRI collaborative stewardship initiative focused on human rights and social issues, with a specific remit to deliver the Apparel and Footwear Pilot Project. Join a global and motivated Stewardship team that works to deliver substantial real change in our global economy, society and the environment.

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.

This role will provide technical, scientific, and analytical rigour to standards and frameworks analysis and support in aligning CDP’s disclosure framework with prioritized standards and frameworks. Central to this role will be supporting with development of standards and frameworks related processes and resources along with providing technical expertise to support standard setter engagement.

"As an ESG (Environmental Social & Governance) Regulatory Program/Project Manager within the International Private Bank, you will work with complex business scenarios, tight deadlines, and competing priorities, requiring interaction with all levels of our organization. In this role, you will promote strategic implementation and program governance, providing a unique opportunity to shape our ESG initiatives."

Joining us as a CFO Solutions ESG & Sustainability Manager, the minimum criteria you’ll need is a professional qualification (ACA, ICAS, CA, ACCA or CIPFA) with post qualification experience, and to be confident managing a large portfolio of clients. It would be great if you had some of the following skills, but don’t worry if you don’t tick every box, we’ll help you develop along the way...

This role is for an integrated practitioner across marketing and communications, with previous experience on sustainability and/or sustainable finance. The role holder will be working with a diverse set of stakeholders across our business to support the development of our sustainability communications and marketing strategy, helping us to build brand equity and assist in managing and mitigating risks. The role holder will work across channels to develop sustainability content which builds awareness of our sustainability capabilities and offering across our market footprint This role will help ensure connectivity across the Corporate Affairs, Brand & Marketing (CABM), Strategy & Talent (S&T), Chief Sustainability Officer (CSO) organisation, and Group Public & Regulatory Affairs (GPRA).

ISS-Corporate is hiring! In this role, you will harness your specialized knowledge and adept communication prowess to collaborate with our cutting-edge proprietary data and tools. Together, we will guide forward-thinking enterprises in navigating the intricacies of sustainability risk assessment and response. Moreover, you'll play a pivotal role in educating executive and board members about the evolving sustainability landscape.

This role is central to ensuring the timely, accurate, and consistent communication of M&G’s sustainability credentials to clients and stakeholders. The ESG Queries Manager will play a pivotal role in shaping the firm’s ESG narrative, enhancing operational efficiency, and delivering insights that inform broader sustainability and client engagement strategies.

The Head of ESG Communications is tasked with developing and executing a comprehensive communications strategy to bolster HSBC's reputation in Environmental, Social, and Governance (ESG) areas. This includes addressing climate and environmental commitments, advancing the bank’s social agenda, and upholding governance standards. The role involves leading a team of communications professionals to support HSBC’s transition to net zero, enhance social impact, and maintain high governance standards, while fostering necessary behavioural and cultural changes across the organisation.

Knight Frank is seeking a detail-oriented and proactive Corporate ESG Reporting Manager to support our growing ESG reporting function. The ideal candidate has a solid understanding of ESG frameworks, strong data and analytical skills, and the ability to engage with cross-functional stakeholders.

The purpose of this role is to support and deliver key responsible investment and stewardship functions within the Pensions Board, enabling the Board to maintain a position as a recognised leader in responsible investment. This role will be line managed by the Managing Director, Responsible Investment and will work alongside two other Responsible Investment Analysts within a Responsible Investment team of seven.

The UK Sustainability Disclosure Technical Advisory Committee (“the TAC”) is seeking new members. The TAC provides advice to the Secretary of State (SoS) for the Department for Business and Trade (DBT) for endorsing the International Sustainability Standards Board’s (ISSB) IFRS® Sustainability Disclosure Standards for use in the UK.

It also acts as a focal point for UK stakeholders to influence the work of the ISSB. TAC members play a crucial part in the development of sustainability disclosures in the UK, and internationally.

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

Part of a team responsible for reporting financial information under the “green” taxonomies from European and UK regulators

Senior Policy Analyst, UK/Europe

Principles for Responsible Investment

Employment Type Full time 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
Seniority Junior
Closing: 8:00pm, 23rd Nov 2025 GMT

Reporting to the Director of GREWE ESG & Workplace Sustainability the ESG Manager will be responsible for supporting company-wide sustainability ESG reporting and compliance initiatives. In this role you will partner with key stakeholders including teams within GREWE, corporate sustainability, controllership, internal & external audit, legal, risk, technology, and Amex senior leadership.  

As a Senior Associate supporting Global Citizenship & Sustainability Financial Reporting, you will play a key role in advancing Ralph Lauren’s Global Citizenship & Sustainability (GC&S) reporting strategy. You will assist in the implementation of GC&S reporting controls, support data validation efforts, and coordinate with internal and external stakeholders to ensure the completeness and accuracy of GC&S disclosures. You will also contribute to the continuous improvement of GC&S reporting processes and help drive readiness for evolving regulatory requirements, including CSRD. This role is ideal for a detail-oriented, collaborative professional with a passion for and strong foundation in sustainability reporting.

The Stewardship and Sustainable Investing (SSI) Operations and Marketing Analyst will support both the creation of high-quality SSI marketing materials and the operational backbone that enables the SSI Group to deliver for clients. Reporting to the SSI Operations Director, the role partners with Marketing to define SSI messaging and content strategy and drives execution.

The Analyst will partner with investment teams and sales to better understand client needs and improve external and internal communication. In parallel, the Analyst will collaborate with operating platform functions (Technology, Data, Client Reporting, RFP/DDQ, Business Enablement) to improve the effectiveness and scalability of key processes to enable better outcomes for clients.

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• Own data quality and translate business requirements into actionable specifications for new and existing Climate data and score products, collaborating with Product and Engineering teams to design and build new datasets.
• Define technical requirements, design scalable data models for new/existing raw or derived Climate data and analytics products, and ensure alignment with product strategy.
• Use Python to query, analyze, and automate workflows....

EY is looking for a senior manager to join our Sustainable Finance team within the Financial Services Risk Management (FSRM) practice, to help the banking and capital markets industry respond to the fast-developing and growing climate risk and sustainable finance agenda – including managing the risks and opportunities from an accelerating transition, responding to new regulation, adapting products and services, and improving transparency and disclosures.

The ESG Underwriting Analyst will play a key role in embedding environmental, social and governance (ESG) considerations into the underwriting process MRS-GM. This role supports our commitment to sustainable and responsible underwriting, aligning with both Group-wide ESG policies and Lloyd’s market requirements. The analyst forms an integral part of the support framework with underwriting teams, Group and GSI functions, and other stakeholders, ensuring ESG considerations are integrated into business decision-making, reporting and governance frameworks.

Senior Associate, Guidance, Private Markets (2 Year Fixed Term Contract) - Principles for Responsible Investment - Applied

Specialist, Stewardship CA100+ (10 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Office Coordinator (Part- Time - 3 days per week) - Principles for Responsible Investment - Applied

Associate, Events & Sponsorship - Principles for Responsible Investment - Applied

The M&G plc Life Investment Office (LIO) is responsible for the management of M&G Life’s With-Profits, Annuity and Unit-Linked funds, with more than £150bn of funds under management.  LIO works closely with the various asset management businesses within the M&G plc Group, and other external managers, to structure multi-asset portfolios aligned with the investment objectives of our clients. The ESG & Regulatory team devises ESG policy and investment strategy at the asset owner level, and drives these into portfolio allocations, benchmarks and positions. This ESG Analyst role has a social focus, and would be responsible for supporting the ESG Manager with a similar social focus.

We’ll Count on You To:

Understand and apply Sustainable Fitch’s analytical methodologies and become familiar with the company’s approach to assessing the sustainability impact associated with a broad range of business activities.
Carry out and deliver high-quality, timely, focused written analysis on a suite of products related to the sustainability characteristics and performance of entities and debt issuances. Output should be supported by well-construed arguments, backed by verified factual data.
Keep up to date with sustainability trends globally, both regulatory and sector specific.
Interact with colleagues globally to leverage knowledge, gain international experience and establish good working relationships.