NGOs

The US is entering a new era of electricity demand growth – a power supercycle. This will mean a seismic shift in how capital is deployed across energy generation, grid infrastructure, and storage technologies, and significant investment opportunities for Robeco’s Smart Energy strategy.

Summary

• AI, electrification and decarbonization are accelerating power demand
• Legacy grids and infrastructure underinvestment are limiting supply
• Demand-supply mismatch is driving a new investment supercycle

Eight of the eleven companies with the largest sustainability-political alignment gaps carry "Low" or "Negligible" sustainability risk ratings. Meanwhile, they average just 15/100 on Political Responsibility. Here's why that gap matters more than ever.

Methane has more than 80 times the warming effect of CO2 over a 20-year period and is responsible for 30% of global warming since the industrial revolution. This report calculates the methane footprint and analyses the targets and reduction plans of 52 of the world’s largest meat, dairy and rice companies.

Only seven out of these 52 companies provide methane emissions disclosure, and just one company – Danone – has a specific target to reduce its methane emissions. By raising the bar on disclosure, target setting and abatement planning, financial institutions can protect long-term value by reducing climate, transition, reputational and regulatory risks in global food and agriculture supply chains.

Ahead of COP30 in Belém, Brazil (10–21 November 2025)

Each round of the UN climate talks is greeted with a chorus of cynicism in some quarters and understandably so. While the world burns Nero fiddles; carbon reduction targets look soft and distant, late night texts get watered down and by the time the gavel falls many parties walk away unhappy. 

But dismissing COP as a talk shop full of hot air to an extent ignores what it does accomplish, namely, set a shared language for policy, finance and corporate planning. Those steps alone are not sufficient, but they do help to frame an international carbon agenda.

Without COP, there would be no Paris Agreement architecture, no common temperature goal, no five‑year update cycle, no global report card. The first Global Stocktake concluded at COP28 (Dubai, December 2023) called on countries to transition away from fossil fuels and to triple renewable power and double energy efficiency by 2030, this represented a multilateral signal to company boards and investors on the direction of travel. And it could be argued helped usher in, albeit indirectly, regulatory moves in the EU and UK to avoid greenwashing by so-called climate funds.

Finance is moving too, if unevenly. COP28 also operationalised a Loss and Damage fund to channel resources to the most climate‑vulnerable economies which serves as a precedent for public‑finance plumbing that lowers risk and encourages private capital.

Brazil, the host of COP30, shows why more scrutiny of such agreements matters and makes a difference. Official data indicate Amazon deforestation fell about 11% in the 12 months to July 2025, reaching the lowest level in roughly a decade, even as fires raged during an extreme drought. 

So how then is deforestation policed? Brazil’s long‑running Action Plan (PPCDAm) coordinates ministries and states; IBAMA, the federal environment agency, uses real‑time INPE satellite alerts (DETER/PRODES) to target inspections, impose fines, embargo land and seize equipment. 

Furthermore, the Amazon Fund, reactivated in 2023 with fresh Norwegian and German support finances monitoring and enforcement. Outside Brazil, the EU Deforestation Regulation (EUDR) compels importers of cattle, soy, cocoa, coffee, palm, rubber and wood to prove ‘deforestation‑free’ supply chains, adding external pressure on producers and traders.

On the question of whether there should be a stronger focus on ‘pure plays’ to address climate change, the sector is still capital‑constrained relative to what 1.5°C requires. The IEA estimates total clean‑energy investment at roughly US$2.2 trillion in 2025 against needs of ~US$4.5 trillion annually by 2030. This is a gap that is hard for companies and investors to close without policy clarity on grids, permitting, carbon markets and cross‑border finance, but this is also the terrain COP helps to coordinate.

For mainstream exposure to ‘pure‑green’ revenues, investors often use diversified clean‑energy ETFs that align with the COP28 tripling‑renewables objective, e.g.: iShares Global Clean Energy (ICLN), Invesco Solar (TAN), First Trust Nasdaq Clean Edge Green Energy (QCLN), ALPS Clean Energy (ACES), and VanEck Low Carbon Energy (SMOG). 

These are examples of liquid vehicles that channel capital toward renewable equipment, developers and enablers. The more credible the policy signals from COP30, the lower the perceived risk and the cheaper the cost of capital for these ‘pure plays’. 

COP sets the rules and reference points that investment committees, development banks and corporates actually use. 

Some tensions cannot be ignored, however, these include:

• Brazil’s push to explore the Equatorial Margin (via Petrobras) which sits uneasily with COP30’s decarbonisation aims
• Civil society pointing to a likely record fossil‑fuel lobbyist presence at recent COPs as undermining ambition
• UNEP noting that emissions cuts of ~42% by 2030 are needed to keep 1.5°C viable; failure would put the world on ~2.6–3.1°C path, such cuts won’t be agreed on
• The IPCC finding that future emissions driven by population growth, urban expansion and rising demand for carbon intensive goods and services mean consumption‑based CO₂ has surged

The latter point in particular may render any agreements at COP fairly meaningless, there is zero possibly to reduce population growth and the spiraling growth in mass consumption…a look at sales figures for SUVs reinforces that point, as do forest encroachment statistics from burgeoning populations in Africa and Asia. Many mouths to feed and homes needed.

In conclusion, it seems COP will continue to give a steer on policy that investors and corporates can follow and this is a better situation than a world without COP. But it is still not going to be enough to stop the twin global human induced disasters of climate change and biodiversity loss. 

Bond markets threatening to starve governments of capital might be the only way to force change before it’s too late, read more on that here. COP can only ever bring about incremental change despite good intentions. 

The Global Investor Commission on Mining 2030 is pleased to release its 10-Year Vision and Recommendations for public consultation. The Vision and Recommendations are the product of extensive deliberations by seven thematic Working Groups, the Commission itself, and broad multi-stakeholder engagement. In addition to the overarching Vision and Recommendations, the Commission has also drafted Investor Expectations for mining companies, mineral value chain companies, and for stakeholder engagement and benefit sharing.

As we move into the next phase of our work, we are seeking feedback from all stakeholders — including investors, mining companies, civil society, governments, and community representatives — on (a) the priorities for action, (b) the role that individual stakeholders might play in turning the Commission’s Vision and Recommendations into reality.

The Commission is inviting stakeholders to comment and share feedback on its outputs. Stakeholders can share their feedback directly with the Commission secretariat from November 2025 to early February 2026.

Please refer to the consultation page.

To contact the Secretariat, or if you have any questions about the consultation please contact us.

Navigating the Global Climate-Focused Fund Landscape

Climate change is one of the top systemic risks for investment portfolios. At the same time, more investors are seeking to capitalize on opportunities and invest in companies that develop innovative solutions to mitigate climate change or adapt to it.

In fact, climate-related funds now account for almost 20% of the global ESG and sustainable funds market, representing a wide range of strategies – from decarbonizing portfolios to investing in climate-related solutions..

This new edition of Investing in Times of Climate Change helps climate-focused investors navigate the expanding array of strategies available to them. It provides an update on the rapidly evolving global landscape of climate funds, which are subdivided into five categories: low carbon, climate transition, green bond, climate solutions, and clean energy/tech.

COP30 host Brazil has just pledged to quadruple alternative fuel use by 2035, joining a growing list of players that put alternative fuels at the heart of their decarbonisation plans. 

But not all alternative fuels are created equal. Our latest report finds that, at least in aviation, replacing conventional jet fuel with a non-fossil alternative may prove problematic not only financially but also environmentally. 

Fuel Disclosure shows that alternative jet fuels, often referred to as sustainable aviation fuels or SAF, are unlikely to deliver meaningful emission cuts before 2030 unlikely to deliver meaningful emissions cuts before 2030, according to our latest report Fuel Disclosure. Even if every existing, under-development and announced project operated at full capacity, alternative jet fuel would supply only around 5% of global jet fuel demand and meet less than half of the expected growth in total jet fuel consumption. 

AFII has released its latest guide for investors, “Deforestation and fixed income markets: A primer”. The book addresses the intersection of global deforestation risks and fixed income investing, providing a toolkit for market participants to assess and manage the evolving impact of nature loss across corporate and sovereign debt markets.

As deforestation threatens both biodiversity and climate stability, it has become a material risk for investors. Co-authored by Josephine Richardson and Claire Meier, the book draws on AFII research to show how deforestation exposure can impact fixed income investment returns, through regulatory costs, investor flows, and credit ratings, and features case studies on major issuers including JBS, Mars and Cargill.

Gold is playing a growing role in responsible investment portfolios as investors respond to both the surging value of gold and improved recycling, certification and traceability of the precious metal, according to a new whitepaper from Greenbank, the sustainable specialist team within Rathbones, one of the UK’s leading wealth management groups.

The report, The Role of Gold in Responsible Investment Portfolios, explores how gold’s dual status as a safe-haven asset and a critical industrial material is driving demand, even as its complex supply chain continues to present significant environmental and social risks. With gold prices spiking amid global economic uncertainty, responsible investors are under increasing pressure to ensure their exposure aligns with sustainability goals.

While groups such as the London Bullion Market Association’s (LBMA) Responsible Gold Guidance and similar frameworks have raised the bar for ethical sourcing, Greenbank’s report finds that only a minority of gold investment vehicles currently meet the most stringent ESG criteria. Full mine-to-market traceability remains a challenge, and the sector continues to grapple with issues such as habitat destruction, pollution, and labour rights abuses, particularly in regions where mining is poorly regulated or linked to conflict.

The report, however, highlights that innovations in certification and recycling are raising the bar for responsible gold and making it a viable option for some responsible investment portfolios.

Private-sector investors continue to power the energy transition, signaling that investors have 
decided they can make money in low-carbon technologies. 

They just have to be smarter about where and when. As Henry Fernandez, MSCI’s chairman and CEO, noted to global investors recently, “the transition will lead to many winners and many 
losers, and they’re all in your portfolio today.” 

The opportunity set may be broadening. Climate investment runs across regions but has recently shifted toward both Europe and the Asia-Pacific region as the transition drives demand for new 
solutions throughout the value chain. 

Tracking Technology Transition in the Indian Steel Sector: An Integrated Report

To attract transition and concessional financing, Indian steel companies will need to produce credible transition plans. This report brings together a series of company-focused assessments on the transition performance of the Indian steel majors.

While steel production is vital for India’s development goals, limited access to raw materials, natural gas, and steel scrap makes it difficult to scale without deploying carbon-intensive technologies. This strategy poses a threat to company CO2 targets and could impact future profitability.

In this report, we analyse the state and outlook of the private Indian Steel Majors – JSW Steel, Tata Steel, JSPL, and AMNS – as they aim to grow market share in India while reducing CO2 intensity.

Hong Kong, 28 October 2025 –  A new report “No Water, No Growth 2 – Rising “mother” river risks threaten half the total GDP of 16 Asian countries” by CWR and China’s national research Institute of Geographic Sciences & Natural Resources, a part of the Chinese Academy of Sciences (IGSNRR-CAS), reveals that nearly 2bn people and US$10.3trn worth of GDP as well as 800GW+ of power assets across Asia’s 10 “mother” rivers are at risk from escalating climate risks and deepening water stress.

The structural shift towards a net-zero economy requires scalable climate and environmental solutions and is unlocking significant investment opportunity. 

The green economy, comprising companies offering environmental beneficial products and solutions, is demonstrating consistent growth. It represents an important long-term investment theme as global economies progress towards net-zero climate targets. 

To help investors measure and assess green economy exposures of portfolios with varying investment strategies and sustainability goals, we developed Weighted Average Green Revenue (WAGR), a robust, standardised metric. 

In this report, in collaboration with Jupiter Asset Management, we use WAGR to analyse green economy exposure of funds with Sustainability Disclosure Requirements (SDR) labels. We also present two case studies which highlight how LSEG Green Revenues data can be used to build funds focused on climate and environmental themes.

Investor finance needs to be directed at companies that are spending heavily on the infrastructure needed to combat climate change, say Robeco’s transition specialists.

• Capital expenditures are a crucial barometer for a company’s transition ability
• Global Climate Transition Equities strategy targets leaders for capex
• Renewable energy leads the way, but large funding gap remains until 2050

At BNP Paribas Asset Management, we have been incorporating biodiversity into our investment process for several years as part of the extra-financial analysis and ESG1 scoring that we apply in portfolio construction for most of our investment strategies. We exclude companies with the worst impacts from our investment universes.

We are now going further, with a sharper focus on biodiversity as a separate issue. Given that many clients adopt a passive approach to investing, we describe below how we reduced the biodiversity footprint of a passively managed large-cap global equity portfolio without significantly affecting its tracking error.

... includes ...

• Determining the biggest biodiversity offenders
• Minimising tracking error in a passive equity portfolio
• Engaging on biodiversity loss
• Other approaches to biodiversity-related investing

LSEG has published the latest installments of its COP30 Net Zero Atlas

Key findings from LSEG's transition risk analysis

Download Transition Risk Analysis

• Policy momentum: Despite geopolitical tensions, over 70 countries have now submitted or announced new 2035 targets. This includes major emitters such as China, Russia, Brazil, and the EU, with the US withdrawing from the process. India is the only top 5 emitter still to detail its updated emission trajectory.
• Temperature Alignment: The new 2035 targets are broadly consistent with a straight-line trajectory from 2030 targets to countries’ long-term commitments. Collectively, G20 commitments for 2035 align with a projected temperature increase of 2.2–2.3°C (vs 2.4°C under NDCs 2.0) – still significantly short of the Paris goals.
• Accelerated cuts: Faster global emission reductions are mainly driven by peaking emissions in large emerging economies including China and Türkiye.  Among the G20 countries where they have already peaked, the 2035 pledges imply faster decarbonisation in some cases (like the UK and Australia) offset by decelerating cuts in others (e.g. Canada and Japan).

Key findings from LSEG's physical climate risk analysis

Download Physical Risk Analysis

• Across these eight economies, we estimate that physical climate hazards could place an additional half billion people and US$20 trillion in GDP at high risk by mid-century, putting 839 million people and US$28.3 trillion at risk in 2050.
• Cyclones: High-risk exposure will expand to major cities including Tokyo, New York, and Shanghai. In Japan >80% of GDP and population will face a Category 1 or higher typhoon on average at least once a decade, up from <5% today.
• Heatwaves & water stress: Over 327 million people globally will face extreme heat (>35°C for 30+ days/year) by 2050 – including Los Angeles, Houston, Shanghai, and Hong Kong – up from just under 10 million today, with 670 regions also projected to experience high water stress, compounding risks to health and economic productivity.
• Flooding: Across the 8 countries, the UK is the most exposed by share of GDP and population. The Thames Estuary could face $100 billion in GDP at risk, with national exposure rising to 9.7% of GDP by 2050.
• Wildfires: Wildfire risk will intensify across the globe, with 16.4 million more people exposed. In California alone, some 9.5 million people are projected to be at risk.

In this first episode of The Transition Tapes, Mark Campanale, founder of Carbon Tracker, walks us through his career, the origin story of Carbon Tracker and Planet Tracker, and the Theory of Change behind it, on unburnable carbon and stranded assets.

He reflects on how a month stranded in the desert sparked a lifelong mission to connect sustainability with economic history and finance. He also shares his view on the EU Green Taxonomy and why he believes it's "a solution looking for a problem."

Beyond the work, we explore Mark's Transition Tapes playlist - from Latin rock and Neapolitan songs to UK folk blues, US psychedelia, and even a Mahler symphony - and the career advice he wishes he’d received earlier.

• Access via Spotify
• Access via Apple

LyondellBasell could align with a below-2°C pathway by 2030. The company aims to achieve carbon neutrality by 2050, with interim targets to cut Scope 1 and 2 emissions by 42% and Scope 3 emissions by 30% by 2030, from a 2020 baseline.

However, total GHG emissions rose 7.6% between 2020 and 2024, driven by Scope 3 growth linked to higher production volumes. Achieving the planned reductions will therefore require accelerated mitigation measures and full delivery of planned mitigation initiatives.

Today’s geopolitical landscape has placed sustainable investing in a state of greater flux than ever. Carola van Lamoen, Robeco’s Head of Sustainable Investing and Lucian Peppelenbos, Robeco’s Climate & Biodiversity Strategist explain how Robeco is navigating strong currents of scrutiny on issues such as financial performance, a decelerating transition, investing in arms and defense as well as stewardship and engagement.

Summary

• Financial performance is just one of many investment goals
• Flexibility of approach is critical as investors confront on the ground realities
• Stewardship is a critical tool to be proactively defended

While AI has the power to supercharge health care innovation and patient care, this is not without risk.

It is the responsibility of health care companies and physicians to be aware of the biases that may exist in these tools – and the responsibility of tech companies to negate them.

This quarter we made the decision to sell the WHEB Strategy’s position in Linde. Linde produces industrial gases which are used in a variety of applications that have a positive impact including healthcare, water treatment, as well as in improving energy efficiency in buildings and manufacturing processes.

Selling Linde doesn’t mark the end of our climate engagement journey. Rather, it opens the door to new ones as we renew our focus on the top emitters in the portfolio to help move the needle on real-world emissions.

Energy efficiency is due for another stint in the spotlight. This time the catalyst is the vast power consumption of data centres and other technology infrastructure that is powering the AI revolution.

This has led to a dramatic increase in demand for power which has in turn driven an uptick in demand for everything from turbines to power transformers.

Waiting times for large power transformers are now as long as four years and you won’t get your hands on a new gas turbine until 2032, at the earliest. 

Sustainable Fitch will provide Second-Party Opinions (SPOs) on the alignment of transition-labelled loans with the new Transition Loan Principles from the LMA, APLMA and LSTA.

We expect the principles to improve clarity and market alignment for transition finance – which refers to financial products that support entities to decarbonise, particularly those in high-emitting and hard-to-abate sectors.

Following the 16 October release of the LMA/APLMA/LSTA Transition Loans Guide and exposure draft of the Transition Loan Principles, on 29 October we hosted a webinar with leading practitioners to unpack their market implications and outlook.

A recording is available here.

'ITC is one of India’s foremost private sector companies with a diversified presence in FMCG, Packaging, Paperboards & Specialty Papers, Agri-Business and Information Technology.' 

Summary here

'Overall, Mirova’s extensive engagement efforts provide the ability to leverage our expertise in many different sectors and encourage the adoption of strategies and policies in line with the UN Sustainable Development Goals (SDGs)'

Sustainability statement from p61

Data focus

Download centre for all related documents here

Key points:

• The scope 1 to 3 emissions framework is essential for measurement, but says little about how businesses actually drive or reduce carbon emissions.
• Influential sectors with small footprints – such as exchanges, rating agencies, social media and audit – can enable huge amounts of high-carbon activity.
• Companies providing real solutions risk being misjudged if investors focus excessively on their scope 1 to 3 numbers.

Extreme weather events are reshaping the investment landscape. How can investors protect portfolios—and communities—from the rising physical risks of climate change?

Physical climate risk is no longer theoretical—it’s here. Floods, fires, and black-rain events are increasing in frequency and intensity, with real financial consequences.

Simon Whistler outlines how investors are beginning to quantify and address these risks, yet highlights that fewer than one-third of PRI signatories currently report on physical climate risk metrics.

Calvin Lee Kwan shares how Link Asset Management has moved from reactive recovery to proactive resilience—reducing insurance premiums by 11.7% and strengthening investor confidence in the process.

Key Insights

• Advances in research tools and techniques have greatly enhanced the ability to view how DNA, RNA, and proteins move and interact.
• This deeper understanding of human biology is enabling new classes of medicines that can create better outcomes for patients.
• These new therapies can block the activity of harmful proteins more effectively than existing treatments or increase the production of beneficial ones.
• The largely binary outcomes for biotech stocks requires a deep understanding of both the clinical and commercial prospects of a company’s drug pipeline.

Watch Bryan Carter, Head of Emerging Markets Fixed Income, and Yakhara Sembene, Senior Industry Specialist at the International Finance Corporation (IFC), discuss how emerging markets companies that are actively pursuing sustainable practices have created an asset class capable of delivering attractive and diversified returns.

Key takeaways

• Weather-related events are a major financial risk for countries and companies, but their materiality is not well understood across financial institutions.
• We have developed an in-house physical risk screening and scoring system to assess country-level exposure.
• Granularity by location is needed, as it remains a challenge in assessing corporate exposure.
• Although some industries – eg, insurance – are using adaptation measures, there is a need to improve data and invest in adaptation infrastructure.

Q3 2025 marked a record high for global shareholder activism, with 61 campaigns launched, defying the typical summer slowdown and setting the stage for an active Q4.

Our Investment Banking Global Shareholder Advisory team’s Q3 Review of Shareholder Activism also sees major activists increasingly launching campaigns year-round and a heightened focus on board change.

The Emerging Markets Debt credit team makes annual visits to India, allowing us to monitor the country’s rapid development—by being present on the ground, witnessing visible changes, and listening to the sentiment expressed by residents and companies.

During our most recent tour, we observed remarkable progress in the country’s efforts toward its goal of Swarnim Bharat (a term embodying India’s ambition to become a more prosperous, self-reliant and thriving nation).

Conversations with local industry leaders and policymakers underscored a unified drive to achieve ambitious renewable energy targets and reduce dependence on imported fuels.

In our view, the scale and speed of infrastructure upgrades, digital transformation and green finance initiatives demonstrate India’s determination to integrate economic growth with sustainable development.

Effective measurement of progress toward net-zero alignment has never been more important to investors and companies that have adopted net-zero ambitions.

In line with the Paris Agreement on climate change, 2025 marks a key milestone in the pursuit of net zero, as many companies that have stated net-zero ambitions approach the first checkpoint for their emission reduction targets.

As additional data becomes available to capture the adoption of low-carbon technologies, investors that focus on this area have had to evolve their assessment methods. This evolution is necessary for them to better understand companies’ progress in aligning with a net-zero scenario. Despite these changes, one constant has remained:

There is no singular data point that can capture the nuance of how companies across sectors are approaching their net-zero goals.

Justin Patrie, Head of Credit Commentary & Research, and Sarah Repucci, Senior Director, Credit Commentary & Research, discuss emerging challenges for the AI-fueled US data center boom, covering investment, rising costs, impact on utilities and more (includes discussion of energy/renewables)

The world's population is likely to continue growing for a few more years, but with only around two dozen countries driving that. The rest of the world is shrinking, including Europe and Germany in particular. One problem associated with population decline is the resulting strain on pension systems.

The birth rate is only one of several factors influencing the viability of pension systems. The pay-as-you-go system suffers from the fact that each contributor is having to support more and more pensioners. This could be relieved in various ways – other than by a rather unlikely turnaround in the birth rate:

• The rate of employment or the retirement age could be increased.
• Pensions could be reduced.
• Higher immigration could be permitted.
• Or economic productivity could be raised.

It is likely that all four of these levers will have to be pulled. In addition, however, a pension system funded by investment savings is, in our view, urgently required.

Companies today face intensifying pressures—from surging electricity demand and water shortages, to shifting policies and regulations, to a rise in megamergers. How companies handle these pressures matters to their bottom lines—and to shareholder value. The challenge for investors is determining which businesses will adapt and thrive, and which will struggle.

In our view, applying a stewardship lens can help.

That means assessing how companies manage the fundamentals that drive long-term value: resource use, supply chain practices and governance.

We believe that companies that conserve water and energy, demonstrate sophistication around their supply chains and maintain corporate discipline are better positioned to protect margins and preserve capital. That discipline can translate, in our analysis, into more resilient earnings and stronger shareholder outcomes over time.

Bond issuance linked to environmental, social and governance (ESG) purposes dipped in the first half of 2025 following a strong second half in 2024. But we expect issuance of ESG-labeled bonds will pick up for several reasons.

Many debut issuers are still coming to the market. Borrowers from Austria, Sweden and Spain have significantly increased their ESG-labeled bond issuance, providing over 5% of global total issuance year to date. Their contributions underscore the adaptability and resilience of the ESG-labeled bond market, as many issuers continue to prioritize responsible investing.

In terms of sectors, new ESG-labeled issuance by utilities comprises a substantial part of the market, averaging around 9% of annual issuance from 2018 through 2024. We expect that growing demand for energy from data centers (Display, right) will result in higher capex by utilities and a further increase in their ESG-labeled bond issuance. Why?

Companies are accelerating their adoption of artificial intelligence (AI) to boost productivity and rein in costs—an urgent priority in today’s environment of elevated inflation and sluggish growth. This speed makes it important for investors to pay close attention.

In our view, the environmental and social implications of AI—energy intensity, workforce impact and data governance—are financially material to most companies around the world.

Indeed, artificial intelligence is the most consequential technological innovation since the internet, poised to permeate every industry and reshape economies and societies in the years ahead.

Business adoption of AI has intensified since late 2022, when generative AI tools like ChatGPT burst onto the scene. Functions such as IT, finance, and supply chain and manufacturing have been early leaders, while areas from marketing and sales to product development and human resources are poised for broad adoption in 2025.

In the world of investment, fashion might not be the first sector that comes to mind when thinking about systemic risk. But beneath the surface of seasonal trends and glossy campaigns lies a complex and increasingly volatile supply chain landscape, one that’s becoming a material concern for asset managers. 

RepRisk’s latest analysis of global supply chain risk reveals a sobering truth: reputational, regulatory, and operational risks are mounting, and they’re not confined to emerging markets or fringe players. They’re embedded in the operations of some of the world’s most prominent brands and they carry direct implications for financial institutions. 

New research from RepRisk reveals that the global share of companies linked to both greenwashing and biodiversity risks has doubled over the past five years – from 3% in 2021 to 6% in 2025.

• Biodiversity dominates the environmental risk landscape: 38% of all environmental risk incidents tracked by RepRisk in the past year involved biodiversity – followed by local pollution (33%) and waste (17%).
• Gatekeepers between capital and sustainability under scrutiny: 294 Banking and Financial Services firms were flagged for greenwashing risk in 2025 – a 19% rise from 248 the year before.
• Repeat behavior in some sectors: In aviation, seven in ten companies flagged for greenwashing in 2024 were flagged again in 2025.

Report and commentary here

A new Ceres report reveals four important takeaways for companies and financial institutions on the current opportunities and barriers to scaling sustainable and resilient agricultural practices in corporate supply chains.  

Notably, the new report, Cultivating Resilience: A Primer on Corporate Investment in Agricultural Supply Chains, shows many of the largest companies are already acting – working with farmers and ranchers to adopt more resilient practices. However, Ceres finds that more participation at greater scale is needed to transition the sector and reap the most benefits from action.

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Four takeaways

• Collaboration is essential. Because companies often source from the same supply sheds, working together can unlock shared solutions.
• Lowering barriers increases participation. Supply chain programs are mostly financed by large companies that focus on the “hero ingredients” that dominate their sourcing. Co-investment expands efforts beyond these commodities and allows smaller companies to participate.
• Streamlined accounting could enable co-investment. Companies are spending too much on measuring, monitoring, reporting, and verifying results. More are  turning to insetting—regional, collaborative investments in sourcing areas—though reporting standards are still evolving.
• Innovation can bring financial institutions to the table. Food and ag companies can’t fund the scaling of sustainable and resilient agriculture alone —financial institutions must play a role, especially amid uncertain public funding.

Case study of Phoenix, Arizona provides a comprehensive picture of potential water risks from direct water use and energy consumption tied to data centers   

A new Ceres analysis released today covers the full range of potential water risks facing data center companies, high-tech businesses, and investors due to compounding water demands from data centers, especially in areas where water is already scarce. 

Drained by Data: The Cumulative Impact of Data Centers on Regional Water Stress, uses Phoenix, Ariz., a booming data center hub, as an example of data center water impacts increasingly playing out in the United States—32% of data centers across the country are in areas of high or extremely high-water stress—and in data center hot spots across the globe. The analysis was developed in partnership with Cathay Financial Holdings and with research and analysis from Bluerisk. 

Key Takeaways 

• In the age of AI, the materiality of human capital management to business outcomes may be greater than ever, as shown by recent academic research.
• Recognizing the materiality of human capital, this article illustrates a potential approach to selecting human capital leaders using ISS STOXX Sustainability metrics. 
  The article identifies companies that rank highly with respect to training, work-life balance, working conditions, pay and benefits, and labor rights, as well as alignment with human capital SDGs.
• Nearly 600 issuers across all 11 sectors from a global universe of over 3,900 stocks rank highly on these metrics, indicating that strong human capital management is not specific to just a few industries.  

Below (see link) is an excerpt from ISS-Corporate’s recently released article “Getting Materiality Right: Challenges, Risks, and Best Practices”. The full article is available on ISS-Corporate’s resources page.   

Materiality assessments are not new: for years, they have served as a fundamental tool for organizations seeking to identify and prioritize the sustainability issues most relevant to their business. Beyond informing reporting, they have played a strategic role – shaping decision-making, guiding resource allocation, and strengthening stakeholder relationships. By identifying issues that matter most, they enhance organizational resilience, stakeholder trust, and long-term value.   

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.

• 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.

The Global Head of Resilience is responsible for driving forward the resilience programme with a goal to align investor and government finance with the objectives of the Paris Agreement, building in resilience to climate impacts.

We are looking to hire a Product Manager to support ongoing product management and the development of new enhancements and solutions for our Governance Research product line. The position reports to the Governance Research product lead.

What you'll do

Develop and maintain positive relations with members of client group, investment teams as well as other supporting stakeholders such as marketing, compliance, legal etc.
Write, update and maintain sustainable investment language and data in the firmwide RFP database.
Manage and support sustainable investment reporting (e.g. quarterly SI reports, firmwide PRI submission)
Support the team in delivering insights on strategy (e.g. peer analysis, client insights, integration insights)
Support management of regulatory processes within the team
Support team with inbox, intranet and internal system management.

This position plays a pivotal role in managing and enhancing the penetration of our Energy Transition, Sustainability and Services (ETSS) offerings into the financial segment in Europe, reporting to the Head of Europe Financial Institutions (FI) segment.

The focus is on identifying the persona-specific pain points and needs of clients; understanding how the S&P products meet these needs in order to deliver high-quality energy transition & sustainability solutions to FI clients; coordination and collaboration across teams to drive market penetration strategies that enhance the value and appeal of our Energy Transition products to FI clients.

With ever increasing coverage and demand for timely Sustainable Finance data, we are looking for a market savvy and results-oriented individual to drive the effective utilization of external resources, such as vendors, to manage our day-to-day operation and data collection resources, both internal and outsourced and coordinating multiple data projects with different priorities, with the goal of delivering new Sustainable Finance datasets and improving the quality / timely delivery of the existing data sets to ultimately drive client value. 

This role will focus primarily on the development of our thematic frameworks and proprietary models.  The successful candidate will work with colleagues and investors to understand investment needs and guiding our research agenda.   

Brookfield Asset Management is seeking a dynamic and strategic Senior Manager of Sustainability to join the Renewable Power and Transition team to support our Global Transition Fund Strategy dedicated to accelerating the global shift to a net-zero economy.

EdenTree Investment Management, part of Benefact Group, is looking for a Sustainable Investment Analyst (Climate) to join our London office. This is an exciting opportunity to join the UK’s leading sustainable asset manager and play an integral role in the execution of its sustainable investment strategy.

We are seeking a Sustainability Regulation, Legal and Risk Manager to support the successful delivery of our sustainability strategy—an essential differentiator for Aviva Investors. This role is pivotal in ensuring a robust and coordinated approach to regulatory, legal, and risk matters within the Sustainable Investing function, helping the business maintain risk within tolerance. 

You will be responsible for the integration and ongoing risk management of ESG within the ORM frameworks, including the associated policies, policy adherence, metrics, reporting and minimum control standards.

Full details on LinkedIn, link to post below

The People and Culture Manager plays a pivotal role in delivering the Club’s people strategy. This role provides expert HR advice and coaching to leaders and employees and supports the development of a high-performance and values-led culture.

You will provide expert HR advice and coaching, with a particular focus on employee relations matters, ensuring legal compliance and best practice.

Job Identification 210669069
Job Category Business Management
Business Unit Commercial & Investment Bank
Posting Date 22/09/2025, 10:53
Locations 25 Bank Street, Canary Wharf, London, Greater London, E14 5JP, GB
Job Schedule Full time

Director, Sustainability Reporting

  Job ID: 40635
  Location: London, GB
  Area of interest: Audit, Accounting & Finance
  Job type: Regular Employee
  Work style: Hybrid Working
  Opening date: 25 Sept 2025

We’re seeking a future team member for the role of Vice President, Sustainability and Corporate Functions to join our Internal Audit team. This role is located in London.

Full-time
 
Permanent or Fixed Term Contract: Permanent
L&G Business Unit: Legal & General Investment Management
L&G sub Business Unit: LGIM
Primary Location: London, One Coleman Street
Job Family: Corporate Governance

Full-time
 
Permanent or Fixed Term Contract: Fixed Term Contract
L&G Business Unit: Legal & General Investment Management
L&G sub Business Unit: LGIM
Primary Location: London, One Coleman Street
Job Family: Product

The Saints go Marching On....As the Impact & Evaluation Manager at Saints Foundation, you will lead the evaluation of all charitable projects, using data to drive learning, improvement, and positive outcomes for people affected by inequality. You’ll deliver the charity’s Impact Strategy, ensuring teams and stakeholders can make evidence-based decisions. Central to your role is co-production—working closely with communities, partners, and participants to shape and improve our work. As the in-house evaluation expert, you’ll make findings clear and actionable, empowering the team to create meaningful, lasting change.

Sustainability and Climate Sales (Tokyo)

Sustainability Research Lead - Australia & New Zealand (Sydney)

Sustainable Investment Data Scientist

Sustainable Investment Data Analyst FTC-15 MONTHS

ISS STOXX is looking for a Sustainability Sales Specialist to support our sales efforts across the French territories for our market leading suite of Responsible Investment Solutions including, Climate Data, Ratings & Rankings, Controversies, Impact & SDG’s and Regulatory Solutions. To succeed in this role, you will need to have a genuine interest in the area of Sustainable and Responsible investments, including all aspects of Environmental, Social and Governance (ESG) research and topics along with a financial background and demonstrated sales experience.

Index methodology; ESG index design

Data/analytics; Reporting; ESG benchmarking

This role is for the investment team within the Horizon Inclusive Growth Fund. The Horizon Inclusive Growth Fund is a growth-oriented, mid-market private equity strategy which seeks to invest in companies developing solutions addressing accessibility and affordability across Healthcare, Education & Workforce Development, and Financial Inclusion.

"Are you looking for a dynamic role where your analytical skills and attention to detail can shape global proxy voting strategies? Join a leading asset management team to enhance operational processes, engage with stakeholders, and deliver impactful reporting—all while enjoying a hybrid work model."

see careers page

The Team: The role will be part of the Index Management and Production Group (“IMPG”) at S&P Global. The team is responsible for the production and management of a wide range of indices covering global options, equities, futures, fixed income, commodity, digital assets and economics indices. This specific role will focus on the management and oversight of Digital Asset and ESG Equity indices, ensuring the integrity and accuracy of the indices through thorough research and analysis.

We are seeking a dynamic and results-driven sales professional to join our Corporate Sales team, focusing on the Voluntary Carbon Market (VCM). The ideal candidate will have a strong understanding of carbon offsetting mechanisms, sustainability strategies, and environmental commodities. Experience with Renewable Energy Certificates (RECs) is highly desirable and will be considered a significant asset. This role involves identifying and developing new business opportunities, managing client relationships, and driving sales of carbon credits. The ideal candidate will have a proven track record of VCM sales, strong analytical skills, and a passion for environmental markets.

The role is based in London and the successful candidate will specialize in corporate governance, environmental, and social issues that impact company financial performance. The candidate will work with senior analysts covering several sectors across the EMEA markets for voting and engagement purposes and facilitate the overall development of team capabilities.

Join us at Barclays as a Business Manager in Sustainable Finance with a direct focus on strategy. You will be a key part of the Investment Banking Sustainable Finance Business Management team supporting the Global Head of Sustainable Finance to coordinate and support the development of the global strategy and key execution priorities for the Investment Bank. This will include preparing high quality executive level internal and external briefings. Additionally, you will manage cross-team collaboration to ensure the strategic objectives of the business area are met. In doing so, you will provide data led insights to aid these strategic decisions and act as a key entry point into the Sustainable Finance Management team for other central stakeholders across the Investment Bank.

The Environmental and Social Risk Management (ESRM) Vice President role for UK/EU is part of Citi’s Global Environmental and Social Risk Management team which sits within Citi’s Sustainability & ESG (Environmental, Social and Governance) team. 

Head of Sustainability  - Maternity Cover 

Be the subject matter expert on Vanguard’s ESG products. To provide product expertise to clients and crew with great depth of knowledge on ESG, across fixed income and equity. To be a partner to the distribution businesses and investment teams to ensure the health and commercial success of Vanguard’s ESG product range.

EMEA Head of ESG & Sustainability
• Franchise lead for the EMEA ESG & Sustainability team, responsible for delivering EMEA ESG product and client strategy.
• Produce high quality published product, and client access events.
• Close collaboration with the wider EMEA research team to deliver sustainability product with a stock or sector conclusion (in addition to dedicated team product).
• Work closely with the Global ESG & Sustainability team on coordinated global product.

ESG research; Integration

The Manager, Global Events will play a key role in the planning and execution of high-impact events that advance the GIIN’s mission and engage diverse stakeholders. This role involves end-to-end event management, from crafting speaker invitations logistics, marketing, and budget oversight. The ideal candidate is a detail-oriented project manager with strong writing and creative skills who thrives in a collaborative environment. 

RFP/consulting; Stewardship/engagement; Strategy

Reporting (CSRD); Data/analytics; Strategy

As Senior Director Sustainability, you will play a critical role in defining the direction for Sustainability & ESG and you lead the execution of our environmental Sustainability program, ensure delivery against key KPIs and targets in close collaboration across all functions, such as Product Development & Sourcing, Brand, Supply Chain Management, Finance, HR, Sales, Own Operations and develop cross-functional direction, guidance and upskilling on company’s sustainability efforts. You will be responsible to ensure a successful contribution of the environmental program to the overall ESG performance of the company.

Assurance; Reporting; Consulting; Climate/transition finance