Companies

Discussion paper on how climate risk is interpreted, governed and acted upon by UK pension schemes.

Works through three climate pathways as governance stress-tests and traces their distinct implications for DB, DC, CDC and LGPS arrangements - including:

• covenant strength
• endgame planning
• insurance-market resilience and
• member outcomes.

The report also examines fiduciary duty, noting trustees must weigh systemic climate risk within existing legal duties, and makes a business case for pension-scheme climate policy advocacy.

Annual assessment of the global green economy drawing on green-revenues data across more than 21,000 listed companies.

Green revenues grew 5.3% in 2025 - the fastest pace since 2022 - with expansion across 75% of the 133 green segments tracked, driven by accelerating electrification, AI-related electricity demand, energy-efficiency pressures and clean transport growth.

Considered as a standalone industry, the green economy would now be the world's third largest, surpassing healthcare

Analysis of physical climate risk to Iberian hydropower, matching 36 years of Spanish and Portuguese reservoir data to the six largest operators — roughly 8.3 GW of capacity-weighted generation across 48 reservoirs.

In the 44 driest months on record, Iberdrola's fleet held around 74% of capacity while Naturgy's sat below 40%: a 34-point dispersion in drought resilience between two investment-grade utilities that the authors argue investors should price, rather than applying a blanket climate discount.

The piece also identifies a statistically robust 1.9-percentage-point-per-decade storage decline at Endesa (material to parent Enel) and shows pumped-storage design measurably improves resilience versus conventional reservoirs.

Quantifies how physical climate risk is flowing through to corporate financial performance.

Climate risk is showing up as real business cost

Modeled results for large U.S. companies indicate that climate impacts can translate into meaningful, recurring losses from both physical damage and business interruption, turning disruption into an ongoing cost of operating, not just a rare shock.

Extreme weather can create outsized, correlated downside

When severe events hit, losses can scale quickly across multiple companies at once. In a modeled 1-in-100-year scenario, impacts on major U.S. firms rise sharply, highlighting how tail risk can become a portfolio-wide problem rather than a single-asset issue.

Markets respond quickly to disclosed disruption

Companies tend to see a near-term stock decline (around 3%) following the disclosure of a weather-related disaster, reinforcing the view that markets increasingly treat physical climate disruption as financially material.

Analysing 866 US sectoral employment series, LOIM finds around three-quarters show a statistically significant trend change since ChatGPT's launch in late 2022.

• Most negative (warehousing, temporary help, business support, computer systems design)
• ~20% positive (nursing and residential care, social assistance, passenger transport, infrastructure).

The authors conclude AI is not yet eliminating jobs at the macro level but is already redistributing where employment growth occurs, consistent with classic structural-change theory. 

The Banking on Climate Chaos coalition has published its 2026 Fossil Fuel Finance Report, the seventeenth edition of the annual league table of bank fossil-fuel financing.

The world's 65 largest banks committed USD 906 billion to fossil fuel companies in 2025 — up around 8% year-on-year — taking the total since the Paris Agreement to USD 8.7 trillion, with financing for fossil-fuel expansion jumping 27% to USD 508 billion.

A new 'BOCC+' dataset extends coverage to roughly 2,000 banks, and the authors find six financial centres account for 87% of all fossil financing.

Key takeaways

• Even as numerous top banks pull back, nearly two-thirds of the world’s largest 65 banks continue to fuel a fragile and unstable fossil energy system.
• Bank financing for fossil fuel expansion jumped over 27% in a single year.
• “Dirty Dozen” banks now provide more than a third of global fossil finance.
• Top banks are concentrating their fossil financing in fewer, more leveraged fossil fuel borrowers.
• Six financial centers hold the keys to phasing out fossil fuel financing.

Frames AI as both a sustainability risk and opportunity for long-term investors

• Risk channels include a rapidly growing carbon and water footprint, plus labour-market and social-cohesion disruption
• Opportunities include its potential to compound efficiency gains, accelerate clean-technology discovery and scale proven solutions at near-zero marginal cost.

The authors conclude that AI should be treated as a 'sustainability transition variable', integrated into portfolio construction, engagement priorities and risk-assessment frameworks.

Key takeaways

• "Critical minerals are essential to the global energy transition. However, mining activities can pose significant sustainability and financial risks for investors.
• An assessment based on the Initiative for Responsible Mining Assurance (IRMA) standard using ISS STOXX Corporate Rating indicators shows that companies have strong policy adoption but weak implementation. While most companies have human rights, labour, and environmental policies, fewer demonstrate robust human rights due diligence, credible targets, or consistent operational practices.
• A nature impact and dependency assessment on a mining operator's universe based in Asia indicated that mining operators depended heavily on water-related ecosystem services. They simultaneously drive negative environmental impacts related to land-use change, pollution, and climate change.
• The physical climate risks to mining assets are set to intensify under high-emissions scenarios. According to ISS STOXX models, water-stress and heatwave exposure across Asian mine assets will increase significantly over the next 15–30 years, threatening operational continuity and cost structures.
• Engagement remains an investor tool to assess and manage portfolio companies' risks related to pollution, Indigenous rights, community consultation, and climate-related governance.
• In addition, investors can enhance portfolio resilience by tilting towards issuers with a stronger sustainability profile (leaders), while engaging with industry laggards to close implementation gaps. Investors can also start to embed nature- and climate-risk analytics in investment processes."

Contents

• Critical minerals in Asia's energy transition: Demand, risks, and supply chain dynamics
• Critical minerals mining in Asia: An IRMA-aligned sustainability assessment
• Nature risks in critical minerals mining: Dependencies and Impacts
• Geospatial data–climate risk exposure assessmentInvestor engagement on critical minerals mining: Case Studies

The First Sentier MUFG Sustainable Investment Institute seeks to commission a comprehensive research report on sustainability-related issues in data centres, focusing on financial materiality, sustainability-related risks, and systemic implications for investors.

The report will aim to quantify financial materiality, assess systemic risks and their potential impact on valuations, and provide investment insights across asset classes including engagement guidance. Case studies will be used to demonstrate risks and opportunities including sustainability impacts on production timelines, capex, and revenue. Expected sources include literature (industry reports, media, NGOs, international organisations, academic articles), datasets and industry sources.

Deliverable will include a completed report comprising research outcomes, data, visuals and engagement toolkit.

Proposed timelines:

• This RFP is issued on 29.06.2026
• Any questions or feedback regarding the brief should be submitted by 6.07.2026
• Answers to any questions will be provided by 8.07.2026
• Proposal should be submitted to the Institute by 10.07.2026 together with availability for a 1 hour call to discuss the proposals in the week of 13.07.2026
• Target for notifying the successful tenderer by 17.07.2026

Environmental crime is typically viewed as conservation issue, but it is also a business issue.

Environmental crime is a fast-growing illicit economy estimated at USD 300 billion annually, embedded in our global supply chains and financial systems. 

This week, United for Wildlife has published a new business case exploring why environmental crime is becoming a significant business risk, how organisations may be exposed, and what companies can do to respond.

Published: 4 March 2026

Summary: Ericsson's Annual Report incorporates a CSRD/ESRS-aligned Sustainability Statement covering climate strategy, responsible AI, supply-chain management, human rights and circularity.

Published: April 2026

Summary: One of the largest global data-centre REITs. The report focuses on low-carbon data centres, operational efficiency, renewable energy sourcing, customer decarbonisation and resilient digital infrastructure. There is growing discussion of how AI demand is influencing facility design and energy management.

Published: May 2026

Summary: The report covers renewable electricity procurement, energy efficiency, cooling technologies, water stewardship and AI-ready digital infrastructure. It also discusses supporting hyperscale AI workloads while pursuing science-based climate targets.

Nobody really knows how fast AI will develop and what the economic impact will be. It sometimes feels like you ask five people, and you get six different answers. And you don’t even have to ask any economist to get that confused. What to do then to get more clarity?

A team of researchers around Ezra Karger from the Federal Reserve thought, why not ask:

• 69 economists,
• 27 AI industry specialists,
• 25 AI policy experts,
• 38 superforecasters, and
• 401 members of the general public?

They asked all of them the same question and compared the answers.

I mean, how bad can it be?

My latest piece for Reuters is out this morning [June 18th] and I focus on what I think the true future of AI is. Not large language models running in data centres but small language models running on local desktop computers or even mobile devices.

Developed by the Stockholm Resilience Centre, the Planetary Boundaries framework identifies nine Earth system processes that define a “safe operating space” for humanity. Existing research highlights that seven of the nine boundaries have already been breached, signalling escalating risks of irreversible environmental change.  

These developments have considerable significance for businesses and investors: over $58 trillion of global economic value (more than half of global GDP) depends on nature, making ecosystem degradation a systemic financial risk rather than a purely environmental issue.

Boston Common Asset Management has published its Active Shareowner Update for Q1 2026, covering four themes shaping its stewardship practice. The update examines corporate sustainability disclosure as a structural rather than cyclical trend, the role of proxy voting in reinforcing governance accountability, investor responsibility questions raised by AI use in armed conflict settings, and climate engagement as a risk analysis tool for the engaged investor. Together the four pieces illustrate how Boston Common is adapting its engagement approach as regulatory and political dynamics shift around disclosure and climate action. Read the full update at the link below.

Focal points

• Decarbonisation and climate action — 33.3% absolute Scope 1 and 2 emissions reduction since 2020; targets: −50% by 2030, GHG neutrality Scope 1 and 2 by 2040, net zero Scope 1–3 by 2050
• Access to healthcare and patient reach — 450 million patients reached in 2025 through essential medicines, medical devices and nutritional therapies; 27 million patients treated at Helios hospitals
• Employee engagement and development — Employee Engagement Index 4.14 in 2025 (up from 4.02 in 2024); 19.3 average training hours per employee (+10.3% vs 2024); workforce 178,583 with 67% women

Parameters

• Data to: 31 December 2025
• Published: Early 2026 (no explicit publication date found)
• Data to 31 December 2025
• Materiality Matrix: None found in this document

As climate adaptation moves up the investment agenda, this article argues that investors may be overlooking one of the most important determinants of long-term resilience: the physical design of the landscapes on which businesses depend.

Drawing on a simple observation during France's recent extreme heat, it explores how diverse, water-retaining landscapes can remain significantly cooler than simplified agricultural and forestry systems, and why this matters for productivity, drought, wildfire risk and long-term asset performance.

A recent report by Ceres touches on this issue

Calvert Research & Management argues that the global energy transition has entered a more complex, demand-driven phase — 'Energy Transition 2.0' — shaped by rapidly rising electricity demand, shifting geopolitics, infrastructure constraints and uneven policy environments.

Authors Tarek Soliman and Jonathan Pragel identify companies with durable positions across the evolving energy system and present an investment framework for navigating the new terrain. The paper is available as a downloadable PDF.

Climate Bonds Initiative's Q1 2026 Sustainable Debt Global State of the Market finds that aligned GSS+ debt instruments totalled USD230.3bn for the quarter — a 9% decline from Q1 2025 on a like-for-like basis. Cumulative aligned volume has reached USD6,986bn, just short of the USD7 trillion landmark.

Green bonds retained their dominant position, accounting for 62% of cumulative aligned supply (USD4.3tn), with social and sustainability labels each contributing USD1.3tn.

Carbon Tracker's 'Oil Companies in Disguise' finds that several major automakers may carry carbon intensity comparable to oil and gas companies, due to systematic gaps in Scope 3 emissions reporting.

The research analyses transition risk and investor exposure across the automotive sector, finding that current disclosure practices obscure the true carbon footprint embedded in vehicle manufacturing. The findings have material implications for investors assessing portfolio alignment with net-zero targets. 

Impax Asset Management's ninth annual Stewardship and Advocacy Report fully integrates its response to the updated UK Stewardship Code, covering the firm's active ownership activities — engagement outcomes and voting decisions — over the past year.

Authors include Lisa Beauvilain, Chris Dodwell, Heather Smith and Robyn Lockyer.

Contents

Engagement

Key examples included:

• Climate: Engaging with a German manufacturer of industrial kitchen equipment on Scope 3 emissions disclosure and science-based emissions reduction targets
• Nature: Engaging with a Swiss speciality chemicals company to enhance its assessment of nature-related dependencies, impacts, risks and opportunities
• People: Engaging with a North American bank on the evaluation and reporting of human capital management
• Governance: Engaging with a Japanese manufacturer of industrial machinery, supplies and components to improve board independence and gender diversity

Advocacy

Key initiatives included:

• Climate: UK Net Zero Council & Transition Finance Council; corporate transition planning systematic stewardship
• Nature: Tropical Forest Forever Facility (TFFF)
• People: Modern slavery regulation in Australia and New Zealand; forced labour import ban and migrant working protections in Taiwan
• Governance: Chinese Corporate Governance Code; Japanese Stewardship Code
• Sustainable finance: Shaping the future of sustainability reporting

Man Group's 'A Sustainable Future' responsible investment podcast features Professor Nicola Ranger of the London School of Economics, who explains why adaptation finance is significantly underdeveloped relative to climate mitigation and identifies the key blind spots that impede progress. The episode, hosted by Jason Mitchell, covers how investors can begin to close the gap — a timely contribution as physical climate risk grows in portfolio significance.

Calvert Research & Management has published its ninth annual Barron's Most Sustainable U.S. Companies ranking, evaluating the 1,000 largest publicly traded U.S. companies across more than 230 key performance indicators.

The methodology draws on Calvert's proprietary ESG research framework, with financial materiality as the central lens. The result is a benchmark for assessing sustainability leadership among large-cap U.S. equities, published in partnership with Barron's magazine.

Baillie Gifford Investment Insight piece arguing that the ESG terminology, as it has come to be used, has outlived its analytical usefulness and needs a rethink — not because the underlying environmental, social and governance considerations have lost relevance, but because the label itself now obscures rather than clarifies long-term investment risk.

Contents

• Why "ESG" as a single composite label is becoming an obstacle to analysis
• Separating the genuine long-term financial drivers from the marketing overlay
• What Baillie Gifford's research process retains from the ESG era and what it sets aside

[Selected by Mike (54) | Summarised by Opus 4.7 | Human-directed; AI-powered]

AIGCC's Asian Utilities Engagement Program (AUEP) 2026 update on the progress and gaps observed across the cohort of Asian listed power utilities subject to investor engagement on capital allocation and emissions reduction strategy.

Focal points

• Progress: more AUEP-covered utilities now disclose emissions data, interim climate targets, and net-zero ambitions — disclosure infrastructure has materially improved over the engagement period.
• Gap: capital allocation has not kept pace. Stated transition ambition is not consistently reflected in capex flows, plant-level retirement schedules, or grid investment patterns. AIGCC's headline conclusion is that "energy companies need to do more" on the link between ambition and execution.
• Investor engagement priorities for the next cycle focus on plant-level capex transparency, coal phase-out timelines aligned with national NDC pathways, and governance evidence that boards are accountable for execution against targets.

Contents

... AUEP 2026 report on Asian listed power utilities ...

• AUEP cohort and engagement methodology
• Progress assessment against AUEP's engagement framework
• Gaps in capex alignment, transition plan credibility, and physical-risk integration
• Investor engagement priorities and escalation indicators
• Implications for sectoral capital allocation

[Selected by Mike (54) | Summarised by Opus 4.7 | Human-directed; AI-powered]

WBA analyses the sustainability performance of 49 Canadian-headquartered companies (27 companies, 22 financial institutions) across 18 industries, looking at impacts on both people and planet. The headline inconsistency: Canadian companies and financial institutions are global leaders in disclosure and governance — with particular strengths in low-carbon financing, water management and collective-bargaining transparency — but lag in turning commitments into action.

A companion press release notes Canadian financial institutions are three times more likely than global peers to invest in climate solutions.

[Selected by Mike (54) | Summarised by Fable 5 | Human-directed; AI-powered]

WBA's 2026 Ocean Benchmark assesses 80 of the most influential ocean-economy companies — across seafood, maritime transport, offshore wind, cruise tourism, shipbuilding and ports — on climate, nature and human rights. Findings are sobering: while more than half of companies have GHG-reduction targets, only 7% report actual progress on reducing emissions (Thai Union and Orsted are the only two with 1.5°C-aligned targets); just 12/80 assess their impact drivers on nature and only 5/80 have assessed nature-related risks; and only 8/80 demonstrate having assessed human rights risks and impacts.

Mowi, Orsted, Thai Union and Vattenfall stand out for integrated thinking across climate and nature transition plans — a precursor to WBA's Integrated Transition Assessment framework arriving in 2027.

[Selected by Mike (54) | Summarised by Fable 5 | Human-directed; AI-powered]

Ceres' new report gives investors a practical framework for evaluating companies' participation in landscape initiatives — multi-stakeholder, place-based programmes that tackle nature and supply-chain risk across agricultural and forestry sourcing regions.

As individual corporate due-diligence has proved insufficient to contain systemic deforestation risk, landscape initiatives bring together companies, NGOs, governments, and local partners across geographies averaging 127,000 hectares.

The report explains when landscape approaches are most relevant, provides investor engagement questions to probe the materiality and credibility of participation, and features worked examples from Mondelēz International (Asunafo-Asutifi cocoa landscape, Ghana) and Nestlé (Southern Central Forest Spine palm oil landscape, Malaysia — 75% reduction in forest loss since 2020).

[Selected by Mike (54) | Summarised by Sonnet 4.6 | Human-directed; AI-powered]

Sustainalytics' 2026 Leader Badges report tracks which companies earn global, industry, and regional ESG leadership awards each year, drawing on several years of accumulated data to reveal how ESG risk leadership is evolving across markets.

The report covers the screening criteria for badge awards, which subindustries and companies consistently dominate the global list, which regions saw the largest influx of new leaders in 2026, and the structural factors that influence who earns recognition. Useful for investors benchmarking ESG risk management quality across sectors and geographies.

[Selected by Mike (54) | Summarised by Sonnet 4.6 | Human-directed; AI-powered]

The Inevitable Policy Response and Theia Finance Labs, in partnership with Climate Proof, have surveyed 86 industry professionals on their expectations for the social and political response to rising physical climate risk over the next decade.

Key findings: 55% expect reactive disaster relief from governments rather than proactive adaptation; near-consensus (97%) that climate, social, and nature tipping points should all feature in physical risk assessments; over 90% expect private insurance to retreat from high-risk regions through selective or large-scale withdrawal; and firms are widely expected to respond through geographic diversification and partial reshoring, with technology and financial products as the leading adaptation tool (72%).

The survey fills a gap in physical risk frameworks — calibrating the social and political response dimension that current scenario analysis largely omits.

[Selected by Mike (54) | Summarised by Sonnet 4.6 | Human-directed; AI-powered]

Riding the AI infrastructure boom has proven more challenging than expected for Fermi America and may offer a parable for other AI-adjacent players. Fermi’s stock is down approximately 60% since its IPO last October as its anchor tenant failed to materialize for its planned massive data center and private grid.

The AI infrastructure buildout is one of the most powerful investment themes currently. Data centers require enormous, reliable power, and the public grid cannot deliver it on AI timelines. Fermi America assembled permits, land, pipeline rights, turbine equipment, and nearly $1 billion in financing with impressive speed to capture this opportunity. The team that has taken over may yet prove the thesis right, but the stock’s trajectory from $21 to under $9 underscores the challenge. And as Oracle’s shareholders learned again this week, even the market narrative has limits.

The company’s founder and CEO, Toby Neugebauer, was terminated for cause in April. Now he is soliciting shareholders to call a special meeting, expand the board by seven seats, and install a new director slate with a mandate to pursue an immediate sale of the company he built.

As in many proxy fights, there is a tension between management’s long-term strategy succeeding and an activist’s push for quick, short-term returns. Running the contest materials through Canbury’s ProxyPro platform using different investor personas, the director skill sets tell a divided story: Fermi’s current board is well-configured to build, permit, and operate a massive power infrastructure campus; the seven nominees Neugebauer has assembled are financial and governance specialists more naturally suited to orchestrating a sale.

Across the U.S., the need for housing, infrastructure, small business financing, and climate resilience in rural and underserved communities is accelerating.

Community lender investments in these areas can generate returns and help reduce risks from extreme weather, such as droughts, fires, and floods.

Yet institutional investors often perceive community lender investments as unable to deliver competitive risk-adjusted returns, citing barriers such as scale, liquidity, and risk perception.

This report from Ceres and the Justice Climate Fund reveals how private capital can be more effectively mobilized to close this gap.

Drawing on insights from more than 40 institutional investors, community lenders, and industry experts, the report outlines four key strategies to unlock greater private investment:

1. Traditional Financing Tools
2. Innovative Financing Models
3. First-Loss or Low-Cost Capital Strategies
4. Outside-the-Box Collaborations

[Selected by Mike (54) | Summarised by Fable 5 | Human-directed; AI-powered]

The latest Carbon Performance data for the world’s largest paper companies are now available on the TPI tool. This update covers 34 paper companies [1].  Together, these companies represent a combined market capitalisation of over $87 billion as of June 2026 [2].

According to the International Energy Agency, paper and pulp production accounted for just under 2% of total industrial emissions. Achieving net-zero scenarios requires the paper sector to accelerate reductions beyond past rates to remain on track, as demand for paper and paperboard products is projected to rise by 2050. For a deeper dive into the emerging trends from the paper sector, please see Sections 3.3 and 4 of our State of the Corporate Transition 2025 report. 

The TPI Global Climate Transition Centre (TPI Centre) methodology assesses historical and projected greenhouse gas (GHG) emissions, comparing them against sector-specific benchmarks to evaluate their alignment with the goals of the Paris Agreement.

• Explore the results of relevant companies now on the TPI tool.
• Read the TPI Centre’s Cement methodology note. 

The TPI Centre is the academic partner of the Transition Pathway Initiative (TPI), a global investor-led initiative supported by over 155 asset owners and asset managers. Based at the London School of Economics and Political Science, it is an independent and authoritative source of research and data on the progress being made by corporate and sovereign entities in the transition to a low-carbon economy.

[1] These assessments cover TPI companies outside the Climate Action 100+ (CA100+) universe, allowing earlier publication of results. This ensures investors have up-to-date data well ahead of the typical Q3 publication of CA100+ company assessments.
[2] Market capitalisation coverage is calculated for the companies for which this sector represents their primary activity. The calculation can change due to fluctuating corporate valuations, the size of the company universe assessed, or due to company sectoral reclassifications.

Oil and gas companies set to increase production and ignore climate commitments, study finds

• Low-carbon fuels and renewable electricity generation are the most pursued transition routes for oil and gas sector. 
• 0% of assessed companies have diversification plans at the scale required to reach net zero emissions by 2050. 

Major oil and gas corporations are planning to "increase their upstream oil and gas production" according to new research published today (17 June 2026) by the TPI Global Climate Transition Centre (TPI Centre) at the London School of Economics and Political Science (LSE).

The report analyses 22 leading global companies in two sectors critical to the low-carbon transition: 16 in oil and gas and six in diversified mining. These companies have a combined market capitalisation of over $2.8 trillion as of March 2026 and represent some of the world's largest extractive and key polluting companies.

Total oil and gas production across the 11 companies that disclose production guidance is set to reach 26.16 million barrels of oil-equivalent per day by 2030, representing a 14% increase from the 2024 level of 22.90 million barrels of oil-equivalent per day. This planned growth stands in contrast to the production decreases required to limit the rise in global average temperature in a 1.5°C or Below 2°C scenarios. It even exceeds the 5.9% global oil and gas demand increase projected for 2024-2030 under the Current Policies Scenario modelled by the International Energy Agency World Energy Outlook 2025, which is consistent with a 2.9°C global mean temperature rise by 2100.

The Transition Planning 2026: Decarbonisation strategies in oil and gas, and diversified mining report applies the TPI Centre's Net Zero Strategies (NZS) assessment frameworks to evaluate how companies plan to deliver emissions reductions, and assess the robustness of their transition plans. The NZS assessment data and methodologies can be used to better understand companies' transition plans in hard-to-abate sectors.

For the oil and gas sector, operational emissions reduction targets are widespread, including more advanced methane management practices, although detailed decarbonisation plans remain limited. Many of the assessed companies have committed to the highest standard of methane measurement and reporting under the Oil and Gas Methane Partnership and have pledged to end routine flaring by 2030. However, operational emissions targets, including methane targets, are rarely supported by detailed implementation strategies specifying the actions, technologies and interim milestones, indicating that implementation plans still lag behind stated ambition.

Despite diversification plans into low-carbon business models, none of the assessed oil and gas companies are planning a shift of sufficient scale to align with any low-carbon scenario. The authors state that even for the best performing company, “maximum calculated share of low-carbon energy in total energy production reaches only 5% by 2030, which, together with the fact that most companies are planning to increase their fossil fuel production, suggests that emissions reduction targets are not being backed by credible transition plans.”  

The authors also confirm that “the diversified mining assessments reveal substantial variation across commodities and business models.” While some companies retain exposure to coal mining, others have divested or are planning to exit. Approaches to addressing downstream processing emissions from iron ore and bauxite also vary significantly.

Mining companies show limited plans to scale key transition materials, with only two of six companies planning production increases for copper, and one having completed the acquisition of a lithium mining company in 2025. No expansion plans have been disclosed for other critical minerals beyond copper, including lithium, despite the significant growth in supply needed to support the low-carbon transition.

Seyed Alireza Modirzadeh, Project Lead, TPI Centre at LSE, said:

“Our findings show that major oil and gas companies are planning to increase production faster than demand, while making only limited progress towards a low-carbon business model.

“This short-sighted approach significantly increases their exposure to stranded asset risk, as the window to an orderly low-carbon transition narrows.”

David Russell, Chair, Transition Pathway Initiative Ltd., said:

"As the urgency of the low-carbon transition grows, investors need robust, independent evidence to distinguish credible transition strategies from empty commitments. 

“This new research from the TPI Centre on oil and gas and diversified mining companies is exactly the kind of rigorous analysis that investors need to engage effectively with the companies that are both most exposed to transition risk and essential to ensuring the transition happens."

-ENDS- 

Notes to editors     

• The TPI Global Climate Transition Centre (TPI Centre) is an independent source of research and data on the progress of corporate and sovereign entities in transitioning to a low-carbon economy. It is part of the Global School of Sustainability at the London School of Economics and Political Science (LSE).    
• The TPI Centre is the academic partner of the Transition Pathway Initiative (TPI), a global initiative led by asset owners and supported by asset managers, aimed at helping investors assess companies’ preparedness for the transition to a low-carbon economy. More than 155 investors globally, representing approximately US$92 trillion combined Assets Under Management and Advice, have pledged support for TPI [1].
• The TPI Centre is also the academic research expert of Assessing Sovereign Climate-related Opportunities and Risks (ASCOR).
  The report published today extends the analysis of the TPI Centre’s flagship trilogy: State of the Corporate Transition 2025, State of the Banking Transition 2025 and State of the Sovereign Transition 2025.
• For more information, please visit https://www.transitionpathwayinitiative.org.  
   

[1] This figure is subject to market-price and foreign-exchange fluctuations and, as the sum of self-reported data by TPI supporters, may double-count some assets.  

 
Related event: “Net Zero Strategies: From commitments to accountability in the real economy”

• Date: Tuesday 23 June 2026
• Time: 18.30 – 20.00 British Summer Time
• Venue: Malaysia Auditorium, Centre Building at LSE, WC2A 2AE
• How to attend:
  To attend in person, register here.
  To attend online, register here.

Report focus

Zevin Asset Management's 2026 Impact Report documents the firm's shareholder advocacy, proxy voting, and public policy action over 2024–2025. The report frames responsible investing not as a preference but as a discipline — tested by anti-ESG legislation across dozens of states, SEC rollbacks on climate disclosure rules and shareholder proposal rights, and an administration effort to redefine fiduciary duty as a mandate for short-termism. ZAM, a 100% employee-owned, majority women-led, certified B Corporation®, holds that durable investment returns depend on the health of the underlying system: how companies treat workers, manage risk, govern themselves, and respect communities and the environment.

Sustainability issues in focus

• Governance & accountability — corporate lobbying (direct, indirect, and through trade associations); alignment between stated sustainability commitments and political spending; shareholder rights under Delaware SB21 and new SEC no-action rules
• Worker rights & economic justice — living wages, noncompete agreements, freedom of association; immigration enforcement and its cascading labour-market impacts
• Technology & human rights — AI due diligence, data privacy governance, cloud services deployed in conflict zones and surveillance contexts
• Climate & place-based impacts — science-based targets, data centre energy and water footprints, EPA Endangerment Finding reversal

Engagement highlights

... features ... Unilever, Danaher, AbbVie, Apple, Digital Realty Trust, Analog Devices, Home Depot, Amazon and Alphabet

Other highlights

... features ... Proxy voting, Portfolio carbon intensity, Diverse ownership, FTC noncompete ban, Public policy

Report parameters

• Publication date: June 2026
• Period covered: 2024–2025

[Selected by Mike (54) | Summarised by Claude Sonnet 4.6 | Human-directed; AI-powered]

Report focus

Standard Life plc's Stewardship Report 2025 — published by the entity formerly known as Phoenix Group Holdings plc — sets out the firm's stewardship activities as a £317 billion AUA insurer and pension provider for 12 million customers across the UK, Ireland and Germany. Aligned to the updated 2026 UK Stewardship Code (a UK Stewardship Code signatory since 2022), the report covers both Standard Life's in-house stewardship and activities carried out on its behalf by 13 asset management partners ('AMPs'). Its four ESG priority themes are climate change, nature, human rights, and UNGC controversies.

Sustainability issues in focus

• Climate change — Climate Aligned index series adopted for default equity and credit portfolios, embedding annual decarbonisation pathways; 63% of tailored climate objectives partially or fully met (up from 57% in 2024 and 38% in 2023)
• Nature — TNFD LEAP framework applied to assess tropical deforestation and water scarcity risks; Nature Action 100 engagement; early improvements in disclosures noted
• Human rights — portfolio-wide assessment identified 157 companies for focused engagement; PRI Advance collaborative initiative participation with six focus companies
• UNGC controversies — focused engagement with six companies; objectives tracked twice yearly; third-party engagement provider used where needed
• Corporate governance — directed votes deployed at selected companies for the first time in 2025, specifically within Sustainability Improvers™ labelled equity funds; voting alignment assessed across six AMPs covering 300 companies

Engagement highlights

• Climate engagement — 158 engagements completed across 25 focus companies, accounting for 40% of financed emissions in high-emitting sectors; 63% of tailored climate objectives partially or fully met, improving year-on-year for the third consecutive year.
• AMPs climate engagement — 2,249 companies engaged on climate by AMPs through 3,300 meetings, covering an additional 43% of financed emissions in high-emitting sectors (up from 38% in 2023).
• Private credit — £1.3bn originated in sustainable, transition, and productive shareholder private credit assets in 2025, accounting for 67% of total private credit origination; in-house shareholder credit ESG integration advanced.
• Fund labelling — FCA Sustainability Improvers™ label secured for eight core funds with £41bn in assets; updated reporting, educational materials, and improved ESG disclosures produced for customers.
• Human rights — second year of PRI Advance engagement; 74% of human rights engagement objectives met or partially met (up from 63% in 2024); strongest progress in human rights policies and strategies, and due diligence approaches.
• UNGC controversies — 73% of engagement objectives achieved or partially achieved (up from 54% in 2024); will review target list twice yearly.
• AMP oversight — three-year review of 13 priority managers (96% of AUM under investment management agreements) showed sustained progress; 49% of AMP engagement meetings now linked to explicit engagement objectives (up from 29% in 2024); managers conducted 6,400 meetings with over 3,100 companies in 2025 (13% increase).

Other highlights

• Private markets engagement: 42 delegated engagements recorded for the first time in 2025; 42% had formal objectives; 83% showed progress.
• Customer insight: 73% of Standard Life customers expect their pension provider to take responsible investment decisions on their behalf; 60% are personally taking steps to live more sustainably despite cost-of-living pressures.
• Real-world emissions trend: small rise in emissions intensity across the portfolio cohort (2022–24) but a decline in absolute emissions; companies have advanced on capital allocation and transition disclosures, though Scope 3 targets and sector-specific transition plans remain less developed.
• Voting: most frequent areas of voting misalignment with AMPs are climate-related proposals, director elections, and executive remuneration; improved alignment with two managers, divergence widened with two others.

Report parameters

• Publication date: 2026
• Period covered: Year ended 31 December 2025

[Selected by Mike (54) | Summarised by Claude Sonnet 4.6 | Human-directed; AI-powered]

A conversation with the analyst.. here

Net zero commitments are proliferating, but are strategies being funded?

This report examines what capital flows actually reveal about transition credibility, linking corporate capex decisions directly to real-world climate outcomes

Published: April 2026

Summary: Covers engagement outcomes, voting records, collaborative initiatives and sustainability integration across public market portfolios.

... includes

• The governance of sustainability
• Participation in national and international initiatives
• Stewardship activity in 2025 - Snapshot
• The exercise of voting rights
• Climate Change
• Biodiversity
• Human rights and social issues
• Governance
• Insight: Against or Abstain votes
• Engagement activity
• Case studies on Climate Change and Biodiversity
• Case studies on Human Rights and Governance

... and more ...

Santander Asset Management has published its Santander Prosperity Annual Report containing details on the points summarised below:

Key data

• Publication date: 2026 (data as at 31 December 2025; no specific publication date stated in the document)
• Report type: Fund-level ESG
• Scope: Single fund
• Fundamental focus: Thematic review

Contents and focal points

Portfolio positioning of the Santander Prosperity fund across its three investment megatrends (Health & Well-Being; Food & Nutrition; Education & Financial Inclusion), with sector, currency and market-cap breakdowns.

Specifics

• Sustainability themes: Health & well-being; obesity and chronic disease; food security and sustainable agriculture; education access; financial inclusion; HIV/AIDS prevention; SDGs 1, 3, 4, 5, 8, 10
• Sectors of focus: Healthcare (22%); Consumer Staples (17%); Technology (12%); Financials (12%)
• Companies featured (include): Novo Nordisk; Danone; Stride

Differentiators

The fund donates 15% of its management fee to the Global Fund via a formal partnership with (RED), directing proceeds to HIV programs in Guatemala and Colombia. This embedded charitable-giving mechanism — built into the fee structure rather than applied separately — is unusual among thematic equity funds and gives the report a concrete social-impact accountability dimension beyond standard ESG reporting.

CaixaBank Asset Management has published its Dialogue and Voting Report 2025 containing details on the points summarised below:

Key data

• Publication date: April 2026
• Report type: Engagement
• Scope: Whole-of-operations
• Fundamental focus: Engagement & stewardship

Contents and focal points

• Voting activity across 1,246 AGMs (94.97% participation rate), covering 15,924 agenda items and 508 shareholders' proposals in 43 countries
• Dialogue activity comprising 302 total actions, of which 212 addressed material ESG topics (covering 56.14% of the portfolio) and 109 addressed breaches of international treaties (12.51% of the portfolio)
• The 2025–2027 Engagement Plan, setting out CaixaBank AM's strategic priorities for the three-year engagement cycle and its participation in three collaborative stewardship initiatives

Specifics

• Sustainability themes: Climate change; nature and biodiversity; human rights and social issues; material ESG risk management; breaches of international treaties
• Sectors of focus: Not specified by sector in the sections reviewed
• Companies featured (include): None identified as named case studies

Differentiators

CaixaBank AM participates in all three of the major current collaborative engagement platforms — Climate Action 100+, Spring and Advance.

Published: March 2026

Summary: Details on carbon capture, cement decarbonisation and sustainable building materials.

ESG docs here

Published: March 2026

Summary: Holcim's integrated report covers decarbonisation of cement and concrete, circular construction materials, low-carbon product revenues and climate transition initiatives.

Published: February–March 2026 reporting cycle

Summary: Covers operational decarbonisation, sustainable infrastructure, lower-carbon cement products and circular materials.

Published: March 2026

Summary: Focus on sustainable construction, energy-efficient buildings, insulation products and circularity initiatives.

The first comprehensive public ESG analysis of Space Exploration Technologies Corp.

We celebrate visionaries. We lionize disruptors. We invest billions in companies that promise to reshape our future. But what happens when extraordinary technical achievement exists alongside systematic failures in accountability, transparency, and governance?

SpaceX—valued at $750 billion, holding over $15 billion in government contracts, launching more rockets than any nation on Earth—operates in near-total ESG darkness. No sustainability report. No diversity data. No independent board. No financial disclosure. No climate strategy. No stakeholder engagement.

This is not an oversight. It is a choice.

After months of research drawing on regulatory filings, investigative journalism, legal proceedings, OSHA records, FAA violations, NLRB rulings, and employee testimony, I present the first comprehensive public ESG analysis of SpaceX.

The findings are dark.

Environmental Score: D Social Score: D- Governance Score: F Overall ESG Rating: F (0.6/5.0)

Key messages

• Switzerland stands out positively in terms of asset growth
• Financial industry remains committed in action more than in words
• Asset owners lead by commitment, especially on real estate
• Artificial intelligence is reshaping sustainable finance
• Nature-related investment opportunities are taking shape
• Extreme weather events are most material nature-related risk

This is a grant-funded role. The PRI intends to continue the position beyond this date, conditional on securing funding.

Senior Responsible Investment Manager, West Coast US - Markets - Principles for Responsible Investment

Specialist, Technical Product Owner - Solutions - Principles for Responsible Investment

Specialist, Product Owner - Solutions - Principles for Responsible Investment

Manager, NZAOA & Collaboration - Investor Initiatives & Collaboration - Principles for Responsible Investment

Employment Type Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location Hybrid · London, UK

Seniority Mid-level
Closing: 11:59pm, 30th Jun 2026 BST

Meta is hiring a Sustainability Program Manager to join the Sustainability Team focused on the Responsible Supply Chain (RSC) program. Our team enables Meta to operate and grow sustainably and responsibly. 

The GSF Products & Solutions team is seeking an Analyst based in New York to support research on sustainable finance topics and trends, development and maintenance of client-facing materials, and coordination of key internal projects, meetings and events. Successful candidates will have a demonstrated ability to conduct insightful research, perform quantitative analysis, and synthesize findings as well as an interest in sustainability issues. Additionally, successful candidates will be well-organized and detail oriented, and will work well in team environments.

You will join the freshly formed Sustainable Sourcing team, a global section within Global Procurement Operations at the LEGO Group. We hold a vital position in advancing the LEGO Group’s Environmental, Social, and Governance (ESG) agenda by elevating the sustainability performance of the company’s supplier base.

You’ll take on a purpose-led role where you’ll nurture and deliver meaningful sustainability and social value outcomes for a key utilities client—while helping shape a more responsible and inclusive future across Vodafone Business. As a trusted and thoughtful advisor, you’ll collaborate closely with teams, bring fresh ideas to life, and gently guide strategy into action, creating lasting environmental and social impact.

Key features

• Job title: Senior Communications Consultant
• Location: Geneva
• Employment type: Consultancy
• Seniority level: Senior
• Sustainable Investment focus: Sustainable finance — supporting financial institutions to integrate sustainability into market practice (covering PRB, PSI and related UNEP FI frameworks)
• Key requirements: Minimum 7 years' experience in communications, PR or marketing; experience working with or within the finance industry highly desired; fluency in English required
• Closing date: 3 July 2026

Key features

• Job title: Communications Consultant
• Location: Geneva
• Employment type: Consultancy
• Sustainable Investment focus: Sustainable finance — communications supporting financial institutions on sustainability integration, including biodiversity and nature-related themes (Biodiversity COP 17 focus)
• Key requirements: Minimum 3 years' experience in communications, PR or marketing; digital communications and social media proficiency required; experience in the finance sector desirable
• Closing date: 3 July 2026

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 Mid-level
Closing: 11:59pm, 21st Jun 2026 BST

Uxbridge, United Kingdom
Mechelen, Belgium
Breda, Netherlands

Closing: 9:00am, 29th Jun 2026 BST

We are seeking an experienced and passionate Sustainable Product Manager to join our team to help with the development, positioning, and growth of our sustainable product suite. This role will focus on delivering innovative solutions, coordinating product initiatives, and deepening client engagement.

The successful candidate will join our dynamic team and work in collaboration with
the thematic leads under the guidance of the Director, Thematic Research &
Corporate Innovation, to support the development and implementation of the
engagement process handbook and associated risk management activities, and
closely follow the regulatory stewardship landscape and its potential impact on
FAIRR’s work. 

Job Identification 210756184
Job Category Firmwide Risk and Compliance
Business Unit Commercial & Investment Bank
Posting Date 09/06/2026, 19:16
Locations 277 Park Ave, New York, NY, 10172, US
Job Schedule Full time

The ESG Data Analyst will support a range of ESG quantitative analysis to support the Global Sustainability team as well as members of the equity, fixed income and multi-asset team focused on providing customized sustainable solutions.  

An exceptional opportunity has arisen to join the newly established Sustainable Client Solutions (SCS) Team in London. The SCS Team is responsible for working closely with Relationship Managers and Product Partners throughout in the Global Corporate Investment Bank, Japanese Corporate Banking Division, and Global Markets in the Europe, the Middle East, and Africa (EMEA) region in order to promote engagement on sustainable finance and sustainable advisory (i.e. ESG ratings, disclosures, and controversies), as well as spearheading EMEA’s Green Transformation (GX) strategy, all of which are core pillars of the region’s client solution proposition.

Job Location:  London, GBR
Global Grade:  Band 6
Work Type:  Office Working
Employment Type:  Permanent
Posting Start Date:  03/06/2026
Posting End Date: -

Closing date for applications: 15/06/2026

Location London, United Kingdom

Job type Permanent | Contract typeFull Time
Remote / On-site Hybrid

You’ll spend some of your time at home, working with your team digitally. You’ll also regularly work at your office or hub to collaborate with your colleagues.
Managerial / Technical Lead

(12 Month FTC- Family Leave Cover)
Principles for Responsible Investment
Employment Type Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location Hybrid · London, City of, UK

Team CEO Office
Seniority Mid-level
Closing: 11:59pm, 21st Jun 2026 BST

As a Data Scientist, you will be embedded within Man Group's Responsible Investment (RI) function — working day-to-day alongside the RI research, stewardship and investment teams to deliver data-driven insights. 

Man Group is a leader in bespoke proprietary RI investment and has created several tools and datasets. In this role you will acquire, wrangle, map and analyse large structured and unstructured RI and sustainability datasets, acting as a subject matter expert at the intersection of data science and responsible investment. 

Work spans the full data lifecycle and is delivered through self-managed projects in close collaboration with the RI team and the wider Data & AI division. 

Working across a fast-moving, high-growth insurance business, you’ll partner closely with teams across Underwriting, Governance, Operations and Finance to ensure sustainability is practical, measurable, and embedded in decision-making. You’ll also support the ongoing development of our policy governance framework, helping ensure the right level of control, consistency, and oversight as we scale.

Employment Type Full timeThere is an expectation to be in the office 4 days and one WFH
Location Hybrid · London, UK
 
Seniority Mid-level
Closing: 11:59pm, 14th Jun 2026 BST

Are you passionate about Sustainable Investing and in particular Investor Stewardship? Investor stewardship is a core component of UBS Asset Management’s fiduciary and sustainable investing approach. We are seeking an experienced Stewardship Analyst to strengthen our corporate governance, proxy voting and engagement capabilities across global investments

The Investment Sustainability Solutions Team (ISST) is a multidisciplinary group of sustainable investment professionals specialising in sustainability data and research, stewardship and engagement, and sustainability policy and reporting. The team supports investment teams and their clients by helping them consider and integrate sustainability within the investment process, partnering closely with Investment Risk, Compliance, Technology, and Product to enable rigorous, data-driven investment decision-making. ISST operates as a highly collaborative, cross-functional group within Franklin Templeton’s global platform, offering an environment that values intellectual curiosity, partnership with portfolio managers, and continued development across evolving sustainability priorities.

[Posted 30+ days ago, ad still live]

We are seeking an experienced Senior Sustainability Consultant to play a key role in growing our ESG consultancy offering.  Working closely with our UK and international sustainability specialists you will support business development, strengthen our market presence, and promote our innovative sustainability services. The role is a blend of technical ESG expertise, client relationship and project management, providing crucial support to investors, asset managers, and corporate occupiers as they navigate regulatory demands, investor expectations, and operational performance goals

In your role as Senior Responsible Investment Associate, you will make a meaningful and valued contribution from the outset. This role will provide a great opportunity to support the delivery of PMG’s Responsible Investment strategy, ensuring consistent, efficient and high-quality execution across PMG asset classes and mandates. The successful candidate will bridge the gap between technical RI expertise and practical, value creation applications within private markets.

This is an exciting opportunity to shape and embed a new Sustainability Disclosure Oversight capability within Operations, tasked with providing a holistic review over global sustainability entity-level disclosures.

This role will ensure the accuracy, consistency, and alignment of Vanguard's sustainability disclosures; reviewing, benchmarking, and enhancing ESG content across frameworks and geographies. You'll challenge ESG data validation, conduct external comparisons, and drive continuous improvement to ensure our disclosures are clear, credible, and consistent.

[posted March 2 appears still to be live ad]

This is a Fixed Term Contract opportunity

Can be based in UK, South Africa, Chile, Peru, Brazil

The S&T Platform Strategy & Governance team is seeking an Associate in EMEA to support sustainability strategy, S&T product ideation, market intelligence, and governance activities across the S&T platform. The role sits at the intersection of sustainable product strategy, competitor and industry monitoring, platform analytics, and regulatory‑driven initiatives, with exposure to multiple stakeholders and cross‑functional strategic projects within GPS and BlackRock more broadly.

The Sustainability & Impact Client Solutions team mobilizes the full range of sustainability insights, advisory services and investment solutions across our client segments and asset classes (Publics Markets Investing and GS Alternatives, External Investing Group). We collaborate with sustainability teams across the division and firm to deliver the breadth and depth of our sustainability capabilities to our clients. We are seeking an associate to join the team in NYC to fill a unique role focused on developing differentiated insights on leading edge topics on sustainable investing and better serving our clients with content-rich advisory services. This role will work closely with our global team, in addition to working with our Institutional sales teams to deliver client solutions that focus on Sustainability and Impact Investing across public and private markets.  In addition, this role will work with various investment teams to support investment product development and broader delivery of our capabilities across different asset classes and across different regions.

As a Sustainability Analyst, you will play an active role in advancing Broadridge’s sustainability initiatives, contributing to the company’s progress toward its near-term and net-zero emissions reduction goals. In this role, you will manage data collection, analysis, and reporting tasks, support supplier engagement activities, and contribute to projects that advance our environmental commitments. This position provides hands-on experience in corporate sustainability, greenhouse gas (GHG) measurement, and sustainable supply chain management, while offering opportunities to learn from and collaborate with experienced sustainability professionals.

Please be aware that interviews are provisionally scheduled to take place during the week commencing 18th May 2026. Applications received after this date may not be considered but will be added to our talent pool for future opportunities, subject to your consent.

LGPS Central (LGPSC) Ltd is the FCA regulated asset manager for eight local authority pension funds across the Midlands.

Location Hybrid · London, UK

Team - Ri Solutions

Seniority - Junior

Closing: 11:59pm, 3rd May 2026 BST

This responsibility spans all factor, thematic, cap-weighted and sustainability & climate Indexes