Buzz: Transfer to editor

One of the shortcomings of behavioural economics and psychology is that in experiments, researchers focus on personality traits and socio-economic factors, but pay little attention to the circumstances a person is in.

I have written in my Virtuous Investor series in 2020 about the risks involved in this. In particular, I pointed out the excellent book by Lisa Feldman Barrett that shows how circumstances influence our decisions. Even a small change in circumstances can turn these experiments upside down.

Yes (to provide one example that violates Betteridge’s law of headlines). Investors are increasingly pricing water risk across sectors and, in particular, within sectors.

A team of Dutch researchers analysed global stock return data for 14,650 firms in 75 countries and paired these companies with their self-reported water use where available. They then tried to find correlations between stock market returns and water use within an industry, as well as direct and indirect water use (throughout the supply chain) and the influence of water stress (water use relative to available water supply).

Published: March 2026 reporting cycle

Summary: Diageo continues to integrate sustainability into its "Spirit of Progress" strategy, covering regenerative agriculture, water stewardship, packaging innovation, responsible drinking and supply-chain resilience.

Published: February 2026

Summary: Carlsberg's report integrates financial and sustainability reporting under its "Together Towards ZERO and Beyond" strategy. Coverage of climate, water efficiency, regenerative agriculture, sustainable packaging and low-carbon brewing operations, together with progress against science-based targets.

Published: February 2026

Summary: Heineken's integrated report continues to develop its "Brew a Better World" strategy, linking sustainable agriculture, water stewardship, circular packaging and responsible consumption with long-term business growth.

Deka Investment has published its Engagement Bericht 2025 (Engagement Report 2025; German-language)

Publication date: February 2026 

Domini Impact Investments has published its 2025 Impact Report, covering the firm's shareholder advocacy, community investment, and environmental activities for calendar year 2025.

Publication date: 4 May 2026 

Comgest has published its Annual Stewardship Report 2025

Publication date: May 2026 

The Climate Action Coalition's Net Benefit AI Taskforce has published 'Net Benefit AI: Scaling Solutions, Opening Opportunities', examining AI's dual role as a fast-growing source of electricity demand and an accelerant of decarbonisation.

The report cites estimates that data centres consumed roughly 448 TWh of electricity in 2025 — on course to approach 1,000 TWh before 2030 — while responsibly deployed AI could cut global emissions by up to 5.4 billion tonnes by 2035, more than offsetting its own footprint.

It proposes a 'Global Pledge for Net Benefit AI', analogous to COP28's renewables-trebling goal, alongside priorities spanning renewable-powered data centres, mandatory environmental disclosure and efficiency standards. Co-chaired by Ambassador Patricia Espinosa and Chris Skidmore, the report is available at the link below.

AllianceBernstein has published its AB Global Stewardship Statement and 2025 Report, combining its annual stewardship activity report with its standing responsible investing policy statement in a single document covering calendar year 2025.

Publication date: April 2026 

BloombergNEF has published its New Energy Outlook 2026, projecting that solar will become the largest single source of electricity globally by 2032 and that battery storage capacity will expand 17-fold by 2050.

The report records 2025 as a landmark year for energy transition investment, with a record $2.3 trillion deployed worldwide, while concluding that a 1.5°C pathway is no longer feasible under current trajectories. Energy security framing links geopolitical risks — including the ongoing conflict involving Iran — to the accelerating case for electrification and domestic clean energy capacity. Read the full report at the link below.

EthiFinance has published 'European Companies Facing the Cybersecurity Challenge', a study of how listed European companies manage cybersecurity risk, drawing on its database of over 2,300 ESG ratings of European small-, mid- and large-cap issuers. It frames cyber risk as a core governance issue and maps management gaps across practices including integration into operational risk management, penetration testing, security certification and employee training.

Comparisons are provided by company size, country and sector, with a dedicated focus on 646 companies operating in high cyber-risk sectors. The study follows EthiFinance's 2023 European cybersecurity survey. The report is downloadable at the link. 

Fisher Investments has published 'Why El Nino Doesn't Necessitate Portfolio Shifts', a MarketMinder commentary on the El Nino declared by NOAA in mid-June 2026. It argues extreme weather is a false fear for markets: the two prior 'super' El Ninos (1982-83 and 1997-98) coincided with US disinflation and economic expansion, not downturns.

Weather-hit sectors such as agriculture are too small a share of the global economy to derail growth, and adaptation plus forecast visibility mean much of the impact is already pre-priced. The piece reads widespread El Nino pessimism as a bullish sentiment signal, while conceding localised damage - as in Peru in 1983 - can be real. The full commentary is at the link.

GAM Investments has published a review of its 2025 proxy voting alongside an early outlook on the 2026 proxy season, written by Simona Rubino of its Responsible Investment team. Board-related resolutions accounted for 32% of GAM's votes against management in 2025, reflecting concerns over board independence, refreshment and strategic oversight.

Early 2026 outcomes point to more targeted, materiality-driven stewardship focused on board accountability, strategic resilience and financially material risk oversight. The article links to a fuller PDF version and to GAM's Stewardship Report 2025.

IFC and Amundi have published 'Emerging Market Sustainable Bonds', the eighth edition of their joint report — renamed from the former Emerging Market Green Bonds Report to cover the full spectrum of labelled instruments, including transition bonds for the first time.

EM GSSS issuance rose 2.2% to USD 186.8 billion in 2025, but the headline masks stark divergence: China surged 51% to a record USD 111.1 billion, becoming the world's largest GSSS issuer, while EM issuance outside China contracted 31%. The report finds the 'greenium' has effectively vanished and flags a maturity wall, with roughly USD 371 billion of EM GSSS bonds — 45% of the outstanding stock — maturing over 2026–2028. A special theme covers Women's Economy Bonds, whose cumulative issuance has reached USD 57 billion across more than 40 countries. The full report is available at the link below.