Buzz: Transfer to editor

(a full-year engagement log/summary for Jan 1–Dec 31, 2025; nb document code indicates Jan 2026 publication)

(published 19 Feb 2026, covers the 12 months ended Dec 31, 2025)

filed/published 2026) - PDF via SEC archives (company annual report package covering 2025)

published Feb 27, 2026

(covers FY2025; published 2026)

Sustainability Highlight Report 2025

Focal points

•   The EPA's revocation of the 2009 Endangerment Finding removes the legal basis for regulating greenhouse gases under the Clean Air Act, potentially allowing the agency to rescind existing limits on corporate emissions.

•   Eliminating Biden-era vehicle pollution standards for 2027–2032 could forfeit 7 billion tonnes of avoided carbon emissions, $13bn in annual public health benefits, and $62bn in reduced annual fuel and maintenance costs.

•   Trillium expects the gap between corporate climate leaders and laggards to widen in the absence of coherent regulation; leaders reducing emissions voluntarily may also reduce future environmental liabilities and litigation risk.

•   Trillium will use its investor position to advocate for corporate climate action informed by science — including bold GHG reduction targets, transition plans and external disclosure of progress.

Global sustainable bond issuance is set to level off at $800 billion–$900 billion in 2026, signalling a shift from rapid growth to market consolidation.

Focal points

•   Global sustainable bond issuance is forecast to stabilize at $800–$900bn in 2026, marking a transition from rapid expansion to measured growth as issuers face rising debt maturities, shifting policy priorities and a more competitive capital market.

•   Europe, the world's largest sustainable bond market, is set to stabilize; US labeled issuance has slowed as some issuers prefer conventional bonds to avoid additional reporting requirements; Asia-Pacific maturities create refinancing opportunities.

•   Latin America is poised for modest growth driven by renewable energy and climate adaptation funding needs; Middle East issuance remains resilient, underpinned by renewable energy, hydrogen and sustainable infrastructure investment.

•   S&P Global Ratings expects the market to shift focus from volume growth to credibility, transparency and measurable outcomes — signalling a structural maturation of the sustainable bond market.

Contents

... includes ...

•   Europe

•   United States

•   Asia-Pacific

•   Latin America

•   Middle East

Focal points

•   Syngenta targets a 38% reduction in Scope 1 and 2 emissions by 2030 (2022 baseline) but has no group-wide Scope 3 target; the current trajectory would not achieve this target, and Scope 3 is the bulk of total emissions.

•   Climate targets are included in Syngenta's management compensation from 2024, though the KPIs used and the level of compensation tied to them are not disclosed; investment detail on addressing Scope 3 value chain emissions is absent.

•   Syngenta acknowledges climate change as a material risk but provides limited detail on specific risks, opportunities or the financial response to them; the climate risk and opportunity assessment is assessed as limited.

•   Planet Tracker assesses Syngenta as most aligned with a +2.0°C pathway by 2030; investors are urged to press for Scope 3 targets and detailed decarbonisation delivery plans.

Focal points

•   Nutrien does not report Scope 3 emissions and has no Scope 3 reduction target; its 30% emission intensity reduction target for Scope 1 and 2 by 2030 is acknowledged by the company to be currently off track.

•   Nutrien's engagement with its value chain and customers on climate is assessed as early-stage; there is no link between sustainability performance and executive compensation.

•   Nutrien's climate risk assessment includes regular scenario analysis but does not provide investors with quantitative detail on the potential financial impact of climate-related risks.

•   Planet Tracker assesses Nutrien as most aligned with a +2.0°C pathway by 2030; investors are urged to demand detailed decarbonisation strategy, cost and timeline disclosure, and sustainability-linked executive pay.

Focal points

•   Northern Trust Asset Management identifies three key sustainable investing themes for 2026: navigating climate resilience amid increasing volatility, addressing natural resource constraints, and adapting to shifting global security dynamics.

•   Sustainability risks and opportunities are identified as increasingly defining market dynamics; a heightened focus on security — transcending traditional boundaries — is framed as a cross-cutting influence on the sustainable investing landscape.

•   The report offers insights into how different aspects of the global security landscape may influence portfolios, connecting geopolitical security dynamics to sustainable investment decision-making and portfolio construction.

Decarbonisation earnings resilience and economics-led adoption are reshaping global investment opportunities

Focal points

•   High-quality energy transition enablers have continued to deliver above-market earnings despite weakened sentiment; Ninety One expects markets to re-rate in favour of clean-tech as fundamentals reassert themselves.

•   The energy transition is accelerating in emerging markets driven by economics rather than policy; China's cost leadership in solar, wind, batteries and EVs is reshaping global competitive dynamics.

•   Developed markets are experiencing a sharp inflection in electricity demand after decades of stagnation, making utilities, grid operators and efficiency specialists key investment themes.

•   Advances in electrification and efficiency are broadening the decarbonisation opportunity set; portfolio positioning balances defensive exposure with structural growth themes heading into 2026.

Contents

... includes ...

•   An accelerating transition with new growth engines

•   Developed markets face rising power demand and efficiency needs

•   Technology expands the investable opportunity set

•   Positioning for the next phase of the transition

Quarterly highlight: Navigating mega-forces

Focal points

•   Three structural mega-forces — geopolitical fragmentation, the energy transition and rapid technological disruption — are increasingly interconnected, now shaping long-term investment outcomes.

•   Their convergence creates structural bottlenecks in critical minerals, grid capacity and supply chains, widens the gap between climate ambition and implementation, and accelerates physical climate hazards.

•   DWS identifies four structural investment themes: the energy transition value chain, corporate transition readiness, nature-related risks and impacts, and climate adaptation and resilience.

•   Nature and climate risks are being reframed as national security and financial stability issues; AI is altering competitive dynamics and electricity demand globally, requiring investors to move beyond siloed sustainability analysis.

Contents

... includes ...

•   Energy transition value chain

•   Corporate transition readiness

•   Nature-related risks and impacts

•   Climate adaptation and resilience

Focal points

•   Stellantis announced a $24bn loss in H2 2025 from EV investment write-downs; shares fell ~80% from their 2024 peak and no dividend was declared.

•   Global EV penetration reached ~25% of new car sales in 2025, projected at 35–45% by 2030, directly contradicting incumbents' 'transition too slow' narrative.

•   BYD grew from ~0.7m vehicles in 2021 to ~5m in 2025 (~50% CAGR), rivalling Western incumbents via vertical battery integration and cost advantages legacy carmakers cannot replicate.

•   Stellantis' write-down signals a widening structural cost gap with vertically integrated Chinese EV players; the core investor question is whether the gap can be closed without further capital destruction.

Focal points

•   US electricity demand grew 1.5% annually 2020–2024; forecasts project up to 25% growth by 2030, pushing consumption near 5,000 TWh — equivalent to adding California, Texas and Florida's combined usage.

•   Data centre power consumption is estimated at 300–1,000 TWh by 2030 (~650 TWh midpoint), representing over 50% of forecast demand growth; non-AI electrification (EVs, reshoring, LNG) adds further.

•   Utility sector capex doubled to $208bn in 2025, projected at $248bn in 2029; affordability risk is highest in states with competitive power markets where bills have more than doubled since 2020.

•   PJM capacity auction revenue rose from $2.2bn for delivery year 2024–25 to $16.4bn for 2027–28; Breckinridge expects credit ratings maintained via rate increases, equity issuance and asset sales.

Contents

... includes ...

•   U.S. Power Demand Is Back on an Upward Trajectory

•   How Much Demand Relates to AI?

•   As Utilities Increase Capital Spending and Electricity Consumption Accelerates, Affordability Risk Emerges

•   Spotlight on Power Generation Technologies

Focal points

•   California's FAIR Plan filed for a 35.8% rate increase from April 2026; major insurers including State Farm, Allstate and Farmers have already limited or exited the California homeowner market.

•   Breckinridge concludes default risk for rated investment-grade California municipal bonds remains remote, citing the state's large and diversified tax base, Proposition 13 protections and recent legislative reforms.

•   No rated California municipal bond has defaulted due to a natural disaster; Moody's confirms Paradise's rated CSCDA bond was serviced through insurance and state backfill following the 2018 Camp Fire.

•   Breckinridge monitors all California issuers via third-party wildfire risk data, assigning internal lower ratings to outliers and avoiding smaller issuers with concentrated wildfire exposure.