Conference organisers

Report focus

This report focuses on:

• The fifth edition of Asset Management One's annual sustainability report, framed around three priority engagement areas — climate change, biodiversity and human rights — derived from a medium- to long-term roadmap targeting globally aligned governance practice by 2030.
• Evolution toward more effective stewardship: net-zero engagement using NZIF/PAII methodology, a TNFD-LEAP review of Japanese equities, expansion of impact investing, and a new institutional impact fund planned within the fiscal year.
• Holding the firm's long-term sustainability course despite NZBA/NZAM and DE&I retreat in the US following the Trump inauguration, and easing of EU CSRD requirements.

Sustainability issues in focus

The following sustainability issues feature significantly within this report:

• Climate change
• Biodiversity / natural capital
• Human rights
• Human capital / DE&I
• Capital efficiency / governance
• Circular economy

Sectors in focus

The following sectors feature significantly within this report:

• Banks
• Chemicals
• Construction
• Food, Beverage & Tobacco
• Electric Utilities
• Oil & Gas

Engagement highlights

Engagement practices and outcomes featured within the report include:

• 2,215 engagement activities with 718 Japanese companies; ESG topics accounted for 73% of dialogue, with board / corporate governance the single largest theme at 398 engagements.
• Capital-efficiency engagement scaled sharply post-TSE's March 2023 directive: 257 sessions across 167 companies in FY2024, including dialogue with c.70% of regional-bank TOPIX constituents.
• Net-zero assessment of 595 Japanese companies under NZIF found 155 (c.26%) net-zero aligned in FY2025, up from 49 in FY2022.
• Five-year cumulative engagement record: nearly 500 issues resolved across the eight-stage milestone framework, weighted toward governance / disclosure and environmental themes.
• Voting on Japanese equities: 20,039 company-proposal items voted (94.5% supported); director votes informed by ROE and cross-shareholding criteria, with escalation through opposition until cross-shareholdings reduced.
• Overseas engagement (Jul 2024 – Jun 2025): 365 cases via in-house London / Tokyo / NY teams plus EOS at Federated Hermes; weighted to environmental themes (537 cases) and North America (157 companies).

Other highlights

In addition to the points noted above, this report addresses:

• Avoided emissions – Asset Management One commits to incorporating avoided-emissions discussion into engagement as an opportunity-side complement to Scope 1-3 reporting.
• TNFD-LEAP analysis – c.26% of Japanese-equity exposure shows high / very high dependence on at least one ecosystem service; c.35% exerts high / very high pressure on at least one impact driver.
• IPCC AR7 – Senior Sustainability Scientist Kanako Tanaka has been selected as a Lead Author for the IPCC Seventh Assessment Report (2028–2029).
• Hagukumu Investment Plus – new scheme launched February 2025 channels a portion of trust fees from sustainable-investment products into organisations working on the firm's materiality topics.

Report parameters

• Publication date: Not clear
• Period covered: From 01-07-2024 to 30-06-2025

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

Report focus

This report focuses on:

• RBC BlueBay frames 2026 as a pivot from regulatory uncertainty to implementation, with CBAM, SFDR 2.0, EUDR and the corporate-reporting omnibus packages reshaping how European sustainability intersects with competitiveness and Draghi-style reform.
• Bottom-up, materiality-led integration: RBC BlueBay rejects one-size-fits-all ESG and uses proprietary scoring across Operational Quality, Competitive Advantages and Material Issue Management.
• Grid infrastructure modernisation is positioned at the centre of the European transition narrative, citing the April 2025 Iberian blackout, the EUR 1.2 trillion European Grids Package and AI-driven data-centre demand as catalysts.

Sustainability issues in focus

The following sustainability issues feature significantly within this report:

• Climate transition / decarbonisation
• Grid infrastructure & energy security
• Carbon pricing (CBAM)
• Sustainable finance regulation (SFDR 2.0)
• Deforestation (EUDR)
• Human capital & health and safety

Sectors in focus

The following sectors feature significantly within this report:

• Industrials
• Utilities
• Materials
• Healthcare
• Technology
• Financials

Engagement highlights

Engagement practices and outcomes featured within the report include:

• Proxy voting: 2,000+ ballot items voted in 2025; 93.18% with management, 6.82% against — consistent with prior years and the team's quality-bias philosophy.
• Holcim engagement on cement decarbonisation: 1% p.a. emissions cut from alternative fuels plus 1% p.a. from clinker reduction; first net-zero cement targeted for 2028.
• ASML engagement on talent: 16,000+ R&D staff, 40% non-Dutch workforce in the Netherlands, attrition reduced to 4% — focused on retention and inclusive culture.
• Technip Energies engagement: more carbon-capture project awards in 2024 than LNG; flagship Net Zero Teesside CCUS project; sustainable aviation fuel viewed as mainstream-bound.
• Invisio engagement on military hearing protection: technology delivering up to 40 dB dampening, addressing the USD 3-5 billion p.a. US veteran hearing-loss bill.
• IMI engagement on cyber resilience following 2025 attack: GBP 20-25 million one-off cost, ~1% growth impact, 10-day downtime — review of segmentation and SSO architecture.

Other highlights

In addition to the points noted above, this report addresses:

• Grid thematic case study – RBC BlueBay highlights Siemens Energy, Prysmian, Schneider Electric and Iberdrola as portfolio names positioned to benefit from European grid modernisation.
• Carbon analytics – portfolio shows lower carbon intensity than MSCI Europe on most metrics but not on weighted-average carbon intensity, with a slight ESG-score edge versus peers (7.89 vs 7.80).
• Podcast feature with Rob West (Thunder Said Energy) – RBC BlueBay frames a shift from idealistic decarbonisation to competitive decarbonisation centred on energy security.
• 'La Dolce Vita' article on Humanistic Capitalism – RBC BlueBay analyst Robert Clarke uses Wise and Brunello Cucinelli as case studies for stakeholder-led models amid declining ESG terminology.

Report parameters

• Publication date: 01-02-2026
• Period covered: From 01-01-2025 to 31-12-2025

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

Report focus

This report focuses on:

• Zevin Asset Management warns that the SEC's January 2026 review of Regulation S-K — framed as a streamlining exercise — would let companies decide what counts as material and shrink the disclosure threshold from 42% of reporting companies to 20%.
• Zevin documents the quarter's active-ownership work at Home Depot (Flock Safety license-plate readers and ICE data concerns) and Microsoft (Azure use in Israeli surveillance of Palestinian phone calls).
• Zevin frames the erosion of regulatory infrastructure as making underlying environmental and social risks 'harder to see and analyse, and easier to ignore', and reaffirms a long-view fiduciary stance.

Sustainability issues in focus

The following sustainability issues feature significantly within this report:

• Corporate disclosure / SEC reform
• Data privacy / surveillance
• Human rights
• DE&I and worker rights
• Rule of law / due process
• AI infrastructure

Sectors in focus

The following sectors feature significantly within this report:

• Technology
• Retailing
• Communications & media

Engagement highlights

Engagement practices and outcomes featured within the report include:

• Home Depot: two meetings this quarter; shareholder proposal (backed by 17 co-filers) seeking an independent audit of customer-data sharing via Flock Safety license-plate readers; vote scheduled 21 May 2026.
• Microsoft: more than 26% of shareholders backed Zevin's co-filed human-rights due-diligence resolution at the December annual meeting; Microsoft terminated Azure access for an Israeli surveillance unit after its own review confirmed The Guardian's reporting.
• Sign-on statements supporting gender-equitable workplaces (Adasina), ILO baseline rights for gig and platform workers across 187 countries (ICCR), and a call to restore due process and rule of law (American Sustainable Business Network).
• Collaborations: Raben Group's Diverse Asset Manager Initiative panel; Data Center Roundtable in New York on water, energy and community licence to operate; ICCR coordination on data privacy and corporate governance; BTech Workshop at the United Nations on tech and human rights.

Other highlights

In addition to the points noted above, this report addresses:

• SEC public-input request – Zevin reads the agency's January 2026 framing of 'focus on material information' as cover for shrinking the disclosure perimeter rather than improving its quality.
• AI infrastructure risk – Zevin flags water use, energy sourcing and community relations as the social-licence pressure points for the data-centre buildout.

Report parameters

• Publication date: Not clear
• Period covered: From 01-01-2026 to 31-03-2026

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

T. Rowe Price portfolio managers Sal Rais and Mike Signore, with analyst Maggie Brady, argue health care has entered a new era of innovation across biotech, life science tools and managed care — and that the sector's complexity makes thoughtful active stock selection more important than ever.

Contents

This T. Rowe Price white paper, drawing on the Q4 2025 Buy-Side Healthcare CEO Summit, includes:

• A USD 300bn patent cliff by 2030 driving a record wave of biotech M&A — USD 138bn in deals in 2025 alone — with opportunity skewed toward small- and mid-cap biotechs in obesity, Alzheimer's and cell/genetic therapies.
• Why life science tools and diagnostics — particularly bioproduction — should benefit indirectly from the next-medicines wave as macro headwinds (academic funding, drug pricing, tariffs) abate.
• A contrarian case for managed care, where Medicare Advantage, Medicaid and ACA exchanges are running at or below break-even but pricing power, demographics and a structural shift to private administration remain intact.
• Specialty drug distribution — especially in oncology — as a focused way to play the same innovation cycle through scaled physical infrastructure and manufacturer partnerships.

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

aberdeen’s Karen Hill (MD, Concession Infrastructure) argues that EV charging-point infrastructure — not EV adoption itself — is the binding constraint on Europe’s transport-emissions targets, and that concession infrastructure contracts are well-suited to fund the build-out outside major cities.

Contents

This aberdeen article (23 April 2026) includes:

• Transport accounts for ~25% of EU GHG emissions (road transport ~70% of that); EU life-cycle emissions are ~63g CO2e/km for EVs versus ~235g for petrol — a 73% saving rising to ~78% on 100% renewable power.
• The real bottleneck is charging infrastructure: meeting 2030 targets requires ~8.8 million public charging points across the EU, but EV growth has outstripped CP rollout since 2018.
• Concession infrastructure (long-term contracts between municipal/regional public partners and private operators) suits semi-urban and rural rollout where private-only economics don’t stack up — aberdeen has invested in an EU CP platform focused on these regions.
• Grid capacity is the next constraint — mitigations include time-of-use tariffs, smart charging and vehicle-to-grid.

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

Allianz Global Investors’ Christophe Hautin and Virginie Dubois argue energy sovereignty has shifted from a lofty political ideal to a pressing strategic imperative for Europe — and that the 2022 gas shock has reshaped the policy landscape investors should be positioning around.

Contents

This AllianzGI article (3 March 2026) includes:

• How Russia’s 2022 invasion of Ukraine exposed Europe’s decades-long reliance on imported fossil fuels — especially natural gas — as economic fragility rather than just a green-policy issue.
• The data point that crystallised the shift: Russian gas peaked at nearly 50% of EU gas imports and has since fallen to around 12%.
• Why price spikes, inflationary pressure and industrial uncertainty across the continent have moved sovereignty up the European policy agenda.
• What that strategic reset means for the next phase of European energy, grid and cleantech investment opportunities.

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

Allianz Global Investors’ Global Tech Equity team — Jeremy Gleeson, Corrina Xiao and Stephen Chow — set out the five forces they think will define semiconductor and AI investing in 2026: a memory supercycle, escalating semi capex, data-centre power constraints, mainstream enterprise AI, and an analog semis rebound.

Contents

This AllianzGI article (18 March 2026) includes:

• Memory supercycle: high-bandwidth memory (HBM) is effectively sold out through 2026 as AI workloads strain data movement more than arithmetic, creating a two-tier memory economy in which AI infrastructure booms while PCs and smartphones face supply pressure.
• Semiconductor capex supercycle: AI demand combined with the US CHIPS Act and Chinese self-sufficiency keeps capex elevated as manufacturers race to build regionalised production capacity.
• Data-centre power: global data-centre electricity consumption is expected to more than double by 2030, with AI-optimised facilities quadrupling power use; ~30% of data centres are forecast to rely partly on behind-the-meter power (gas, batteries, solar, small modular reactors).
• Enterprise AI moves from pilots to scaled deployment with worker AI access up 50%; the analog semis market is expected to grow from ~USD 99bn in 2026 toward USD 154bn by 2034 on EV, industrial automation and AI-power demand.

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

Allianz Global Investors’ Guirec Thouement explains how CBAM Phase 2 — live from 2026 — turns importers of cement, steel, aluminium, fertilisers, electricity and hydrogen into buyers of EU carbon certificates, structurally supporting European producers.

Contents

This AllianzGI article (24 March 2026) includes:

• CBAM Phase 2 is now live: importers above 50 tonnes of cement, iron and steel, aluminium, fertilisers, electricity and hydrogen must buy EU carbon certificates priced to match the EU ETS.
• The mechanism finally closes the carbon-leakage loophole that disadvantaged European steel, aluminium and concrete producers competing against unpriced imports.
• 2026 imports must be paid for the following year, giving importers and end-users some implementation runway but locking in the cost step from 2027.
• Why this is a structural tailwind for European materials producers and a headwind for emerging-market exporters that have not begun decarbonising at scale.

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

RBC BlueBay’s Freddie Fuller and Lukas Harrison argue Europe’s €1.2tn Grids Package is the unsung backbone of the energy transition — and that listed names like Prysmian, Iberdrola and Solaria sit directly in the path of the spend.

Contents

This RBC BlueBay podcast includes:

• Why the €1.2tn European Grids Package matters: 1,700 GW of renewables stuck in connection queues, 7 countries wasting €7.2bn of renewable output in 2024, and 40% of EU distribution grids over 40 years old.
• The Iberian blackout as evidence that grid investment is now a security-of-supply imperative — 55 million people lost power for 16 hours after the Spain/Portugal event.
• Why Europe’s 57% energy import dependency turns domestic grid build-out into a sovereignty story that crosses left-right political lines.
• Listed names exposed to the spend: Prysmian (cables), Iberdrola (T&D operator) and Solaria (renewables developer).

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

T. Rowe Price’s Yijiang Wang and Colin McQueen rank Asia’s three big governance reform stories — Japan ahead, South Korea catching up fast, China slower but increasingly state-driven — and explain why the gap matters for stock-picking.

Contents

This T. Rowe Price article (April 2026) includes:

• Japan leads on shareholder returns and capital efficiency thanks to a decade-plus of Abenomics-rooted reforms; the playbook is now being copied across the region.
• South Korea’s bipartisan “value-up” agenda — including 2026 mandatory cancellation of treasury shares — is the most aggressive recent reform, though chaebol structures remain a brake.
• China’s reforms are top-down: listed SOE managers now have explicit ROE and market-value KPIs, and dividend payouts from SOEs are rising materially.
• Why divergent reform pace creates stock-picking opportunities, and why headline indices may understate how much shareholder-friendly behaviour has actually changed.

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

While oil price spikes grab attention, DWS argues their more lasting effect may be the demand that quietly disappears and does not fully return.

Contents

This DWS Charts of the Week note looks at:

• How successive oil shocks compound rather than reverse — efficiency gains and electrification absorb each spike, and a portion of demand never comes back.
• What that pattern of structural demand destruction implies for the price-elasticity assumptions investors apply to long-term oil consumption forecasts.

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

Allianz Global Investors’ Albert Yuen and William Russell make the case for China as the world’s first “electrostate” — an economy whose strategic advantage rests on abundant, low-cost, clean electricity and the vertically integrated industries it powers, in contrast to the US’s “drill, baby, drill” bet on oil.

Contents

This AllianzGI Created in China paper (March 2026) includes:

• The scale: China already operates the world’s largest grid with 25% more installed power capacity than the US and EU combined and 35% more annual generation; the electrification rate sits near 30% today and is forecast to reach almost 50% by mid-century.
• Where the policy spend is going next: focus has shifted from new capacity to grid connectivity, storage and ultra-high-voltage transmission — the State Grid plans to lift investment by 40% over the latest Five Year Plan (~7% p.a.).
• The “electrotech” thesis: EVs (50% of 2024 China new passenger vehicle sales), drones, robotics, batteries and AI manufacturing share an electrified architecture that becomes more competitive as the grid becomes more efficient.
• AI data-centre demand is one of China’s fastest-growing electricity loads, expected to grow ~17% annually to ~479 TWh by 2030 — roughly equal to France’s total power consumption.

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

T. Rowe Price head of ESG investment research Maria Elena Drew sets out the new transatlantic divide — the EU codifies a legally binding 90% by 2040 target while the US repeals the Endangerment Finding — and what it means for the energy trilemma.

Contents

This T. Rowe Price paper (February 2026) includes:

• Europe has adopted a legally binding 90% emissions reduction by 2040, with EVs, plug-in hybrids and hybrids reaching 61% of 2025 EU sales and ETS2 extending the carbon price into transport and buildings.
• The US has moved the other way: repealing the Endangerment Finding removes a foundational basis for federal CO2 regulation under the Clean Air Act.
• Updated LCOE charts show renewables remain cost-competitive in most geographies; the trilemma between affordability, security and decarbonisation now resolves differently on each side of the Atlantic.
• Europe’s 38% emissions reduction since 1990 is the proof-point underpinning policy-makers’ confidence in the 2040 target.

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

Aberdeen's Georgie Nelson argues that re-shoring Europe's strategic supply chains will drive demand for industrial and logistics real estate — and that retrofitting these "sheds" is also one of the more attractive sustainability opportunities in the market.

Contents

This Aberdeen insight on industrial real estate covers:

• Why security pressures and overdependence on foreign suppliers are pushing Europe to upgrade R&D, light industrial and logistics stock — and how rooftop solar, batteries and smart energy management can decarbonise on-site operations and EV fleets.
• The revised EU Energy Performance of Buildings Directive target that 49% of energy in new and substantially renovated buildings comes from renewable sources, and what it means for refurbishment economics.
• Nature-based solutions tailored to large-plot industrial assets — SUDS reducing rainwater runoff by 60-72%, green walls cutting indoor temperatures by up to 2.7°C, green roofs delivering ~6.7% energy savings and 7% property-value uplift.
• Social benefits — local jobs, supply-chain resilience, urban regeneration — that make industrial property a vehicle for both decarbonisation and community impact.

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

DWS argues critical minerals — the inputs to electromobility, renewable energy and digitalisation — are increasingly the binding factor in how commodity markets and the energy transition will play out.

Contents

This DWS CIO View macro piece looks at:

• How copper, lithium, rare earths and other critical minerals are reshaping commodity-market dynamics as electrification, grid build-out and AI-driven digital infrastructure all compete for the same finite supply.
• The geopolitical and capex implications of long mine lead-times, declining ore grades and concentrated processing capacity — and what that means for portfolio exposure across mining, materials and the wider transition complex.

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

The DWS Research Institute argues Germany is positioned to lead Europe’s next industrial revolution — building a “New Mittelstand” of scaleups in cleantech, defence, advanced manufacturing, semiconductors and cybersecurity, supported by debt-brake reform and the WIN initiative’s €12bn growth-capital push.

Contents

This DWS Research Institute report (1 December 2025) includes:

• The five “critical technologies” expected to deliver Europe’s policy goals — aerospace & defence, cleantech, advanced manufacturing & robotics, semiconductors and cybersecurity — all areas where Germany has structural strengths.
• Germany’s reformed debt brake exempts defence spending from borrowing limits, making it Europe’s defence-spending leader; German defence-tech startups captured ~90% of European defence-tech funding in H1 2025.
• Innovation hubs at scale: Munich, Berlin, Heidelberg, Darmstadt and Aachen lead startup formation, TUM exceeded 100 spin-offs in 2024, and Germany ranks #1 in Europe for patents (~13% of EPO filings) and industrial robot density.
• The WIN initiative aims to mobilise ~€12bn of additional venture and growth funding by 2030 to close a structural late-stage capital gap — Germany’s VC/GDP ratio sits at ~0.2%, one-third of US/UK levels.

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

MSCI Sustainability Institute’s Bentley Kaplan, with David Carlin and Pam Palena, examines whether physical climate risk is being properly priced after USD 1.2tn of losses across 9,500 listed companies in 2024 — damages that central scenarios project to quadruple by 2050.

Contents

This MSCI ESG Research panel discussion includes:

• Analysis of 9,500 listed companies showing USD 1.2tn in physical-risk losses from 2024 climate events, with central scenarios projecting a 4× increase by 2050.
• A survey of 50+ insurers and reinsurers on how they are pricing physical climate risk; 70% see sector-wide opportunities to grow resilience-related products and advisory services.
• Findings from the “What the Market Thinks” paper on how investors are pricing — or failing to price — flood, wildfire and heat-stress exposure into asset valuations.
• Why resilience advisory is becoming a growth line for reinsurers as climate adaptation moves up the corporate agenda.

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

Morningstar's Lindsey Stewart finds the cohort of "significant" sustainability shareholder resolutions in the US has collapsed — and US asset manager support has fallen further, while European firms remain near 91%.

Contents

This Morningstar Institutional Insights Proxy-Voting paper (April 2026) covers:

• Just 30 significant resolutions on sustainability in the 2025 US proxy year (≥30% adjusted independent-shareholder support), versus more than 100 in each of the previous five years — a "scarce signals" problem for investors gauging materiality.
• US asset managers' average support down 11pp to 31% over three years; European firms down only 3pp to 91%; US sustainable funds steady at 70-75% — a persisting trans-Atlantic gulf.
• A size effect within the US: the largest reductions in support among the Big Three and other Top 10 came in the 2024 proxy year, with the next 10 firms cutting back more in 2025.
• Excluding political-influence resolutions (12 of 30 in 2025) sharpens the decline — US managers' support on residual social topics fell from 40% to 26% over three years.

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

Glass Lewis lays out how investors are moving stewardship reporting beyond spreadsheets — using purpose-built engagement-tracking technology and outsourced multi-year engagement programs to meet rising oversight expectations from the PRI, the UK Stewardship Code and asset owners.

Contents

This Glass Lewis article (Part 2 of a three-part series, 26 January 2026) includes:

• Why spreadsheets have hit their limits: as engagement programmes expand across ESG, investment and client-facing teams, generic desktop tools create data silos and weaken oversight, consistency and audit trails.
• The Glass Lewis Engagement Management Platform supports recording, monitoring and reporting across the engagement cycle, with multi-level tracking (portfolio, company, initiative, objective, milestone, activity, voting) and configurable templates.
• Active Stewardship Engagement programme: a Glass Lewis stewardship team runs multi-year engagements with portfolio companies on behalf of investor clients — screening, outreach, meetings and bi-annual follow-ups until issues are resolved.
• Why this matters: stewardship oversight is expanding beyond stewardship teams and reporting quality is increasingly scrutinised — purpose-built systems plus external engagement support help investors scale credibly.

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

Focal points

• The 2026 update to the TPI Centre's Carbon Performance Assessment covers the largest publicly listed companies across 13 of the most emissions-intensive sectors — including the newly added chemicals sector — assessing their emissions trajectories against Paris Agreement benchmarks.
• A significant methodological change is introduced: the short-term alignment year is updated to 2030, enabling more forward-looking assessment of whether companies are meeting their near-term decarbonisation commitments as the decade's midpoint approaches.
• Recent data coverage includes 53 food producers and 42 coal mining companies representing combined market capitalisation of almost US$1.3 trillion as of January 2026, assessed across short-term (2030), medium-term (2035) and long-term (2050) alignment timeframes.

Contents

... includes ...

• Methodology: sector benchmarks and alignment scenarios (1.5°C, Below 2°C, National Pledges)
• Newly added chemicals sector: assessment framework and initial findings
• Carbon performance results by sector
• Short-term (2030), medium-term (2035) and long-term (2050) alignment analysis

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

For every year the climate transition is delayed, financial institutions face an additional US$150 billion in annual costs — a figure that grows non-linearly the longer action is deferred.

Focal points

• The Oxford-affiliated Sustainable Finance Observatory estimates that each year's delay in the net-zero transition adds US$150 billion per year to the costs faced by financial institutions — with the annual increment compounding non-linearly as delay extends.
• The study analysed publicly listed companies in four climate-critical sectors — power generation, oil & gas, coal production, and automotive — finding each insufficiently aligned with a net-zero pathway.
• Even an early transition in 2026 is likely to be disorderly, with total projected costs to the financial sector estimated at US$2.2 trillion; this figure rises substantially with each additional year of delay.

Contents

... includes ...

• Climate Stress-Testing and Scenarios Project (CSTS) methodology
• Sector-by-sector net-zero alignment analysis
• Cost modelling and non-linear delay multipliers
• Implications for financial institutions and portfolio strategy

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

Focal points

• The global sustainable debt market reached US$8.1 trillion in cumulative GSS+ issuance by end-2025, with US$6.8 trillion (83%) assessed as Climate Bonds-aligned; annual aligned issuance exceeded US$1 trillion for the third consecutive year.
• Europe leads global sustainable debt issuance, accounting for 45% of total aligned annual GSS+ volume and over US$3 trillion cumulatively; Asia-Pacific is the second-largest region with US$305.6 billion issued in 2025, while North America approaches US$1 trillion in cumulative issuance.
• Adaptation and resilience finance is identified as a rapidly emerging priority, as climate-related disasters increase and the infrastructure investment needs of vulnerable regions become more acute in the transition to and beyond net zero.

Contents

... includes ...

• Global GSS+ market volume and growth trends
• Regional market analysis: Europe, Asia-Pacific, North America
• Label breakdown: green, social, sustainability and sustainability-linked bonds
• Emerging themes: adaptation and resilience finance

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

Both 2025 Sustainability Performance Targets referenced by Ahold's inaugural sustainability-linked bond are currently met.

Focal points

• Ahold has three sustainability-linked bonds (SLBs) outstanding; the 2030-maturity bond — issued under Ahold's first financing framework — observed its Sustainability Performance Targets (SPTs) at the end of 2025, with both KPIs achieving their targets.
• Both KPIs in question have shown continuous improvement since the baseline date, reducing the near-term risk of a step-up coupon payment that would otherwise accrue to bondholders.
• AFII notes a residual risk: numeric SPTs could theoretically deteriorate before the formal observation date, meaning current achievement does not fully eliminate coupon step-up risk.

Contents

... includes ...

• Overview of Ahold's SLB structure and outstanding issuances
• SPT observation timeline and KPI performance status
• Assessment of step-up risk for the 2030-maturity bond
• Implications for SLB market credibility and investor positioning

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

Focal points

• Active stewardship is positioned as a structural necessity at a time of heightened systemic risk — including climate change, political volatility and technological disruption — where diversification alone cannot protect investors from value destruction at the portfolio level.
• Sarasin's stewardship practice is characterised by sustained, long-term dialogue with company boards and management on strategy, governance and sustainability, reinforced by post-proxy correspondence to chairs and senior directors setting out expectations for the year ahead.
• Concentrated, long-term ownership is presented as the most effective vehicle for translating stewardship into durable corporate improvement — enabling the depth of engagement that passive or episodic approaches cannot sustain.

Contents

... includes ...

• The case for active stewardship in the current investment environment
• Engagement priorities: governance, sustainability and strategic oversight
• Integration of stewardship into long-term portfolio management
• Evidence and outcomes of sustained ownership engagement

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

Whilst Schneider Electric set to put its climate plan to a shareholder vote on 7 May, the FIR, in collaboration with ADEME, the World Benchmarking Alliance and the Ethos Foundation, provides an analysis of the plan.

The analysis is divided in two parts:

• the first assesses the plan’s transparency using the FIR methodology, whilst
• the second evaluates the company’s performance using ADEME’s ACT methodology.

To find out about the company’s results, how they compare with last year’s figures, and areas for improvement, please take a look at its analysis sheet.

Primary Market Review – Weekly Analysts' Insights (27 April 2026)

Last week, our Primary Market Reviews (PMRs) covered nine labelled bond transactions, marking a slowdown from the previous week's rebound. Deals represented a balanced spread across green, social and sustainability labels, and spanned banks, utilities, public entities and real estate.

... contains ...

• PMR Trends
• Highlights: CUE Criteria and PAB Emissions Flags in Focus
  • CDC's Eco-Efficient Data Centre Use of Proceeds: Pioneering Carbon-Sensitive Metrics
  • Paris-Aligned Benchmark Exclusion Flags: GHG Intensity Exposure in Two Bonds

"In this episode ...

• We explore the tension at the heart of bond labelling and climate change expectations in the $150 trillion debt market, which grows by six trillion dollars per annum!
• How AFII has evolved and researches the green and sustainability reality of bond issuance
• Why investors should think about the green transition as an outcomes-based process rather than a label-driven category
• Where the European Green Bond Standard fits into this debate
• Hedging climate equity risk with government bonds: the case for sovereign transition linkers

Justine also shares her Transition Tapes playlist - a top house party selection - along with her curated list of favourite books, films and podcasts."

===

Listen:

• via Spotify
• via Apple

"For humanity, governments, and companies to navigate the upcoming wave of AI disruption, all actors will need to play a part. However, within the field of AI governance there is currently little focus on the role that investors can play, but there is an opportunity for this to increase.

To address this gap, the Oxford Martin AI Governance Initiative organised a series of six roundtables with 62 institutional investors alongside 60 interviews. The investors were from 12 countries spanning Europe, North America and Asia. The attendees were predominantly from stewardship teams focused on public equities, as well as some fund managers, and asset owner participants had a view across all asset classes. Consequently, the report is mostly focused on public equities, but the conclusions are still relevant to other asset classes.

The roundtables discussed two questions: what real-world aims and specific actions can investors pursue, and what would help support them in doing so? The report aims to catalyse debate on the role investors can play and identify new initiatives and resources to support this."

Korean companies are showing promising signs on climate transition, performing ahead of some regional peers. The next opportunity lies at the national level.

The TPI Centre at LSE, together with co-hosts CETEx and IGT and with the support of the Korean Ministry of Climate, Energy and Environment (MCEE), brought together policymakers, academics, and market practitioners at the 2026 UN Climate Change Climate Week and K-GX International Week in Yeosu to examine Korea's low-carbon transition.

Our research points to encouraging corporate momentum and highlights the significant role that transition finance and a strong enabling environment can play in accelerating Korea's low-carbon journey.

Growing Responsibly

... contains ...

• We are Antofagasta
• Governance
• People & Society
• Environment

Report downloads available:

• Integrated Annual Report 2025
• Tax & Economic Contribution Report 2025
• Ore Reserves & Mineral Resources Report 2025

Energising today Advancing tomorrow

... contains ...

• Strategic overview
• Stakeholder engagement
• TCFD
• Sustainability
• Ethics and compliance
• Our people

Published April 2026

Nature credits are market-based instruments designed to create economic incentives for conservation, restoration and sustainable management of natural resources.

In practice, this means that when a company, an organisation or a government buys a credit, the money is used to fund projects that benefit nature.

Includes:

• Why do companies buy nature credits?
• How does Nordea work with nature credits?

Following extensive industry feedback, the European Commission is proposing clarifications to the EU Taxonomy’s Climate Delegated Act to make compliance more practical and consistent across sectors. The draft changes were open for consultation until 14 April, with implementation expected from 1 January 2027.

After two years of elections and policy upheaval, Templeton Global Investments expects 2026 to bring a period of greater stability, as the policy, macro and industry conditions now settle into a clearer framework.

Download perspective via here (published Dec'25)

What vehicle types dominate the US market in 2026?

Light-truck sales dominated for the 13th straight year to close out 202, High auto loan delinquencies in reached a 15-year peak in Q4 but show no signs of widespread credit contraction. More affordable monthly payments could become available to consumers in 2026 as leasing is predicted to recover steadily. 

Crossovers struggled for the first time in over a decade, but light trucks remain a high-profit sector across automakers. With affordability concerns and constrained EV adoption, hybrid vehicle models are gaining ground, which account for over 12% of sales. As for consumers, strong demand for mobility is present. Annual miles driven rose for the fifth consecutive year, signaling opportunities for automakers and investors alike to align strategies with rising demand patterns.  

Download the full report to explore the comprehensive insights leaders in the auto industry are using to prepare for the challenges and opportunities in 2026. 

Asset managers' voting decisions vary substantially by location and firm size.

It’s been a bumpy ride for sustainability-focused investors over the last year or so. 

This year’s proxy season is getting into full swing against the backdrop of continued geopolitical and economic volatility— demanding answers to some tricky questions about what to prioritize in sustainable investing.  

And that’s all coming on top of reduced communication between investors and companies on environmental and social matters, prompted by abrupt changes in the policy landscape. 

The latest Morningstar research paper on asset manager proxy voting takes a close look at how US and European asset managers are voting on sustainability resolutions backed by a significant proportion of independent shareholders. 

Segregated mandates emerge as a preferred solution for asset owners seeking greater control.

The divide between how the largest US asset managers and their European asset owner clients approach investment stewardship—both in terms of approaches and priorities—has grown in recent years. It’s a conundrum that asset owners continue to wrestle with in 2026. 

The much-reduced presence of US asset managers on the latest signatory list for the Net Zero Asset Managers initiative well illustrates this. Political and regulatory hostility to all things “ESG” in the US—first in several states, and now within the White House—has undoubtedly risen over recent years.  

In turn, this has given US asset managers little room to accommodate the kind of ambitious goal-setting on climate-related stewardship that we saw earlier in the 2020s. 

"We invest in the transition to a sustainable economy." Group report via link below

Investment managers have the power to embed equity into the financial system, but this requires going beyond compliance-led approaches. As the diversity, equity and inclusion (DEI) debate evolves, investors should be bold in pointing to its value.

With £13.7bn under management across a broad investment universe, Foresight invests at a meaningful scale to drive change across a range of asset classes and markets.

Contains ...

• DEI 2.0 and the role of diverse leadership
• Looking beyond the footprint
• The business case for tackling diversity gaps
• Diversity as an engine of growth

Ty Lee, Associate Director - Investments, considers how a major new source of water demand may come not from agriculture or heavy industry, but from digital infrastructure, particularly artificial intelligence. Public debate has primarily focused on data centre cooling but the bigger story lies elsewhere... 

... contains ...

• Cooling is the visible part. Power generation and chip fabrication are the iceberg
• The real water cost of building and powering AI
• Rising demand for water treatment and reuse
• The emerging water infrastructure cycle

Longtemps reléguée au second plan face aux enjeux climatiques, la biodiversité s’impose désormais comme un enjeu systémique majeur, que les investisseurs ne peuvent plus ignorer tant elle constitue un véritable facteur de risque et de performance.

... contient ...

• QUAND L’ÉCONOMIE OUBLIE SES RACINES
• INTÉGRER LA BIODIVERSITÉ : DE L’INTENTION À L’ACTION
• LA BIODIVERSITÉ, UN ENJEU DE PERFORMANCE
• LA RÉGLEMENTATION, BOUSSOLE STRATÉGIQUE POUR ORIENTER  LES INVESTISSEMENTS VERS LA BIODIVERSITÉ

… includes …

• Our areas of engagement: Climate change, Natural capital, Basic needs, Empowerment
• Engagement activities
• Engagement case studies
  • Australian banks, financial inclusion and indigenous rights
  • Australian banks and financing the climate transition
  • Coles and Woolworths and aquaculture in Macquarie Harbour
  • Modern Slavery, IAST-APAC and the RIAA Human Rights Working Group
  • Wesfarmers

Ever wonder how fruit stays fresh on its journey from farm to supermarket shelf?

Meet Brambles, a company that has been specialising in supply chain logistics for 150 years and a long-term holding in our U Ethical Australian Equities Trust.

In this article we explore how Brambles is using data to enter a new phase of intelligent distribution and create a competitive advantage competitors can’t easily replicate.

… contains …

• Data in the real world
• A durable moat
• Challenges and limitations

Since the energy shock of 2022, Europe has been trying to rethink its model to reduce its dependence on foreign hydrocarbons.

Between diversifying gas supplies, reviving French nuclear production, and the increasing integration of renewable energies, where does the continent’s energy sovereignty really stand?

Analysis by Juliette Cohen, Senior Strategist at CPRAM.

Even before the outbreak of the war in Iran, the issue of energy costs and the competitiveness of European industry was at the heart of the European Commission’s discussions. Recent events have only reinforced the urgency of making progress on these issues, and the discussions of the European Council on 19–20 March have provided some guidance for the coming months.

... contains ...

• One Europe, one market
• A reform but not a suspension of the carbon market
• The energy transition is the most effective strategy for the EU's strategic autonomy
• Limited support measures

Includes section on sustainable investing

Includes information on engagement activities

Spotlight on nature report here

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

The Director of Communications provides senior strategic communications leadership for PRI, using communications as a deliberate lever to reinforce PRI’s value, credibility and coherence with signatories and external stakeholders. The role shapes the external narrative, protects and enhances reputation, and translates complex technical and policy work into clear, decision‑useful messages that strengthen the enabling environment for responsible investment.

Responsible Investment Manager, RI Markets - OCEANIA (Close 3 May)

Director, EMEA - RI Markets (Close 19 Apr)

12month Fixed Term Contract

IFM Investors is a global asset manager, founded and owned by pension funds, with capabilities in infrastructure equity and debt, private equity, private credit, real estate and listed equities. 

About the role

This is an exciting opportunity to work in ESG Reporting. There is an increasing drive to promote transparency and comparability of ESG reporting across organisations to support sustainable investment decisions and progressive agendas in this space.  This includes the Corporate Sustainability Reporting Directive (CSRD), which is a new reporting requirement covering the full breadth of ESG with a large number of disclosure requirements alongside the EU Taxonomy which assesses the sustainability credentials of a company’s financials.

Job Title: ESG Credit Analyst

Contract Type: Permanent

Location: London

Working style: Hybrid 50% home/office based

Closing date: 13th April 2026

We have an opportunity for an ESG Credit Analyst to join the Royal London Asset Management (RLAM) Credit team on a permanent basis.

The role focuses on sustainable credit research and ESG integration across a range of sectors and offers opportunities for interaction with stakeholders across the wider business, as well as external clients and consultants.

You’ll join a collaborative and inclusive team, with significant opportunity for development and career progression.

New York, New York, United States • Boston, Massachusetts, United States

Sustainability Investments Manager - 
Purchase, New York; Chicago, Illinois; Plano, Texas

Within this role, you will be undertaking high-quality and insightful ESG research, risk advice, stewardship and other activities that make a decisive contribution to a range of asset classes and themes. By working with initiative and in collaboration with colleagues from across the business and at all levels, these actions help to secure members’ futures by identifying and managing the ESG risks and opportunities that matter most to financial outcomes for members. A key part of your role will be ensuring our ESG risk advice on public and private investments, both managed internally and by external asset managers, is evidence-based and impactful.

The team is looking for a dynamic, engaged professional to support cross-functional reporting initiatives and carbon reduction activities. The role includes supporting the operations and integration of the team and working with internal colleagues at all levels and external stakeholders to advance the team’s overall impact. This role is ideal for someone who excels at coordination, stakeholder communication, and process improvement.

The role is accountable for the implementation, ongoing development and effective delivery of the PPF’s Stewardship Strategy, supporting the management of investment risks through engagement and voting and contributing to the achievement of sustainable long-term investment return across the Fund.

This role offers a genuine opportunity for a candidate who is passionate about sustainability, climate change and the transformation of the investment industry in a way that is additive across the value chain for the business.

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 · Singapore
Team Markets
Seniority Senior
Closing: 11:59pm, 22nd Mar 2026 +08

As a Senior Sustainability Analyst, you will play a key role in advancing Broadridge’s sustainability strategy and driving progress toward near-term and long-term emissions reduction goals. In this role, you will lead the development of supplier engagement program and contribute to disclosures aligned with global sustainability frameworks. You will collaborate with internal stakeholders and external partners to deliver accurate insights, identify opportunities for improvement, and recommend strategies that drive meaningful progress toward Broadridge’s environmental commitments.

Macmillan is seeking a Sustainability Specialist to support its Environmental, Social, and Governance (ESG) program. This role will be key in driving sustainable business practices and strategies to help Macmillan achieve its environmental targets. The Specialist will collaborate across various teams to ensure the company meets its sustainability goals, adheres to environmental regulations, and integrates eco-friendly practices into daily operations.  Reports to the Director, ESG. 

You will join the ESG analyst team within the Fixed Income platform, to perform the following:

-Labeled Bond Research and Analysis: perform the ESG assessment of Green Social and Sustainable bonds (GSSB) according to BNPPAM internal framework and taxonomy. Provide opinions on new and recurring issuances when announced in the market. Maintain the database and processes linked to the assessment framework in collaboration with RI Techno.
-Coordination: Assist the coordination work within the Fixed Income and Core Investment platforms (meeting preparation and follow up, internal stakeholder management, coordination with other teams, etc)....

You will work collaboratively with our investment professionals to integrate sustainability considerations into our investment process including engaging with our investee companies on ESG issues. In this capacity you will work across the IM platform globally, with an initial focus our UK and European based investment teams. You will contribute to the development of Fidelity’s global sustainable investment frameworks and solutions. You will also work with client-facing teams to evidence the ESG integration process to our clients and consultants, particularly those based in the UK and Europe, acting as an ESG spokesperson both internally and externally.

This is a 12- month fixed term contract.

As a Sustainable Investing Analyst (AVP), you will report to the Head of Sustainable Investing Operations and will be responsible for the following:

-Play a leading role in the firm’s reporting to satisfy sustainable investing-related disclosure frameworks and external commitments
-Help meet sustainable investing-related regulatory obligations in various....

End Date:

Tuesday 17 March 2026

12 Month Fixed Term Contract

To identify, develop, and embed an approach to managing Barclays' sustainability-related risks, strategy, and ambitions; and supporting the banks’ business objectives, priorities, and regulatory requirements.

-Oversee the development of the EMEA risk management framework for ESG in collaboration with partners in other regions, Tokyo, within EMEA and with the first line of defence.
-Understand evolving regulatory and other stakeholder expectations and propose solutions to management that will continue to promote EMEA and MUFG’s ESG ambitions from both a business and risk perspective.
-Work closely with the Deputy Chief Sustainability Officer to ensure the risk framework meets the ambitions as agreed by the EMEA Sustainability Committee.
-Provide cover and support to other areas of the team and wider ERM responsibilities.

You will have the opportunity to manage project deliverables and have ownership of transformational topics, specifically within transition finance and net zero. A key feature of the role is close cross-divisional collaboration with all IBCM business units, as well as with the Chief Sustainability Office, IBCM and Global Communication teams, and the Chief Financial Office.

You will be part of a highly visible team with a direct impact on the execution of our product roadmap and vision, helping to deliver trendsetting products focused on Emissions & Environmental Data.

You will interact with internal partners to identify opportunities and respond with meaningful enhancements.

As Head of Sustainable Index Product, you will be responsible for the strategy, growth, governance, and risk management of Bloomberg’s ESG, Climate, and Sustainable index offerings. You will lead a global index product team within the Enterprise Data Product division and act as a senior control owner, balancing client demand and commercial objectives with regulatory and governance requirements.

Associate, Signatory Operations - Beijing
Principles for Responsible Investment
Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location Hybrid · Beijing, China

Team Signatory Operations
Seniority Junior
Closing: 11:59pm, 1st Mar 2026 KST

What you will be responsible for:

-Lead and conduct research on sustainable investing themes, including emerging topics such as natural capital and biodiversity, with a focus on building the associated investment thesis behind these topics
-Develop thought leadership pieces to demonstrate State Street Investment Management’s sustainable investing capabilities, focusing on financial materiality
-Enable sustainable investing product innovation by developing and supporting credible implementation methodologies to new investment approaches, e.g., sustainable outcome investing
-Partner with PM teams to conduct asset class-specific research on sustainability factors and to support client solutions

This is a critical role as part of our commitment to innovation and relevance in Sustainable and Transition Finance. The position will lead a global team of direct, commission-based sales professionals across EMEA, APAC, and the Americas to deliver against sales targets, including new sales, revenue growth, market coverage, and customer retention.

As Head of Sustainable Index Product, you will be responsible for the strategy, growth, governance, and risk management of Bloomberg’s ESG, Climate, and Sustainable index offerings. You will lead a global index product team within the Enterprise Data Product division and act as a senior control owner, balancing client demand and commercial objectives with regulatory and governance requirements.

As a Research Analyst, the candidate will work closely with our Global Equity Research and Data Science groups which provides in-depth company, sector and macro expertise to identify investment recommendations and emerging industry trends for the firm.

• Horizon Environmental & Climate Solutions, Associate

The primary duties of this role include:  

-Internal and external ESG and sustainability reporting, including responsibility for data quality, transparency, assurance and alignment with best practice frameworks and regulatory requirements (e.g. TCFD, EPRA best practices, SECR, GRI and ISSB). 
-Determine relevant ESG benchmarks, prepare submissions and manage relationships with benchmark providers......

We’re seeking a Senior Manager – Sustainability (Water) to guide and grow our water stewardship, nature strategy, and beyond-value-chain mitigation work across our markets. This is a high impact role at a pivotal time, ideal for someone who blends technical sustainability expertise with strategic thinking, partnership-building, and a desire to create measurable change.

Unilever is seeking a dedicated expert to strengthen its capacity for standards and frameworks engagement and advocacy across its climate and nature goals. This role will ensure alignment and coordination across internal teams and be a strong external voice in shaping global standards and frameworks such as the GHG Protocol, Science Based Targets initiative, Science Based Targets for Nature and key certification schemes.