Independent research companies

"At Mitie, we believe better places create thriving communities. During FY25, we deepened our commitment to environmental and social impact through our twin strategies: Plan Zero and Plan 
Thrive. From reaching our 6,000th EV to uplifting lives through inclusive employment and skills programmes, we have delivered measurable progress. Our refreshed purpose – Better Places; Thriving Communities – unites everyone at Mitie, from the Board to frontline colleagues, around a shared commitment to help shape the communities where we live and work."

"We aspire to contribute to outcomes aligned with the aims of these priority SDGs through our capital allocation and active ownership. HESTA has $14.5 billion invested across the total portfolio in alignment with the priority and broader SDGs (at 30 June 2025).

Learn more about the Sustainable Development Investment taxonomy and our approach to responsible investment in our FY25 Responsible Investment Report (PDF)."

Most recent sustainability report here also

NB Scroll to 'In the Know' Podcast Series, Jan 2026

Speaker - Bob Brackett...

This report combines three elements of the PPF’s sustainability reporting: our UK Stewardship Code submission to the FRC, which focuses on our investment stewardship practices, our Climate Change Report, which aligns with Task Force for Climate-related Financial Disclosures (TCFD) recommendations, and our Corporate Sustainability reporting on the PPF as an organisation. This single document aims to provide an integrated and comprehensive view of the PPF’s approach, activities and outcomes to advance sustainability both in our investments and our operations. 

Purpose of the project

Scope of project

Proposed timelines:

• This RFP is issued on 07.01.2026
• Any questions or feedback regarding the brief should be submitted by 15.01.2026
• Answers to any questions will be provided by 19.01.2026
• Proposal should be submitted to the Institute by 23.01.2026 together with availability for a 1 hour call to discuss the proposals in the week of 26.01.2026
• Target for notifying the successful tenderer by 03.02.2026

COP30 took place in Belém, Brazil, at the heart of the Amazon, setting the stage for high-stakes climate negotiations amid one of the planet’s most critical ecosystems. This episode of Fixed on ESG examines the summit’s defining outcomes: the formal acknowledgment that the 1.5°C target is no longer attainable without overshoot, debates over fossil fuel phase-outs, and the shifting balance of influence as emerging markets assert a stronger role amid the absence of U.S. leadership.

We also explore new climate finance pledges, adaptation funding, and the launch of the Tropical Forests Forever initiative, alongside the EU’s trade measures and revised emissions targets—analyzing how these developments could shape the trajectory of global climate action.

PGIM’s John Ploeg, CFA, Co-Head of Fixed Income ESG Research, hosts this discussion with Roma Wilkinson, ESG Specialist.

Regulation is shaping the sustainability agenda and changing the way companies do business in different jurisdictions, but keeping pace with constant regulatory updates has become a mammoth task for businesses and investors. In this recurring series, S&P Global Energy Horizons presents key developments to sustainability regulations and standards from around the world.

In this month's update covering Nov. 1-Dec. 16, we look at the International Sustainability Standards Board’s plans to focus on nature risks, a provisional deal to cement the simplification of the EU’s sustainability reporting rules and Brazil’s adoption of its sustainable finance taxonomy.

As we prepare to ring in the New Year, holiday meals are on our minds and on many of our listeners’ tables. In this episode of the All Things Sustainable podcast, we're exploring how some companies are working to make food systems more sustainable. 

We talk with Ethan Soloviev, Chief Innovation Officer at HowGood, a research and data company focused on food sustainability. He explains the benefits of sustainable farming practices, also known as regenerative agriculture. 

Dentsu has science-based net zero targets for climate looking out to 2030 and 2040. By 2030, it aims to reduce absolute Scope 1 and Scope 2 greenhouse gas emissions by 46.2% relative to a 2019 baseline, and absolute Scope 3 emissions by 46.2% from a 2019 baseline. Dentsu is most likely heading towards a 1.5°C pathway by 2030. 

Havas has a goal to reduce its absolute Scopes 1 and 2 greenhouse gas emissions by 71% by 2035 against a 2018 baseline. It also targets reducing emissions linked to business operations by 43% by 2035. Based on our extrapolation, Havas is on target to deliver these reductions and is most likely heading towards a 2.0°C pathway by 2030.  

Interpublic Group (IPG) has a goal to reduce its absolute Scopes 1 and 2 greenhouse gas emissions by 50% by 2030 against a 2019 baseline and a 30% reduction in its Scope 3 emissions by 2030. This target is in line with the trajectory of emissions we derive based on the reduction achieved from 2019 to 2022. IPG is most likely heading towards a 1.5°C pathway by 2030. 

Publicis has science-based targets to reduce its Scope 1, 2 and 3 greenhouse gas emissions by 50% by 2030 and by 90% by 2040. Although historical trends extrapolated forward indicate strong progress on reducing Scopes 1 and 2 emissions, Scope 3 emissions have risen, driven by business growth. Absent a significant change in the Scope 3 trajectory, this suggests alignment with a 2.0°C warming scenario. 

Omnicom aims to achieve a reduction in total greenhouse gas emissions (Scopes 1, 2 and 3) of 46.2% by 2030 versus a 2019 baseline. Between 2019 and 2023, Scopes 1, 2, and upstream Scope 3 emissions decreased by 30.2%, primarily driven by an absolute decrease of 31.7% in Scope 3. Omnicom is most likely heading towards a 1.5°C pathway by 2030.  

WPP has science-based targets for emissions. These include reducing its absolute Scopes 1 and 2 greenhouse gas emissions by 84% by 2025 against a 2019 baseline, and reducing its Scope 3 emissions by 50% by 2030 against a 2019 baseline. Our analysis suggests WPP is on track to meet its Scopes 1 and 2 targets, but will miss its Scope 3 target. WPP is most likely heading towards a 2.0°C pathway by 2030. 

Key highlights from this quarter’s analysis:

• Since the FTSE Blossom Japan Index started in 2017, the FTSE ESG Scores of Japanese companies have improved
• The number of companies included in the index doubled in 2025
• Country ESG score ranking has risen from 2021 to 2025
• The background for rising ESG scores is also improving, creating investment opportunities for global ESG investors.

Climate-related disasters are taking a growing financial toll on real estate assets in North America. For the commercial real estate (CRE) sector, this pervasiveness has introduced a critical challenge: how to systematically prioritize action. Owners and investors now have data to identify the hazards facing their portfolios, but when many assets face some level of physical climate risk, prioritization often feels overwhelming—leading to inaction or suboptimal action.

Recognizing the significance of this challenge, the BMO Climate Institute, in partnership with ClimateFirst Building Solutions Inc. (ClimateFirst) and Investment Management Corporation of Ontario (IMCO), conducted an analysis with the following goals:

1. Quantify the magnitude of potential financial loss for a representative multi-unit residential building (MURB) in different geographies to unlock the prioritization of assets at risk.
2. Demonstrate the potential financial impact of investing in resiliency measures at the building level.

The Physical Climate Risk Appraisal Methodology (PCRAM) provides systematic, objective, and replicable guidelines for integrating physical climate risks into investment decision-making. 

PCRAM 2.0 expands the application of the methodology across various industries and tested its applicability with mainstream institutional investors. The methodology was initially developed by the Coalition for Climate Resilience Investment (CCRI), with special contribution from Mott MacDonald.

"IIGCC’s updated paper builds on our foundational 2020 guidance, reflecting significant developments in standards, regulation, and investor practice over the past five years."

ASIFMA Pulse Survey Results

While sustainable investing has rapidly evolved to become a defining component in the investment management industry, global investors have been facing more challenges, from anti-greenwashing regulations to geopolitical pressure and litigation risks.

Meanwhile, Asia is attracting a growing share of global capital and is home to some of the world’s largest and most influential asset owners, placing it in a critical and unique position to invest and shape the climate and social outcomes of the future. Despite this importance, there is limited data on how Asia’s asset owners view and approach sustainable investing. 

Trillions of dollars are needed globally to address the challenges posed by climate change. Sustainable debt markets are one way to meet this gap and fund solutions, though these markets 
must grow significantly to avoid the greatest impacts of the climate crisis.

Increasing sustainable capital flows will be essential across markets, but for emerging economies, such instruments can play a valuable role in offering transparency and issuer accountability, attracting global investors. Understanding the current state of sustainable debt in these markets, as well as the challenges and opportunities they face, is key to accelerating climate progress.   

In assessing the year ahead, we consider a few things to be self-evident:

• About us: SRI-Connect must remain free-to-use for everyone with current professional exposure to the sustainable investment value chain … in economics terms, it must be a 'public good'.

===

• About the world we operate in: Considered policy and predictable outcomes are taking a rest from the world stage at present.  While today's frenetic pace may not constitute a  'new normal' forever, it seems likely to persist for a while longer.
• SRI-C should try to avoid being distracted by this (very distracting) geopolitical turmoil while recognising that our clients (as investors, investment analysts and listed companies) have to track, predict and respond to this.

===

• About sustainable investment: Generative AI will change everything for everyone in the information and judgement businesses (and investment is not much more than an 'information and judgement business') by commoditising data at zero-cost - such that our industry's 'reporting and data play' is effectively over.
• Sustainable investment requires a different type of information (derived from human judgement) that AI will not easily assimilate / generate effectively (especially - as seems highly likely - if it is misdirected towards data gathering).  Sustainable investment can benefit significantly from AI but also could be a 'moat' to takeover by AI
• Beneath the froth of politics and policies and renaming and bla bla bla, there is a fundamental client demand for the application of sustainability to investment practice
• However, this underlying demand should not be mistaken (because of the combination of toxic politics and AI) as validation that 'keep calm and carry on' is a viable strategy for sustainable investment.  (The next iteration of the industry will need to be fundamentally different from the last)

===

• About the future: Ultimately, three things matter for the long-term of our industry:
  • Integration within fundamental active investment decision-making;
  • Demonstrable sustainability impact
  • The people that will deliver these
• Anything that does not contribute to one of these should be treated with caution as potentially superfluous
• Staff turnover in the industry in recent years means that there a considerable number of experienced individuals free of corporate constraints and available to share their experience with our industry as it reshapes itself for its next iteration.  We will be doing our best to engage these people in whatever way we can.

So,

• For the long term - perhaps in spite of the world we see around us today - we still stand with Margaret Mead's confidence in "a small group of thoughtful committed individuals…"  We have had the privilege of being part of an expanding group of thoughtful, committed sustainable investment professionals since 1995 & 1998 … and we still believe ...
• For 2026, our focus will be on 'efficiency for all … through focus by SRI-C'

Efficiency for all … through focus by SRI-C

Fundamentally, SRI-Connect aims to facilitate the exchange of high-quality, investment-relevant ideas and debate between companies, investors and research providers.

Whereas everyone seeks this for themselves and their firms, we aim to provide open-access  & architecture that enables it to be done at scale.

To achieve this, we need to focus ruthlessly to ensure that - in a world of AI slop - relevant and meaningful content reaches the right people in a format that is actionable by them.  Such focus needs to be applied at multiple levels:

I - Focus on integration and capital allocation

Generally, we support 'integration' by:

• Staying clear about our definition of 'integration' (impact of sustainability factors on valuation and capital allocation) and not being deflected by definitions that allow any application of sustainability to any investment practice to qualify as 'integration'.
• Focusing on the real sustainability drivers of investment advantage (typically 'Operating Context' and 'Company Exposure' rather than 'ESG performance').
• Ensuring that 'investability' is the primary criterion by which we prioritise research and analytical comment for distribution

Focus for 2026.  We will:

• Expand the universe of sources that we cover & …
• … increase the rigour of our focus on 'investability' …
• … while improving our understanding of the interests and focus of individual analysts and investors …
• … such that we deliver - to each analyst and investor individually - more relevant investment insight without increasing the overall volume of content

II - Focus on profile - for insight and connectivity
(for organisations, for individuals, for companies, for investment research ideas)

We stand by our long-held conviction that sustainable investment is only as good as the best ideas generated by our most innovative thinkers (whether these be individuals or teams, senior or junior, asset managers, research providers, companies or others).  We have always sought to reward the efforts of these individuals and organisations with profile in the sustainable investment value chain and to report the results of such profile building transparently to the individuals and organisations profiled.

Focus for 2026.  We will:

• Expand significantly the number of firms for which we can supply SRI/ESG engagement profiles
• Distribute there profiles (to counterparts and stakeholders) more proactively and broadly in a way that improves connectivity between companies, investors and research providers

III - Focus on efficiency in company <=> investor engagement

(… and hence real sustainability 'impact')

We genuinely believe that our industry could double the impact of its sustainable investment engagement and halve the time it takes if we were simply to deploy tools and techniques that have long been used by 'mainstream' investors.  (Given the pressure that 'ESG engagement' is generally under, this year might be the time to adopt approaches that are aligned with mainstream practice and private).

Focus for 2026.  We will:

• For as many companies as are interested: Demonstrate how they can double the effectiveness of their sustainable investor engagement (for the year) within a period of two working days
• For as many investors and research providers as are interested: Demonstrate how greater efficiency can be achieved by focusing on winnable cases, by passive accessibility, by encouraging companies to do the logistical lifting and by trusting the weight of market interest

IV - Focus on social inclusion

Although I haven't quite articulated how we are going to approach this issue, the following strikes me to be true:

• 'ESG' has never properly got to grips with the 'social' dimension and has largely ignored the 'economic' dimension of sustainability
• This isn't - as is often suggested - because it is harder to get quantitative data on social or economic issues than on environmental ones.  Rather it's because we have looked for 'end of pipe' measurements without considering what a fundamental objective might plausibly be.  (We have sought to measure what might be measured rather than the deeper question of what matters)
• The 2007-8 credit crunch was the first substantial 'miss' in this regard; the easy demonisation of 'ESG' was a reckoning point; AI presents a likely third chapter.  Let's not miss this next opportunity to add value simultaneously to society and investment performance.

V - Focus on capacity development for the value chain

Again, we haven't articulated exactly what we're going to do here.

However,

• We like developing capacity and supporting skills, careers and job development within sustainable investment.  (See: Mike's mic: 12 years to develop; 12 hours to deliver)
• We particularly like helping investors develop the skills for sustainability integration and helping company managers (IROs and CSOs) develop messaging and communications practices that facilitates integration and sustainable capital allocation
• So, watch this space …

The sustainable finance market landscape continues to evolve and shift: are you prepared for what’s next?

Join Sustainable Fitch for an engaging discussion of what sustainability trends we expect will be front-of-mind in the sustainable fixed income market in 2026. This series will provide expert insights into the key trends and developments that will shape sustainable finance in 2026 and help you understand the evolving regulatory landscape and its impact on market participants.

Key Discussion Points:

• Transition finance comes of age. Will new guidance on transition bonds, loans, and transition plans create opportunities in a softer labelled bond market? What will the future SFDR look like for transition, and what are the implications for investors?
• Broadening the sustainable finance universe. With more sub-labels and diversified use of proceeds, will specialised labels gain traction, and what is the outlook for EuGBs?
• Climate adaptation amid rising physical risks. How important is financing adaptation projects becoming, and which instruments and sectors will lead issuance?
• Regulatory recalibration. How will the EU Omnibus and SFDR reform affect issuers and investors? Where are regulations expanding globally, and which developments should we monitor in 2026?
• Private debt in sustainable finance. Will private debt accelerate impact and transition financing in 2026, and how will investors close data and impact measurement gaps?

In this regime, broad beta is a blunt instrument. Returns are likely to be driven by three structural forces:

• Governments as marginal allocators through industrial, security and climate policy;

• Geopolitical rewiring of trade, energy and technology flows;

• Twin supply-side shocks from AI and climate, creating simultaneous bottlenecks and productivity opportunities.

The result is a market that rewards thematic precision, balance-sheet strength and policy alignment, while penalising business models exposed to chokepoints, under-priced regulation and weak human-capital franchises.

1. Industrial Policy & Strategic Capex

• Governments compress cost of capital for targeted sectors, supporting multi-year earnings visibility.

2. Geopolitics & Strategic Decoupling

• Friend-shoring channels capital to India, ASEAN, Mexico, Gulf;

• Supply-chain premiums widen.

3. AI, Automation & Power Systems

• AI capex cycle creates pricing power for genuine enablers (semiconductors, data-centre infrastructure, grids).

4. Climate Adaptation & Hard Assets

• USD$200bn+ annual financing gap drives multi-year resilience capex;

• Infrastructure-like returns.

5. Intangibles, Regulation & Human Capital

• CSRD disclosure and workforce metrics elevate culture, talent and governance into explicit valuation drivers.

6. Culture, Sports & Luxury

• Scarce assets with identity-driven growth;

• Sports franchises and luxury houses monetise attention and belonging.

Developing a short-term financial game plan and using AI are among tools unemployed Black women can apply to help bounce back from dire job cutbacks.

Developed in close collaboration with investor group leads, this two-year engagement  programme highlights key progress, challenges, and investor expectations.

Prepared for Border to Coast

Engagement & voting report (cases, themes, metrics) from Robeco’s Active Ownership team.

Scope: Large US & European managers plus a few “best practice” smaller firms

Date: Methodology dated Dec 2025

Looks specifically at climate-related practices:

- Fossil fuel exclusion policies (coal, oil & gas).
- Holdings in newly issued bonds from fossil fuel developers (2024–mid-2025).
- Proxy voting policies and records at fossil fuel companies (director elections, pay, etc.). 

Asset managers are grouped using colour-coded scores (red / yellow / green) for:

- Commitment to stop new fossil fuel investments.
- Share of new fossil-fuel bonds they hold.
- Voting behaviour against boards and remuneration at fossil fuel developers.

The Just Share Asset Manager Responsible Investment Benchmark 2025 assesses 20 of South Africa’s largest asset managers against international best practice across responsible investment standards on governance, climate change, biodiversity and social impacts. The findings show that the industry is failing to adequately address the systemic risks that climate change, biodiversity loss and inequality pose for investors and society.

The report was researched and produced by Just Share using a survey methodology developed by UK-based non-profit organisation ShareAction. The methodology assesses responsible investment performance against 20 key standards. The standards are ambitious, but achievable, with ShareAction demonstrating that every one of the standards was met by at least one of the 76 global asset managers assessed in ShareAction’s 2025 survey.

All assessed South African asset managers were provided with the survey prepopulated by Just Share using publicly available information, and given the opportunity to check the survey findings and provide additional information. Fifteen of the twenty assessed asset managers responded.

Despite responsible investment forming part of South African asset managers’ lexicon for over 15 years, 85% of the largest asset managers received only “E” or “F” grades, with scores below 25%, while four managers failed to meet even one of the benchmark’s 20 key standards for responsible investment. The top-performing local manager, Ninety One, scored just 30%, giving it a “D” grade that would place it 24th among the 76 global asset managers assessed by ShareAction.

From insight to value: The sustainability reporting journey continues

Mandatory sustainability reporting has arrived with a bang in 2025 as thousands of companies published statements under the European Union’s Corporate Sustainability Reporting Directive (CSRD) and countries in other jurisdictions started to adopt the International Sustainability Standards Board’s (ISSB) reporting framework.

Yet this is also a year in which regulators recalibrated. While many jurisdictions continue to work towards ISSB adoption, the EU set out to reduce the number of organisations within scope of the CSRD and, for those that remain, simplify and defer reporting requirements. Meanwhile, the US Securities and Exchange Commission’s climate-related financial disclosure regulations remain in flux. 

PwC’s inaugural Global Sustainability Reporting Survey, based on responses from 496 companies that have reported, or plan to do so in the future, under the CSRD or ISSB frameworks, reveals that while some have paused reporting plans in response to these changes, many are moving ahead. For example, about 40% of survey respondents planning to report under the CSRD in the future say they’ll postpone statutory reporting by two years, in line with the EU’s ‘stop the clock’ directive. An equal number say they’ll report on the original timeline, even if not legally required to do so, whether under the CSRD or an alternative framework like the ISSB or the Global Reporting Initiative. 

The OECD Global Corporate Sustainability Report aims to support the adoption of corporate governance policies and practices that strengthen the sustainability and resilience of companies.

It provides easily accessible information to help policymakers, regulators, and market participants understand how sustainability-related practices are evolving. 

The issues covered in this report relate to the recommendations on sustainability of the G20/OECD Principles of Corporate Governance (Chapter VI).

Phase 2 Engagement Progress Report

The global food system is becoming increasingly vulnerable to supply chain disruptions driven by geopolitical conflicts, disease outbreaks, and more extreme and unpredictable weather patterns. Animal agriculture supply chains are particularly vulnerable to these risks.

Protein diversification offers companies with high exposure to animal proteins an opportunity to safeguard a supply of ingredients while also building a resilient product portfolio, amid uncertain macroeconomic events.

This report discusses the progress made by 20 of the largest food retailers and brand manufacturers in North America, Europe, and Australasia in leveraging protein diversification as a risk mitigation tool following the completion of Phase 2 (2024/25) of the FAIRR Protein Diversification engagement. This engagement was supported by 73 investors representing US$11.5 trillion in combined assets.  

This report examines how growing climate and nature risks are reshaping global soft commodity markets—particularly corn, soy and wheat—and how these shifts are affecting the resilience and profitability of livestock supply chains. 

Drawing on data from the Coller FAIRR Climate Risk Tool (CRT), the Coller FAIRR Protein Producer Index, and Bloomberg, the report underscores how climate-driven feed disruptions translate into financial losses, operational risks, and long-term value implications for the world’s largest listed protein producers, and their investors. 

Feed is one of the most climate-sensitive cost components in livestock production. Under the CRT’s high-impact scenario, average feed costs could rise by more than 30% by 2050, with poultry and pork producers facing the greatest pressure on profit margins. FAIRR’s analysis highlights systemic vulnerabilities – including supplier and geographic concentration, low traceability, and uneven disclosure of feed-related and water risks – that constrain corporate risk management and investor oversight. 

Thanks to favourable growth and demographic trends, Africa’s role on the global economic stage is rising. The region’s fixed income markets have much to offer investors: double-digit yields; strong return drivers; powerful diversification benefits, to name just three. This is a new frontier that is well worth exploring.

AI is dramatically changing trends in electricity demand, creating exciting opportunities for equity investors.

April 8-9, 2026 | Hilton Downtown Toronto

Join us for the 2026 Investor Summit as we mark SHARE's 25th anniversary. The event will be held in Toronto for the first time.

The SHARE Investor Summit brings together institutional investors—including pension funds, universities, foundations and religious investors— from coast to coast to coast to build a sustainable, productive and inclusive economy. The Summit is designed to strengthen investor collaboration and identify opportunities for action toward reconciliation, climate action, human rights, affordable housing and racial equity. 

Register and attend the SHARE Investor Summit — Canada’s only non-profit-led responsible investor conference.

The disappointing results from the recently held COP30 Climate Summit in Brazil showed how leading politicians can’t agree on the necessary actions to keep temperature rise less than 1,5°C. To mitigate the significant negative consequences, private companies, investors, consumers and NGOs have to do even more than they already do.

Institutional investors can first and foremost invest in climate solutions and influence the companies they invest in to improve their climate management and performance through engagement and voting in order to reach net zero emissions in 2050 at the latest. Hundreds of asset owners and asset managers all over the world already do this to a large extent to reach their own Net Zero goals. However, with the lagging political results and the current ESG backlash, the pressure on responsible companies and investors has become even stronger.

The third quarter of 2025 marked a pivotal period for global sustainable finance regulation. Across regions, policymakers refined disclosure frameworks, clarified expectations, and tightened accountability around sustainability claims.

While the EU and UK advanced alignment with ISSB and ESRS standards, the US and Canada faced regulatory gridlock offset by strong state and competition-level enforcement.

Meanwhile, APAC jurisdictions continued a pragmatic rollout of ISSB-aligned rules at varying speeds.

For asset managers and financial institutions, the message is clear: the regulatory floor is converging around transparent, verifiable sustainability data, and supervisors are demanding credible evidence behind every disclosure and claim.

Sustainability reporting requirements across the Asia-Pacific (APAC) region are rapidly evolving. Regulators are moving toward adopting mandatory disclosures, many of which align with the IFRS Sustainability Disclosure Standards and focus on financial materiality. This shift is occurring while other regions, such as the European Union, face political and legal resistance to sustainability disclosure mandates.

As APAC economies continue to play important roles in global trade and investment, companies across the world may be implicated by these regulations. Our latest resource paper dives into the key regulatory trends related to sustainability reporting in APAC and outlines current and emerging disclosure requirements in key economies. Whether you're an APAC-based organization or a multinational company with operations in the region, understanding these developments is essential to ensure compliance and meet stakeholder expectations. 

As we approach the two-year milestone since the ISSB Standards became effective in January 2024, it is worth examining these standards in depth and considering what it would take for companies to align with them. 

This resource paper provides insight into the development, structure, and global adoption of the ISSB Standards, along with key considerations for companies transitioning their sustainability reporting to meet these requirements.

It also includes a detailed comparison of the TCFD Recommendations and IFRS S2, offering a practical guide that companies can reference to better understand alignment opportunities, identify reporting gaps, and enhance the transparency and consistency of their climate-related disclosures.

Global mining companies sit at the heart of the transition.

They supply key materials for clean technologies, have high operational footprints, and are exposed to emissions-intensive commodities like coal and iron ore. 

LNG producers are doubling down on long-lifetime projects, claiming they can deliver strong returns while reducing emissions.

That story is increasingly hard to square with future scenarios that deviate from the best case for companies. 

In this paper, we summarise our sector experts’ analysis of the emerging issues, risks and opportunities that are affecting the Financials sector and related sub-industries in the transition to a more sustainable economy.

We explore three key themes driving sustainability-related opportunities and risks for the sector over the next one to two years:

• Artificial intelligence’s double-edged role in financial services, enabling efficiency and increasing uncertainty over viability of business models
• The rising severity and incidence of extreme weather events and the challenge of correctly pricing these risks to financial institutions
• Ongoing and accelerating efforts to deregulate the banking sector which are unlocking a broader range of investment opportunities

Irreversible transformations are incrementally reshaping the global economy. The emergence of new technologies, evolving consumer demand and policy changes are combining to fuel a period of intense creative disruption.

As we enter 2026, our investment teams are focused on identifying companies and issuers that demonstrate resilience as these transformations continue in the current market context.

Our macroeconomic perspective is one of cautious optimism. Falling interest rates and rising government spending should support risk assets. However, narrow drivers of economic growth and unsustainable fiscal trajectories raise alarm bells.

Within equities, we continue to take a critical view of certain stock valuations and expect investors to rediscover a focus on fundamentals – and so on stocks whose potential has been overlooked. Within fixed income, we perceive compelling relative value opportunities, but rigorous credit selection will be critical given spreads remain at historically tight levels.

As the long-term challenges facing global society come into closer focus, we are looking to capitalise on misunderstood – and so mispriced – opportunities and risks arising from the transition to a more sustainable economy.

Governments that once led on climate and sustainability are recalibrating toward national security, trade and technological leadership amid growing geopolitical fragmentation. Policy consensus has fractured and public commitments are wavering.  

Yet capital hasn’t slowed. Markets are moving on their own momentum — rewarding commercially viable transition technologies and repricing physical climate risk as extreme weather increasingly drives financial losses. Artificial intelligence is amplifying these trends: accelerating demand for clean energy, improving hazard detection and reshaping how investors assemble and interpret sustainability data. 

This widening gap between political rhetoric and economic reality defines the sustainability landscape for 2026. Investments in green technology are advancing on commercial strength rather than policy support.

Prudential regulators, focused on financial stability, continue to embed climate risk into capital frameworks in the face of mounting physical risks. And as official reporting directives stall, investors are demanding the financially material data they need to price risk and return. 

Investors are acting on what endures: the economics of the transition, the cost of inaction and the data that still drive performance. The following five trends trace how that divergence is reshaping portfolios and capital allocation. 

Sustainable investing enters 2026 at a critical juncture. The past year brought political headwinds and regulatory setbacks, prompting some investors to question the importance of sustainability. Discover the key trends that could shape sustainable investing in 2026. 

Readers of this Morningstar Sustainalytics report will learn how:

• Sustainable investing is being recalibrated in response to changing market conditions.
• Global ESG regulations are evolving.
• Greater attention will be paid to physical climate risks and adaptation, while transition remains a priority.
• Energy transition infrastructure is driving private climate investing.
• Innovation and stronger standards are bolstering the green, social and sustainability-linked bond market.
• Rising investor concerns will drive deeper integration of biodiversity risks.

Louis Bromfield discusses how the clean energy transition is no longer defined by the search for new technologies, but by the ability to organise the ones already available into a coherent and resilient system.

The energy transition is often framed as a future consideration; a combined set of hurdles to overcome and milestones to achieve across a decades-long transformation of the global economy.

However, this framing ignores the central message of the Energy Transitions panel, hosted at Foresight Capital Management’s annual investor conference in November. The panel, which featured representatives from Foresight’s private markets team as well as senior representatives from SSE and Boralex was unequivocal. The transition to clean energy is already the fastest energy shift that the world has ever seen.

Ben Kluftinger summarises a year of the WHEB strategy in terms of both impact and performance. With its ups and downs, he identifies three potential important positive catalysts for the year ahead.

As the year draws to a close, we had the pleasure once again of meeting many of our investors in person at our Annual Investor Conference at the end of November. 

We also had the opportunity to take stock of 2025. How did we do on our dual mandate of delivering impact as well as investment return during Oct 24 – Oct 25?

Anna Elliott discusses how US profitability has long driven global pharmaceutical dynamics and how this foundation is now under pressure.

US profitability has long driven global pharmaceutical dynamics, but that foundation is now under pressure.

Over the past two US administrations, healthcare investors have faced unprecedented uncertainty. Drug pricing debates, trade tensions, and uncertainty in government funding have weighed heavily on the sector. This caution is visible in the market, where price-to-earnings ratios now sit well below their ten-year average.

Sefa Degirmenci explains how real assets are part of a multi-decade infrastructure investment cycle driven by digitisation and the energy transition.

At Foresight's 2025 Annual Investor Conference in November, one theme stood out in the listed real assets session: we appear to be entering a multi-decade infrastructure investment cycle driven by digitisation and the energy transition.

We are looking for a VP to join our Sustainability Strategy team in London.

To support the compliance manager in ensuring that the IFRS Foundation manages business and compliance risks. 18 mth fixed term

Your role

-Collaborate with investment teams to identify key stewardship targets and engagement objectives, and to support the exercise of proxy voting rights. Liaise with multiple investment teams to build consensus when necessary.
-Co-ordinate and participate in bilateral and/or collaborative engagements with companies on the broad range of ESG issues.
-Contribute to enhancing our firmwide approach to active ownership, including policy, procedures and guidelines on corporate engagement and proxy voting.
-Contribute to quality assurance, and internal and external reporting on active ownership activities.
-Conduct quantitative and qualitative research on RI topics and on market trends as they relate to active ownership, to inform RI strategy development and implementation and RI thought leadership, and support the delivery of specific initiatives.

-Leading our regulatory work on policy, regulatory and market design issues having a commercial impact on our carbon markets trading business
-Monitoring developments and develop insights into the carbon markets regulation and market design structures (e.g. EU ETS, EUETS2 etc..)
-Using this knowledge to derive and facilitate commercial strategies to generate tangible financial results in the short, medium and long term

As a Senior Sustainability Engagement Manager you’ll play a leading  role in advancing the Group’s strategic programme of external environmental and social  sustainability engagement. You'll shape and deliver a compelling, purpose-led narrative that builds reputation, helps to mitigate risk, and unlocks commercial value. Representing the Group, you'll engage with diverse audiences, including clients, investors, NGOs, and industry organisations to champion our sustainability and purpose work.

Role Overview: Join our team as a seasoned Resilience Taxonomy Manager on a 6-month fixed-term contract to cover maternity leave! In this role, you will spearhead the continuous development and execution of the Climate Bonds Resilience Taxonomy (CBRT), which serves as a vital framework for steering investments towards Climate Adaptation and Resilience (A&R).

In this role, you will lead high-integrity due diligence across a diverse portfolio of carbon projects, manage a team of due diligence specialists, and bring market-leading insights to our clients and partners.

"We’re now looking for a Sustainability Reporting Director to lead our global non-financial reporting strategy and help shape how Sage is seen, trusted, and understood by regulators, investors, customers, and society.

This is a senior leadership role at the heart of Sage’s sustainability and net zero ambitions, with direct exposure to Executive Leadership Team and Board-level stakeholders."

This is a two-year term role with opportunities for extension, based on performance and funding.

Senior Associates on Malk’s Multi-Strategy team support clients in building and enhancing ESG programs across various asset classes, including private equity, private credit, real estate, secondaries, venture capital, and hedge funds. Malk’s Fund Advisory work focuses on developing tailored ESG management strategies to meet each client’s priorities. Previous projects have included development of an ESG program for a GP stakes firm, creation of ESG maturity models and frameworks for a multi-strategy asset owner, and the design and execution of ESG data collection strategies. In addition to Fund Advisory projects, Senior Associates support Multi-Strategy clients by performing ESG due diligence reviews for their prospective acquisitions. 

As an Environmental & Social Due Diligence Associate on the Global Banking team, you will be responsible for assessing clients and deals, and leading strategic initiatives with support from the rest of the team. You should be a self-starter, able to articulate your thoughts clearly, and have excellent attention to detail. This role may involve limited travel and offers an excellent opportunity to gain exposure to a broad spectrum of E&S / ESG risks across multiple asset classes, industries, and geographies.

The Climate & Emissions DataVice President is part of Citi’s Sustainability & ESG team, which is responsible for the development and execution of Citi’s Sustainable Progress Strategy (https://www.citigroup.com/citi/sustainability/),net zero commitment and related key initiatives. 

The Sr. Director, Stewardship and ESG Integration Lead – Public Equities manages a team that executes on various elements of the organization's investment stewardship strategy. In addition to the day-to-day stewardship activities of company engagement and proxy voting, the role also is the primary liaison between the Responsible Investing (RI) Engagement and Integration pillars in terms of development of Environmental, Social, and Governance (ESG) research and Thought Leadership. 

We are seeking a proactive and experienced Sustainability Risk Lead to oversee end-to-end sustainability risk management across our Asset Management business.

This is an exciting interim opportunity for an ambitious candidate to join the FAIRR team to drive change in the global food system. The role sits as the organisation’s primary expert on climate and nature risk. 

We are seeking a high-energy, self-motivated, and organised Associate or VP who is passionate about sustainability and the low-carbon transition to join STS in a multi-faceted and dynamic role. 
 
The successful candidate will have the opportunity to work across and then specialize in several different focus areas via both long-term project work and day-to-day recurring responsibilities across strategyand business management.

As the Principal Consultant for Corporate ESG Services, you will develop and manage the ESG advisory services offering within the wider ESG Corporate Services Business Unit, with support from Business Unit Manager.  Acting as commercial lead and providing support and direction. To deliver projects to the required quality and driving business growth and development activities. Provide an expert point of reference on technical delivery.

This is an opportunity to work within the PRI’s Investor Initiatives & Collaboration team. PRI’s Investor Initiatives Portfolio team works alongside the sustainability & Stewardship teams to strengthen opportunities to work together.

Responsibilities include:

- Assist in the preparation of research reports across a range of ESG topics, including conducting primary research and data gathering

- Monitor and track research published by US analysts to aid in idea generation around fixed income and governance ESG themes

- Work with various sector analysts on collaborative cross-sector research reports

- Assist in the managing and execution of department-wide ESG publications and data initiatives

- Monitor and track Sustainability-related news flow

Full details in download link below

12 month FTC

Lead the delivery of Kingfisher’s annual ESG reporting commitments including the Responsible Business report and data appendix, annual report, banner summary reports, and responsible business pages of Kingfisher.com.

Manage the data collection process for responsible business key performance indicators (KPIs) across the group, including the data review and validation to ensure accurate disclosure.

Manage the audit and external assurance of responsible business data, including owning the relationship with external audit providers and internal audit team (where applicable).

Managing the responsible business reporting delivery team which includes internal and external specialists to successfully deliver the corporate responsible business reporting to a high standard, to time and budget

Serve as the ESG reporting subject matter expert for the KF Group, closely monitoring regulatory requirements and translating these back to the business in a clear and accessible way. Have strong technical competencies and understanding of ESG reporting frameworks and directives (i.e. SASB, TCFD, SECR, CSRD, ISSB)

Work with the Annual Report and Accounts team to ensure responsible business content required by regulation and internal/ external stakeholders is integrated into the annual reporting cycles.

Strong knowledge of Sustainable Finance markets and data needs, with experience across disclosure frameworks (e.g., TCFD, ISSB, GRI).

Master’s degree or advanced certification (e.g., CFA charterholder, CFA ESG, SASB FSA).
Experience with large dataset manipulation, profiling, and defining requirements.

Familiarity with semantic data modeling and LLM concepts

Proficiency in statistical analysis, quantitative modeling, and applied data analysis (Excel, SQL, R, Python).

Strong communication and partner management skills.

2 yr fixed term post

We’re recruiting an Investment Manager to identify, assess and manage impact investment opportunities.   You will also work with other teams to help develop the social impact investment market in the UK, working with investors, social enterprises and government.

"The team you will be joining is a part of State Street Investment Management, one of the largest asset managers in the world. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process. With over four decades of experience and trillions of dollars in assets under management, we offer one of the broadest selections of products and strategies across asset classes, risk profiles, regions and styles. As pioneers in index, ETF, and sustainable investing, we are always inventing new ways to invest."

This is an opportunity to work on Advance, the PRI collaborative stewardship initiative focused on human rights and social issues, with a specific remit to deliver the Apparel and Footwear Pilot Project. Join a global and motivated Stewardship team that works to deliver substantial real change in our global economy, society and the environment.

As a Senior Sustainability Manager, you'll play a crucial role in setting and coordinating AXA UK's sustainability strategy and helping us achieve our environmental and social goals. You'll provide expert advice on sustainability risks, opportunities, and regulatory requirements, working across various teams to deliver impactful projects and initiatives. Your insights will help us track progress, communicate our efforts, and stay ahead of emerging trends and regulations.

This role will provide technical, scientific, and analytical rigour to standards and frameworks analysis and support in aligning CDP’s disclosure framework with prioritized standards and frameworks. Central to this role will be supporting with development of standards and frameworks related processes and resources along with providing technical expertise to support standard setter engagement.

"As an ESG (Environmental Social & Governance) Regulatory Program/Project Manager within the International Private Bank, you will work with complex business scenarios, tight deadlines, and competing priorities, requiring interaction with all levels of our organization. In this role, you will promote strategic implementation and program governance, providing a unique opportunity to shape our ESG initiatives."

Joining us as a CFO Solutions ESG & Sustainability Manager, the minimum criteria you’ll need is a professional qualification (ACA, ICAS, CA, ACCA or CIPFA) with post qualification experience, and to be confident managing a large portfolio of clients. It would be great if you had some of the following skills, but don’t worry if you don’t tick every box, we’ll help you develop along the way...

This role is for an integrated practitioner across marketing and communications, with previous experience on sustainability and/or sustainable finance. The role holder will be working with a diverse set of stakeholders across our business to support the development of our sustainability communications and marketing strategy, helping us to build brand equity and assist in managing and mitigating risks. The role holder will work across channels to develop sustainability content which builds awareness of our sustainability capabilities and offering across our market footprint This role will help ensure connectivity across the Corporate Affairs, Brand & Marketing (CABM), Strategy & Talent (S&T), Chief Sustainability Officer (CSO) organisation, and Group Public & Regulatory Affairs (GPRA).

ISS-Corporate is hiring! In this role, you will harness your specialized knowledge and adept communication prowess to collaborate with our cutting-edge proprietary data and tools. Together, we will guide forward-thinking enterprises in navigating the intricacies of sustainability risk assessment and response. Moreover, you'll play a pivotal role in educating executive and board members about the evolving sustainability landscape.

This role is central to ensuring the timely, accurate, and consistent communication of M&G’s sustainability credentials to clients and stakeholders. The ESG Queries Manager will play a pivotal role in shaping the firm’s ESG narrative, enhancing operational efficiency, and delivering insights that inform broader sustainability and client engagement strategies.

The Head of ESG Communications is tasked with developing and executing a comprehensive communications strategy to bolster HSBC's reputation in Environmental, Social, and Governance (ESG) areas. This includes addressing climate and environmental commitments, advancing the bank’s social agenda, and upholding governance standards. The role involves leading a team of communications professionals to support HSBC’s transition to net zero, enhance social impact, and maintain high governance standards, while fostering necessary behavioural and cultural changes across the organisation.

Knight Frank is seeking a detail-oriented and proactive Corporate ESG Reporting Manager to support our growing ESG reporting function. The ideal candidate has a solid understanding of ESG frameworks, strong data and analytical skills, and the ability to engage with cross-functional stakeholders.

The purpose of this role is to support and deliver key responsible investment and stewardship functions within the Pensions Board, enabling the Board to maintain a position as a recognised leader in responsible investment. This role will be line managed by the Managing Director, Responsible Investment and will work alongside two other Responsible Investment Analysts within a Responsible Investment team of seven.

The UK Sustainability Disclosure Technical Advisory Committee (“the TAC”) is seeking new members. The TAC provides advice to the Secretary of State (SoS) for the Department for Business and Trade (DBT) for endorsing the International Sustainability Standards Board’s (ISSB) IFRS® Sustainability Disclosure Standards for use in the UK.

It also acts as a focal point for UK stakeholders to influence the work of the ISSB. TAC members play a crucial part in the development of sustainability disclosures in the UK, and internationally.

We are seeking a proactive and experienced Sustainability Risk Lead to oversee end-to-end sustainability risk management across our Asset Management business.

Part of a team responsible for reporting financial information under the “green” taxonomies from European and UK regulators

Senior Policy Analyst, UK/Europe

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 · London, City of, UK
Seniority Junior
Closing: 8:00pm, 23rd Nov 2025 GMT

Reporting to the Director of GREWE ESG & Workplace Sustainability the ESG Manager will be responsible for supporting company-wide sustainability ESG reporting and compliance initiatives. In this role you will partner with key stakeholders including teams within GREWE, corporate sustainability, controllership, internal & external audit, legal, risk, technology, and Amex senior leadership.  

As a Senior Associate supporting Global Citizenship & Sustainability Financial Reporting, you will play a key role in advancing Ralph Lauren’s Global Citizenship & Sustainability (GC&S) reporting strategy. You will assist in the implementation of GC&S reporting controls, support data validation efforts, and coordinate with internal and external stakeholders to ensure the completeness and accuracy of GC&S disclosures. You will also contribute to the continuous improvement of GC&S reporting processes and help drive readiness for evolving regulatory requirements, including CSRD. This role is ideal for a detail-oriented, collaborative professional with a passion for and strong foundation in sustainability reporting.

The Stewardship and Sustainable Investing (SSI) Operations and Marketing Analyst will support both the creation of high-quality SSI marketing materials and the operational backbone that enables the SSI Group to deliver for clients. Reporting to the SSI Operations Director, the role partners with Marketing to define SSI messaging and content strategy and drives execution.

The Analyst will partner with investment teams and sales to better understand client needs and improve external and internal communication. In parallel, the Analyst will collaborate with operating platform functions (Technology, Data, Client Reporting, RFP/DDQ, Business Enablement) to improve the effectiveness and scalability of key processes to enable better outcomes for clients.

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• Own data quality and translate business requirements into actionable specifications for new and existing Climate data and score products, collaborating with Product and Engineering teams to design and build new datasets.
• Define technical requirements, design scalable data models for new/existing raw or derived Climate data and analytics products, and ensure alignment with product strategy.
• Use Python to query, analyze, and automate workflows....

EY is looking for a senior manager to join our Sustainable Finance team within the Financial Services Risk Management (FSRM) practice, to help the banking and capital markets industry respond to the fast-developing and growing climate risk and sustainable finance agenda – including managing the risks and opportunities from an accelerating transition, responding to new regulation, adapting products and services, and improving transparency and disclosures.

The ESG Underwriting Analyst will play a key role in embedding environmental, social and governance (ESG) considerations into the underwriting process MRS-GM. This role supports our commitment to sustainable and responsible underwriting, aligning with both Group-wide ESG policies and Lloyd’s market requirements. The analyst forms an integral part of the support framework with underwriting teams, Group and GSI functions, and other stakeholders, ensuring ESG considerations are integrated into business decision-making, reporting and governance frameworks.

Senior Associate, Guidance, Private Markets (2 Year Fixed Term Contract) - Principles for Responsible Investment - Applied

Specialist, Stewardship CA100+ (10 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Office Coordinator (Part- Time - 3 days per week) - Principles for Responsible Investment - Applied

Associate, Events & Sponsorship - Principles for Responsible Investment - Applied

The M&G plc Life Investment Office (LIO) is responsible for the management of M&G Life’s With-Profits, Annuity and Unit-Linked funds, with more than £150bn of funds under management.  LIO works closely with the various asset management businesses within the M&G plc Group, and other external managers, to structure multi-asset portfolios aligned with the investment objectives of our clients. The ESG & Regulatory team devises ESG policy and investment strategy at the asset owner level, and drives these into portfolio allocations, benchmarks and positions. This ESG Analyst role has a social focus, and would be responsible for supporting the ESG Manager with a similar social focus.

We’ll Count on You To:

Understand and apply Sustainable Fitch’s analytical methodologies and become familiar with the company’s approach to assessing the sustainability impact associated with a broad range of business activities.
Carry out and deliver high-quality, timely, focused written analysis on a suite of products related to the sustainability characteristics and performance of entities and debt issuances. Output should be supported by well-construed arguments, backed by verified factual data.
Keep up to date with sustainability trends globally, both regulatory and sector specific.
Interact with colleagues globally to leverage knowledge, gain international experience and establish good working relationships.