Listing

Matching ability with opportunity for the next phase for sustainable investment

It won't have escaped anyone's notice that there are currently a fair number of people with considerable sustainable investment experience currently 'between jobs' - having fallen on the 'bust' side of the recent 'boom and bust' cycle for sustainable investment and ESG.

If we take the perspective (as I think we must) that sustainable investment will be (and has to be) fundamentally-different for the next iteration of its development and growth, these people should be an invaluable resource as they combine:

• an understanding of the principles, objectives, practices and lessons learned from sustainable investment
• time to think about how the industry needs to be different next time round (and the experience that enables them to make intelligent judgements about this

Some people think well on their own ... and are very welcome to continue doing so.  We look forward to hearing from them when they reach and execute their conclusions.

Other people, however, prefer to explore ideas with others.  So, for this group, we are hosting a Zoom call on 24 Feb 2026 at 15:00 (GMT) for anyone with >5 years' experience in a senior sustainable investment role who is currently 'between jobs'.

Agenda:

• Introductions (30 mins)
• Breakout discussions on (30 mins)
  • Can AI save sustainable investment?
  • Integration into fundamental valuation: What have we learned?  What's next?
  • Winning the culture wars: How can we shape and present sustainable investment in a way that reaches through political noise?
• Presenting the opportunities arising and follow-up actions (30 mins)

Invitees:

On this call, we welcome anyone with >5 years' experience working in a senior sustainable investment role (from any point in the value chain: asset owner, investment consultant, asset manager, research provider, listed company or other) who is currently 'between jobs'.

People who have embarked upon 'one-man-band' consultancy projects are welcome to join.

Numbers are limited to 30 participants ... and we are going to be strict about the >5 year rule.  If the session works, we'll be happy to organise other sessions for others.

Network effect:

... and - just as importantly as solving the questions over the strategic direction of sustainable investment - will be an opportunity to share our capacity, objectives, opportunities and needs with each other.  There's plenty of work that needs doing in sustainable investment.  Hopefully, this call can start to match some of the opportunity with some of the capacity.

In the last couple of years, we have demanded increasing transparency from businesses about their climate impact. But it is becoming increasingly clear that while this increased transparency is good for investors, it can become really expensive, especially for smaller companies. The case of voluntary TCFD disclosure in the UK demonstrates this.

In the UK, companies were asked to disclose their climate-related risks, goals, and emissions along the guidelines of the Task Force for Climate-Related Disclosure (TCFD). From 2017 to 2021, this disclosure was voluntary, and since then, it has been made mandatory first for larger companies and increasingly for smaller companies as well....

Earth’s growing wobble is a little known climate signal investors may find concerning

And no, the Chandler wobble neither a new economic model nor a reference to the late Friends actor. It is recently alarming Earth system science investors should understand.

Part 1 — The science

Earth’s rotation axis “wobbles” (polar motion) because mass shifts continuously between land, ocean, and atmosphere. When large amounts of water move off continents and into the oceans, Earth’s mass distribution and moment of inertia change slightly and the pole shifts in response. So what we are seeing is potentially worse than the naturally occurring Chandler wobble.

Recent reporting summarising peer‑reviewed work links an early‑2000s step change in the pole’s position (about 45 cm) to a rapid global loss of soil water. A widely cited estimate suggests soils lost roughly 1,600 giga-tonnes of water in 2000–2002, with much of it ultimately reaching the oceans and adding around 1.95 mm/year to sea level during that short window.

The climate mechanism is intuitive: warming raises evaporative demand (more evapo-transpiration). If precipitation does not keep pace, terrestrial water storage declines and the oceans receive the net transfer.

Part 2 — Environmental and social impacts

A detectable pole shift is a reminder that land drying is systemic. Key impacts include:

• Drought amplification and ecosystem stress: feedback loops, vegetation loss, higher wildfire risk.
• Food and water security: lower yields, greater irrigation reliance, and groundwater draw down.
• Heat + water scarcity pressures: higher health risks, livelihood loss, and displacement in vulnerable regions.

Part 3 — Economic impacts

For investors, the “wobble” is a proxy for structural water risk — with implications for earnings, assets, and risk premia:

• Higher input and compliance costs in water‑intensive sectors (agri/food, beverages, semi-conductors, mining, textiles).
• More commodity and inflation volatility from drought‑linked supply shocks.
• Repricing of real assets and insurance where drought and wildfire risk persist; potential municipal strain from water capex.
• Supply chain disruption and reputational risk where firms compete with communities for scarce water.

The bottom line: persistent declines in land water storage can translate into durable constraints on production and habitability and therefore on cash flows and valuations.

At a time of macroeconomic and geopolitical uncertainty, our fifth annual ESG Global Study finds that most investors remain committed to considering ESG issues in the investment process.

Identifying investment opportunities is one of the top drivers for ESG adoption, and energy transition is one of three investment themes where more than half of global respondents say they have strong conviction.

This year’s survey also shines a light on how thinking about AI-related risks and opportunities is evolving. I’ll share a bit more detail on these topics below as well as a link to the full report for those who want to go deeper and explore many other fascinating global and regional findings. 

"If we look back at equities over recent history, markets have tended to move in decadal mega cycles, where one major ‘theme’ has dominated returns.

Being on the right side of these trends has proven extremely beneficial for investors. Over the past decade, one of the most pronounced trends has been the dominance of a select group of US-based, mega-cap technology companies. Supported by an environment of low interest rates, these companies have driven a substantial share of equity market returns, resulting in increasingly concentrated market leadership. However, that has begun to change as a new era of higher inflation and interest rates, and rising geopolitical tension, is marking the beginning of a prolonged shift, the scale of which we typically only see every 10 to 15 years.

What is particularly unique, and exciting for investors, about this current juncture is that there appears to be a confluence of transformational and multi-generational shifts occurring simultaneously. In this paper, we will discuss four key areas and examine how we are identifying the long-term investment opportunities that they present."

If there is one element that underpins the development of artificial intelligence and reindustrialisation of America, it might be electric power.

Power demand in the US is set to surge over the next decade, driven by rapid expansion of AI data centres, new manufacturing facilities and electric vehicle networks. Data centres account for about 4% of US electricity use, but estimates suggest that figure could climb to 9–14% by 2030.

Overall, what is unfolding is a fundamental shift for the power industry, which has undergone a decade of stagnant consumption.

Report here

Peter Michaelis and Simon Clements discuss the drivers of returns, the stock and asset allocation changes they have made, and where they see the opportunities for the SF managed funds.

Nestled in the heart of Britain’s forests, Center Parcs UK has become synonymous with family holidays that blend nature and leisure. With six villages across the UK and Ireland, each spanning around 400 acres of woodland, Center Parcs offers getaways that aim to promote biodiversity and sustainable living. Each village offers a range of self-catering accommodation, from apartments and lodges to luxury treehouses and a wide range of leisure activities. 

Center Parcs has been a long-standing holding in the sustainable fixed income funds. The business is owned by private equity company Brookfield Property Partners, a long-term, supportive shareholder, which was clearly evident during the Covid period, injecting capital into the business to help see it through those unprecedented and challenging times. 

The green bond market has experienced meaningful growth in recent years, offering fixed income investors a valuable means to support the climate transition.

However, as the market represents a relatively small share of global investment-grade debt, it can be challenging for investors to allocate to this asset class at scale – and in a way that doesn’t veer from benchmark performance and risk.

Lazard's 2025 LCOE+ report highlights that, despite headwinds and macroeconomic challenges, renewables remain the most cost-competitive form of new-build generation on an unsubsidized basis (i.e., without tax subsidies).

As such, renewable energy will continue to play a key role in the buildout of new power generation in the U.S. This is particularly true in the current high power demand environment, where renewables stand out as both the lowest-cost and quickest-to-deploy generation resource.

The report also emphasizes the need for diverse generation fleets to meet rising power demands, as well as the vital role system-wide planning and innovation will play in shaping a reliable and sustainable energy future. 

Lazard’s 2025 Review of Shareholder Activism highlights key trends and data in shareholder activism activity throughout the year.

Climate risk remains a key focus for regulators and investors, despite the apparent backlash against ESG considerations in some regions. The significance of climate risk is reinforced by existing and upcoming mandatory climate reporting requirements in various regions globally. 

This report evaluates all 29 global systemically important banks (G-SIBs) in terms of their preparedness for managing climate transition risks in alignment with evolving standards and regulations, providing an overview of key regulatory and reporting framework developments, and containing an assessment of the top-performing G-SIBs regarding climate governance, strategy and risk management. 

Key Insights:

• Norway is moving ahead with Arctic oil expansion, despite mounting ESG tensions. The APA 2025 licensing round expands acreage in the Barents and Norwegian Seas, even as other Arctic nations have paused or scaled back activity.
• Offshore activity intersects with particularly valuable and vulnerable areas that require “special caution” but lack legal protection or quantitative thresholds. This raises concerns about cumulative impacts as exploration pushes north.
• While Norway recognizes Indigenous rights and has ratified ILO Convention 169, licensing processes have historically excluded climate and petroleum objections from decision criteria. This underscores the complexity of balancing Indigenous rights, stakeholder participation, and energy development objectives in Norway’s Arctic.

KEY TAKEAWAYS

• Changes in climate patterns can exacerbate existing risks associated with national security
• Resilience is core to food, energy and water systems, which are key components of economic growth across the globe
• Building frameworks with materiality, vulnerability and abatement in mind can facilitate analysis of risk and opportunity

Bridging the Digital Divide with Shared Infrastructure

About a third of the global population still does not use the internet, with surveys suggesting that even awareness of the internet is not universal. Yet, the internet now gives access to vital services around the world, including healthcare and education, from which a substantial portion of the world is excluded.

"Biodiversity risk is more nuanced and complex than many investors think. For instance, there’s a widespread belief that deforestation poses the biggest nature-related risk for most portfolios. But when we applied our proprietary biodiversity risk-assessment framework for a client, we found that water risk—not deforestation—was the portfolio’s biggest exposure. Our analysis of the MSCI AWCI Index using the same framework shows water risk is elevated for many companies, highlighting just how important it is to assess biodiversity risk accurately."

New research connects intensifying natural perils to their future implications for asset classes.

When it comes to measuring our vulnerability to nature's extremes, investors often lean on past data and simply assume that risks will rise. But new groundbreaking research has removed considerable guesswork, particularly among four key natural hazards facing the world this century.

Oil remains important enough to spark military action. That in itself does not reduce the investment risks of discovering, extracting and refining oil products.

"Last week in our latest Cyclical Outlook, “Compounding Opportunity,” we argued that beneath the economy’s broad resilience lies a stark divergence. U.S. policy pivots combined with the surge in adoption of AI technology have created winners and losers: Many large, capital-intensive firms that are aggressively deploying AI are pulling ahead, while more and more workers (and their households) are falling behind. These crucial macro trends appear poised to continue, with ramifications for the economy, markets, and politics in 2026 and beyond."

India’s power transition will play a defining role in shaping both its long-term development trajectory and the global energy landscape. As electricity demand rises and net-zero commitments approach, the sector faces a critical challenge: ensuring firm, reliable, and affordable power while accelerating decarbonisation.

ARE’s research, Powering Net Zero, provides a comprehensive assessment of how India’s leading listed utilities — NTPC, Tata Power, JSW Energy, Adani Green Energy, and Adani Power — are positioned as the sector moves beyond a simple “coal versus renewables” debate toward a system defined by round-the-clock delivery aligned to net-zero goals.

The report tracks policy shifts, market design developments, cost trends, and technology innovations — particularly storage — that are reshaping how utilities plan, contract, and invest. It examines each company’s growth visibility, execution discipline, balance-sheet strength, and readiness for firming and storage as these factors become central to competitive advantage. The analysis draws on public disclosures, regulatory filings, and government announcements.

While the study highlights significant momentum across the sector, it also identifies areas where sharper strategic clarity, improved contracting frameworks, and stronger delivery capabilities will be essential to meeting India’s long-term decarbonisation goals.

"In the years since the Global Financial Crisis, stewardship has grown in importance as a cornerstone of long-term value creation. The Walker and Kay Reviews laid bare the dangers of short-termism and misaligned incentives, prompting landmark reforms to strengthen the corporate governance regime in the UK, as well as frameworks for greater investor responsibility, transparency and accountability. All with the aim to ensure that companies and their shareholders were focusing on the issues which could impact value creation and to increase accountability between companies and their shareholders."

• Date: Monday 23 February 2026
• Time: 18:30 GMT, 19:30 CET, 13:30 ET, 10:30 PT
• Venue: Old Theatre, Old Building, LSE at Houghton St, London, WC2A 2AE 
• Format: Hybrid
  • In-person: Request the ticket via the LSE online ticket request form.
  • Online via LSE Live: register here.

• Adam Heltzer, Partner and Head of the ESG Group, Ares
• Hayley McGuinness, Associate Director in Emerging Markets Equities, Federated Hermes
• Professor Peter Tufano, Baker Foundation Professor, Harvard Business School and Senior Advisor, Harvard Salata Institute for Climate and Sustainability
• Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership, Railpen
• Nikolaus Hastreiter, PhD candidate, LSE’s Department of Geography and Environment and Policy Fellow, TPI Centre, LSE
• Chair and Moderator: Carmen Nuzzo, Professor in Practice and Executive Director, TPI Centre, LSE

... includes ...

• Sector Sustainability Impact Profile
• Environmental Impact: GHG Emissions, Air & Water Pollution
• Social Impact: Product Use and Safety
• Rating Snapshot
• Sustainable Finance Trends
• Topic in Focus: Renewable Feedstocks & Green Chemicals

Friday 20 February 2026, 13:00 UK Time

... includes ...

• The Rise of an Investable Asset Class
• Demand-Side Integrity: the Shift to a Contribution Approach
• Supply-Side Integrity: Ensuing Market Consolidation Over Division
• COP30 and the Next Decade of Climate Finance

Can sustainable fashion can overcome cost pressures, regulatory hurdles, and scalability challenges to deliver scalable financial returns, as investors weigh its long-term potential against the dominance of fast fashion?

The fashion industry is in the midst of a sustainability crisis. The dominance of fast fashion, particularly ‘ultra-fast-fashion’ brands like Shein and Temu, has shaped consumer expectations for artificially low prices.

The shift to a high-volume, low-cost operating model driven by thin margins within a globalised supply chain is concealing harmful side effects not born by the fashion brands or their customers. Regulation is lax and limited consumer demand for ‘ethical’ clothing means there are few incentives for fashion companies to invest in sustainable practices.

Includes:

• A series of challenges
• Sustainable solutions?
• Investor lens: waiting but watching

"Putting head in sand on ESG - a costly mistake

2025 felt like a whirlwind from a sustainable investment perspective. With no shortage of negative headlines, it is easy to be deceived in thinking it was a uniformly negative year. But scratch beneath the surface, and it becomes clear that the reality is far different. We highlight below the 5 biggest ways ESG issues impacted markets in 2025.

1. ESG created the best performing market?
2. Environmental concens continue to shape technology and cash flows
3. Shifting role of defence in sustainability considerations
4. Social issues debated extensively, but incentives dominated outcomes
5. Pricing of negative externalities in security prices

...

The renewed political push to restrict institutional investors from purchasing single-family homes has re-emerged as one of the most potent housing narratives in the United States.

The appeal is immediate: the idea that large pools of capital are crowding out households and inflating prices resonates in a country where homeownership remains both an economic aspiration and a cultural anchor. Yet housing markets, like all capital-intensive sectors, are governed less by intent than by capacity. When examined through the lenses of scale, supply elasticity and historical experience, the case for constraining institutional single-family rental capital as a remedy for affordability appears significantly weaker than the rhetoric suggests.

...

Why is there a women's health gap and how can we fix it?

Women might live longer than men, on average, but they also suffer from poor health for longer. In the European Union, for example, women’s life expectancy is five years higher than men’s, but the gap shrinks to just one year if you consider how much of that time is spent in good health.

Reasons for this disparity include lack of research, testing, and investment focused specifically on women’s health. Closing the women’s health gap would present at least USD1 trillion of economic opportunities, according to research by the McKinsey Health Institute and the World Economic Forum.

... includes:

• ESG & sustainable investment: A decade-long hype cycle
• Environmental Outlook 2026
• Social Outlook 2026
• Governance Outlook 2026

... & Sustainable Finance Overview

China’s energy transition and sustainable finance ecosystem is vast and multifaceted, with meaningful implications for both generalists and sustainability-focused investors. This report provides key indicators and investment insights to help track and interpret that evolution over time.

China’s commitment to the energy transition and ongoing reform related to sustainable finance has important implications for global investors. As the world’s second-largest economy, China accounts for 17% of global GDP1 and approximately 30% of global carbon emissions2, making its decarbonization progress critical to achieving worldwide climate goals related to the Paris agreement.

...

"Welcome to the new space race, brought to you by AI.

Data centers built to deliver artificial intelligence (AI) services are springing up as fast as Wall Street can finance them. Meanwhile, these sprawling digital workhorses are inhaling electricity (putting pressure on already stretched grids) and consuming massive amounts of water for cooling. Earthly limits loom.

Not so in space: Up there, data centers can feed on continuous solar power and simply radiate heat into the void; furthermore, orbital centers could allow high-performance computers to sit right next to the satellites that collect the raw information, helping reduce data-processing time."

...

Engagement Priorities Summary for Benchmark Policies

'This note summarizes BIS’ Engagement Priorities. Our approach to engaging on each priority is set out in detail in the supporting commentaries on each topic. This summary should be read in conjunction with the supporting commentaries.'

Key Takeaways
 
- With engagement oversight practices quickly evolving, a coordinated, cross‑team approach across ESG, investment, and client‑facing functions is essential.
- Purpose-built technology and external engagement support can help investors meet the demand for more structured, scalable tracking of engagement activities and outcomes.

Part One here

..What the Latest Data Says on Director Independence, Commitments and Diversity

Key Takeaways

• Compared to 2024, there were slight increases in board independence (77.5%) and the presence of an independent chair (44.9%)
• In response to ongoing shareholder concern regarding the substantial increase and scope of directors’ responsibilities and oversight, the number of issuers implementing policies limiting director commitments continued to rise, with 75% of companies within the Russell 1000 having such policies.
• Although the overall number of women on Russell 3000 boards increased slightly in 2025 to 30.6%, the number of gender diverse, first year appointments at Russell 3000 companies decreased from 35% in 2024 to 28.4%.
• There was a significant decrease in the number of companies within the Russell 1000 that disclosed the racial/ethnic diversity of directors on either the aggregate board or individual director level (approximate 24% decrease from 2024).

The global financial system is undergoing a silent yet irreversible transformation. The current capital is no longer assessed by its ability to compound returns in a particular fashion, but by what it facilitates in the actual economy. Whether it is climate volatility and biodiversity loss, or social inequality and governance failures, systemic risks no longer exist independently of financial performance. The UN Sustainable Development Goals (SDGs) are at the heart of this change process.

Initially seen as aspirational goals by governments and NGOs, the development goals presented by the UN have become a strategic instrument for financial institutions. In 2026, banks, asset managers, insurers, and asset owners are likely to increasingly measure, report, and manage SDG impact across portfolios not as a reputational activity, but as an essential aspect of risk management, regulatory alignment, and long-term value creation.

This guide summarizes the 17 SDG goals, how SDGs’ sustainable development relates to financial decision-making, and how tools like SDG impact data, SDG impact ratings, SDG scores, and UNSDG impact scores are influencing the future of capital allocation.

This Regnan Alert analyses two developments with growing relevance for global investors. It assesses China’s accelerating green hydrogen leadership and the implications for Australia’s export ambitions and examines how rising affordability pressures are driving a shift in US utility rate decisions. Together, these themes highlight material risks and opportunities across evolving energy and infrastructure systems.

• Waste generation is expected to grow at double the rate of the global population by 2050
• Regulation and environmental awareness are catalysts for change
• Investment in waste management infrastructure and systems is essential – put simply ‘there is no sustainable economy without waste management’
• The waste sector offers an array of long-term secular growth opportunities ...

• Water is essential for life on earth and is a precious, yet underappreciated and undervalued resource.
• Water is used in nearly all forms of economic activity including food production, industrial manufacturing, textiles, energy production and materials extraction – put simply ‘there is no economy without water’
• Water is intrinsically linked to many of the Sustainable Development Goals (SDGs)
• Water use continues to increase rapidly, driven by: population growth, urbanisation, rising wealth and.....

A major infrastructure upgrade by Brazil’s largest water utility is reshaping the future of sanitation and water quality in São Paulo. At the ETE Parque Novo Mundo wastewater facility, new high-efficiency treatment technology, rising capacity, and expanded service to underserved communities are strengthening the region’s environmental resilience while supporting long-term social and economic development.

..except for Scope 3 emissions, for which it is "comply-or-explain" from 2028

Having indicated in its regulatory initiatives grid that it would consult on disclosure requirements for UK listed companies in January 2026, the FCA has delivered – just. Previously expected in Q3/4 2025, the FCA has now published its long awaited consultation on changes to the Listing Rules to reflect the incoming UK Sustainability Reporting Standards (UK SRS) to replace existing TCFD based rules.  

Interested parties have until 20 March 2026 to provide their feedback to the FCA.

With the UK Government’s UK SRS yet to be finalised (currently due to be published in February 2026), the FCA’s position could still change, as the FCA intend for their final rules to reflect the final UK SRS. 

Given the Government’s consultations in June 2025 (see our previous blog posts here and here), the FCA also does not consider it appropriate at this stage to set out requirements for transition plans or for mandatory assurance – but this may be revisited at a later date. 

Opportunities for Decarbonisation in the Cement Sector

Cement underpins global infrastructure, yet it accounts for about 8% of global CO₂ emissions. Reducing those emissions is difficult because much of the CO₂ is released by the chemistry of cement production. This report shows what can realistically bring emissions down, and how policy and carbon pricing are reshaping the sector’s investment case.

... includes ...

• Cement Emissions in Context#
• Cement and Sustainable Development
• Carbon Emission Footprint Across the Cement Life Cycle
• Decarbonisation Levers in Detail
• How investors can accelerate decarbonisation
• Comparative Assessment of Leading Cement Players

... includes ...

• Workforce strategy
• Competing for top talent
• Upskilling and mobility
• Talent evolution
• Data navigator - for countries/regions
• Data navigator - for industries

... includes:

• Workers are embracing AI, but to build resilience they need a clear purpose
• Employees must understand the value of their work to maximise skills development
• Human connection builds trust for a responsible redesign of work

The latest Carbon Performance data for the world’s largest 42 coal mining companies are now available on the TPI tool[1]. 

The latest Carbon Performance (CP) data for the world’s largest food producers are now available on the TPI tool. The update covers 53 food producers[1]. 

The TPI Global Climate Transition Centre (TPI Centre) methodology assesses historical and projected greenhouse gas emissions, comparing companies against sector-specific benchmarks to evaluate their alignment with the goals of the Paris Agreement. In our flagship annual report, State of the Corporate Transition 2025, we outline the progress these sectors have made in Section 3: Carbon Performance, including historical alignment trends and rates of emissions intensity reductions.

The relevant methodology note can be found here: Food producers: methodology note

Includes a section on sustainability:

Investors continue to view sustainability as an important consideration when allocating to private markets. However, fewer now describe it as a primary driver of decision-making. This suggests a market in which sustainability has become more institutionalised and viewed less as a standalone theme.

SUMMARY

Households are already "taxed to the hilt" and public services are under pressure, so the transition cannot easily be financed mainly by fiscal measures. A just transition depends on private sector investors shifting from just transition commitments to scaled capital allocation-financing, so governments can protect the social contract rather than constantly asking workers to pay more. Governmental climate strategy will then be acting as an enabler (policy certainty, standards, and de-risking) and as a backstop for fairness (targeted support, skills, and place-based adjustment).

1) THE SUBSIDY PROBLEM: TAX BURDEN + SOCIAL SERVICE PRESSURE

• A typical £30,000 worker pays meaningful tax before "hidden" taxes: around £4,880 in Income Tax and employee NI using 2025-26 thresholds and rates.
• The burden people feel is larger because it includes council tax and consumption taxes. Council tax alone is highly visible; the England average Band D is £2,280 in 2025-26.
• VAT and duties are harder to see but are paid repeatedly through everyday spending and prices, producing the sense of being "taxed twice" (PAYE and then again at the till).
• The political implication: adding new, salient "green charges" on top of this landscape is likely to trigger backlash, especially when households already perceive living standards and services to be under strain (witness the recent tax per mile on EVS).

2) WHO FUNDS THE JUST TRANSITION IN PRACTICE

The transition is not mainly an "income tax-funded programme". It is a capital programme financed through multiple channels:

• Government: targeted spending (skills, transition support, regional adjustment) and catalytic tools (guarantees, policy-bank style crowd-in). But headroom is limited, and the transition also creates major "lost receipts" pressures as legacy tax bases decline (e.g. from fuel taxes).
• Devolved/regional funds: important for place-based justice but too small to carry whole-economy investment needs (e.g. Scottish transition fund).
• Regulation and standards: governments can require upgrades and shift markets, but costs still land on households/firms unless supported; this is where distributional design matters.
• Public finance institutions and market-building: policy banks and transition finance initiatives exist to reduce risk, lengthen tenor, and mobilise private capital at scale

3) WHY PRIVATE CAPITAL HAS TO DO MORE (AND WHAT THAT MEANS FOR INVESTORS)

• Net zero delivery requires large annual investment by the early 2030s; the transition is fundamentally an investment programme, not only a public-spend programme.
• Governments are explicit that public funding is a minority share; the objective is to mobilise private capital into policy-backed pipelines.
• "Just transition" commitments imply distributional constraints: investors cannot credibly claim to support a just transition while expecting the median worker to fund it through higher taxes or regressive bill impacts.
• Pension funds and long-term asset owners are central: they represent workers whose tax capacity is constrained. That strengthens (not weakens) the investment case for transition assets that protect long-run prosperity and manage climate risk.

4) WHAT "PUT YOUR MONEY WHERE YOUR MOUTH IS" LOOKS LIKE

Investors that take just transition seriously could:

• Reallocate capital toward credible transition pathways (not only already-green assets), including grids, clean power, industrial decarbonisation, retrofit finance, heat infrastructure, and supply chains.
• Accept the transition risk profile: longer tenors, contracted/regulated revenues, and policy-linked risk are often part of bankable transition assets.
• Engage for credibility: require financed emissions alignment, capex plans, and labour/place strategies; do not reward targets without funding.
• Co-invest and crowd in: show up alongside public institutions designed to mobilise private capital.
• Treat fairness as investable: retrofit, resilience, and affordability are where social consent is won or lost.

As a Sustainable Investing Research Analyst within the Sustainable Investing team, you will collaborate with financial analysts and portfolio managers under the leadership of the Global Head of Sustainable Investing Research. You will report to one of the Sustainable Investing Research Leads, focusing on delivering sustainability insights through ESG risk assessment and investment frameworks across various asset classes.

Sustainability is one of the Barbican’s five core values hence this new strategically important role has been created. The Head of Sustainability will lead the sustainability team and ensure the Centre achieves its strategic goals and objectives. The post holder will lead the development and delivery of the sustainability strategy and report at a senior level on its progress. They will influence decision making across every team.

In partnership with Directors’ Group and the Management Team, they will also lead behavioural change in the areas of energy, sustainability and environmental management. They will lead the Centre-wide.

The Science Based Targets (SBTi) initiative is looking for a Sector Lead (paternity leave cover; 6-month contract with possibility of extension) to support the Sector Standards Team’s work to develop standards for the energy, industry and transport sectors. 

Core Responsibilities

-Build the ESG compliance agenda by partnering with Legal, Governance & Public Affairs and key partners to identify, interpret, and assess emerging ESG and human rights regulations aligned with sustainability and responsible sourcing goals
-Turn regulation into action by building multi-year compliance roadmaps and mitigation plans, inspire change management, and supporting embedding requirements into operations and supplier practices - especially within Procurement, in close partnership with Sustainable Sourcing
-Lead global EU Deforestation Regulations compliance, owning the overall roadmap and governance while coordinating cross-functional teams and ....tracking progress, risks, and milestones establishing ownership in and transition to business.

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.

Join our client's JV project team, where your role will be to provide vital environmental and sustainability advice, guidance, and support across all operations. Your expertise will help reduce environmental risks associated with construction activities and foster a culture of sustainability.

Head, UK & Ireland, Responsible Investment Markets (12 Month Fixed Term Contract, Family Leave Cover) - Principles for Responsible Investment - Applied

Associate, Net Zero Asset Owner Alliance (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Head of Sponsorship, Events - Principles for Responsible Investment - Applied

Senior Specialist, Policy - UK (Part Time) - Principles for Responsible Investment - Applied

Work as part of a multidisciplinary team across a range of industries to assist companies in better understand and develop solutions to respond to the complex and evolving policy, regulatory, and business environment risks and opportunities associated with ESG/Sustainability and Decarbonization....

Supervise and enhance the analysis of corporate activities and provide recommendations related to enhance their sustainability/ESG strategy, methods, framework, and related tools to support clients in achieving their sustainability/ ESG objectives.....

The MSCI Sustainability Research Corporate Governance team is responsible for providing clients with actionable content on corporate governance and contributing innovative insights into the environmental, social, and governance (ESG) ratings framework.

Open to London, Frankfurt and Amsterdam locations

Asset Management role

In this role, you will help deliver and evidence the outcomes of our stewardship activity across engagement and voting, including communicating clearly how these activities support investment decision -making and client priorities. You will act as an engagement specialist, contributing to targeted dialogue with companies and supporting the oversight of voting and engagement activity. A key focus of the role is producing high quality written materials and disclosures, including drafting content for the Stewardship code reporting, PRI submissions and voting and engagement reporting and developing clear, client ready narratives and case studies that articulate progress, outcomes, and client benefits.

The Sustainable Investing Research Analyst is a member of the Sustainable Investing Research team within State Street Investment Management’s Sustainable Investing organization. The role is responsible for conducting investment-relevant thematic research to support State Street Investment Management’s industry leading sustainable investing research capability and sustainable investment solution innovation in order to meet rising client demand. The position is based in London and reports to the Global Head of Sustainable Investing Research.

Reporting to the Managing Director, Sustainable Investing, the Principal, Sustainable Investing will play a key role in the implementation of HOOPP’s new Sustainable Investing strategy, a key initiative in the 2030 Strategic Plan.

In this role, you will be a leading contributor to generating sustainability insights to inform portfolio resilience. You will bring a strong technical foundation and a passion to contribute to the continued advancement of Sustainable Investing at HOOPP. 

Eurasia Group is looking for an experienced and driven Senior Analyst to join its Global Environment & Sustainability Practice. This role focuses on climate transition across industries, sustainability due diligence, and sustainable finance. The Senior Analyst will serve as Eurasia Group’s foremost expert on climate-related issues.

You’ll:

- Lead Workspace’s ESG strategy and ensure progress against the Net Zero pathway
- Embed ESG into investment, asset management and operations
- Strengthen our social impact agenda, with a clear focus on skills, early careers and local communities.....

The Associate will play an important role in consolidating the position of Moody’s Sustainable Finance team as the preeminent source of expertise on ESG credit risks and sustainable finance in global credit markets. The role-holder will support the Sustainable Finance team’s thought leadership program, contributing to the publication of thematic research and delivery of outreach activities. 

You will be part of a small and dedicated team supporting Schroders maintain its high level of responsible business standards and meet its own sustainability commitments. You’ll manage, co-ordinate and own multiple cross-functional initiatives and projects across the year. 

The Sustainability Reporting Manager will support the Director of Sustainability Reporting Expertise in overseeing Unilever’s global sustainability reporting. The role sits within the Sustainability Finance team which reports to Unilever’s Group Controller and works closely with the Group Chief Accounting Department (GCAD) to ensure consistency between financial and non-financial reporting.

Employment Type: Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location: Hybrid · London, City of, UK
Team: Investor Education
Seniority: Mid-level

Closing: 8:00pm, 1st Feb 2026 GMT

Employment Type Part time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week
Location Hybrid · Germany (multiple locations)Berlin · Munich · Frankfurt
 
Team RI Markets
Seniority Mid-level
Closing: 8:00pm, 25th Jan 2026 GMT

We are looking for someone to join us as our Head of Sustainability. Reporting to Mark Farrow, the Director of Strategy & Planning (Places), and take the lead role developing, implementing, and embedding our Sustainability & Inclusivity Strategy across our substantial property portfolio.

Reporting to the Chief Brand & Reputation Officer, the Head of Sustainability will be instrumental in delivering Harrods’ ESG strategy, driving forward complex initiatives that embed sustainability into every facet of our business. This is a high-impact leadership role that spans across all ESG pillars - Our Business, Our Products, Partnership & Innovation, Our People, and Our Community -requiring strong stakeholder engagement, strategic oversight, and a passion for creating meaningful change.

We’re seeking a future team member for the role of Vice President, ESG Regulatory Programs to join our Sustainability Hub. The Vice President will operate as a core driver and manager across disclosure production, regulatory implementation, and cross-functional governance – bridging day-to-day execution with strategic oversight. This role is located in London or Manchester.

Brookfield Asset Management is looking to add a full-time Analyst to the Renewable Power and Transition team (London office) who will work closely with the Environmental, Social and Governance (“ESG”) team.  
 
The position provides an excellent opportunity to work on implementation of the impact and sustainability strategy across the Renewable Power and Transition business, including the Brookfield Global Transition Fund (“BGTF”) and Catalytic Transition Fund (“CTF”), and to interact with and support the investment team network. 

The Director of Environmental, Social, Governance, and Reputational (ESGR) and Net Zero (NZ) Client Risk Management is responsible for managing ESGR risks, including climate risks, with a focus on environmental and social risks. This role operates within the Enterprise Risk Management framework and ensures compliance with the CIB Climate Credit Risk Standard and Non-Financial ESG and Reputational Risk Management Standard. The Director will provide second-line oversight and challenge to key stakeholders across the Group, ensuring alignment with the Bank’s environmental and social standards.

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.

Working closely with the Global Director, Climate, and the Director, Climate (when in post), the role-holder will provide senior management and leadership across both a specific portfolio of grants, as well as supporting broader team-wide efforts to increase the sophistication of our strategies and programmes, particularly with respect to the finance, corporates, carbon pricing and legal programmes part of the cluster. The role holder will be able to deputise for the Director, Climate as required, and represent CIFF externally across a variety of meetings and geographies.    

As Head of Programs, you will provide strategic leadership for the Foundation’s global program portfolio. You will manage a team of Program Directors, overseeing thematic and regional programs across education, health, climate/environment, humanitarian aid, and social-finance vehicles. Your role ensures alignment with the Foundation’s overarching social-impact strategy, blending traditional philanthropy with innovative financing structures to maximize impact, sustainability, and scale.

The Sustainability Office at State Street provides enterprise-wide leadership across State Street’s global sustainability and climate program, including strategy, policy, governance, and external engagement.  We are looking for a Vice President to lead the development of our approach to and ensure compliance with emerging global sustainability reporting standards.  The sustainability team works in close partnership with the Sustainability Controllers, based in Finance, as well as with colleagues across the company, notably Risk, Legal, Compliance, Data.

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