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  • Responsible investing in a changing world: purpose and practice

    Responsible investing in a changing world: purpose and practice
    2026/03/24
    In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Aniket Shah, Managing Director at Jefferies, to examine the core purpose of responsible investing and what it truly means in practice.Together, they explore whether the industry has lost sight of its original mission, how investors should think about real-world risks and opportunities, and why long-term thinking remains central to delivering value for beneficiaries.OverviewResponsible investing has evolved significantly over the past two decades, but questions remain around its core purpose. Is it about solving global challenges, or simply about making better investment decisions?This episode reframes responsible investing as fundamentally about improving returns by incorporating factors often overlooked in traditional analysis, particularly externalities and intangible assets.The discussion also highlights the importance of grounding investment decisions in the realities of the real economy, rather than abstract frameworks or idealised outcomes.Detailed coverageRe-centering the purpose of responsible investingAniket argues that responsible investing is, at its core, about enhancing risk-adjusted returns. While impact and broader societal goals matter, the mainstream role of investors is to make better decisions by incorporating a wider set of financially relevant factors.Externalities and intangiblesThe conversation explores how climate change and other externalities are increasingly being priced into markets, alongside intangible factors such as governance and human capital. These elements, while harder to measure, are critical drivers of long-term performance.The real economy and long-term valueInvestors are encouraged to look beyond financial markets and consider how businesses operate in the real world. Understanding how technologies, energy systems and structural shifts evolve over time is key to identifying long-term opportunities.Avoiding dogma and embracing nuanceA key theme is the need for investors to stay informed, avoid overly simplistic frameworks, and continually reassess their assumptions. Engaging with opposing viewpoints is highlighted as a valuable way to strengthen decision-making.Rethinking KPIs and performance metricsRather than focusing solely on traditional ESG metrics, the episode emphasises the importance of human capital - including employee engagement, retention and culture - as leading indicators of resilience and performance.The role of investors todayUltimately, investors’ responsibility is to deliver for their beneficiaries. By incorporating long-term risks and opportunities into their analysis, they can contribute to a more resilient and forward-looking financial system.To learn more, see our Investment case database here: https://public.unpri.org/investment-tools/investment-case-databaseChapters00:00 – Introduction and guest overview01:45 – What is the true purpose of responsible investing?03:30 – Externalities, intangibles and investment decision-making06:30 – Real economy shifts and long-term investing10:45 – How fiduciaries should approach complex risks15:00 – Avoiding dogma and improving decision-making18:30 – The value of debate and diverse perspectives20:45 – Rethinking KPIs: human capital and culture24:30 – Linking performance to long-term resilience26:30 – Final reflections: the responsibility of investorsDisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.
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    30 分
  • Climate, policy and value creation: Insights from PRI signatory reporting

    Climate, policy and value creation: Insights from PRI signatory reporting
    2026/02/24
    In this episode, Toby Belsom, Director of Guidance and Reporting at the PRI, is joined by James Alexander, CEO of UKSIF and Chair of the Global Sustainable Investment Alliance, and Mette Charles, ESG Research Lead at Aon Investment Consultants.Drawing on insights from the latest PRI reporting cycle, the largest ever, with over 4,200 signatories participating, the conversation explores what the data reveals about investor commitments, implementation challenges and emerging priorities across the responsible investment landscape.Together, they unpack how investors are navigating geopolitical shifts, regulatory divergence and systemic risks while translating sustainability commitments into meaningful action.OverviewThe latest PRI reporting data highlights five key themes:Reporting still matters, even amid political turbulenceClimate remains the dominant focus across signatoriesGlobal agreements such as the Paris Agreement continue to shape frameworksTranslating commitments into action remains challenging“Value creation” is increasingly used to justify sustainability activityThe discussion reflects on how these trends are playing out across regions and what they mean for asset owners and managers.Detailed coverageClimate remains kingClimate continues to dominate investor priorities, driven by financial materiality and systemic risk. Progress is uneven, and asset owners face constraints linked to policy uncertainty and limited investable opportunities.Global agreements and policy divergenceWhile some governments are stepping back from global commitments, many investors remain anchored to frameworks such as the Paris Agreement and standards like the ISSB. The episode explores tensions created by fragmented regulation.From commitments to meaningful actionMoving from commitments to real-world impact remains difficult. Barriers include data gaps, short-term incentives, regulatory inconsistency and limited scalable opportunities.Emerging themes: nature, AI and physical riskNature-related risk is rising up the agenda, though methodologies remain complex. The discussion also touches on AI-related ESG risks and growing physical climate risk.Human rights and social riskModern slavery, working conditions and gig economy risks remain key issues, with supply chain transparency a continuing challenge.Regional contrastsEurope is reassessing regulation, the US is navigating political shifts, while Japan and Australia are advancing disclosure and fiduciary guidance.Asset owner powerAsset owners, as long-term capital providers exposed to systemic risks, are positioned to shape markets and align sustainability with value creation.To find out more about PRI reporting data, visit our blog.Chapters00:00 – Introduction: insights from PRI reporting data01:25 – Five key themes from the latest reporting cycle06:26 – Global agreements, geopolitics and investor confidence10:07 – Climate leadership, ambition and data challenges13:13 – Nature, AI and emerging ESG priorities15:52 – Barriers to turning commitments into action20:28 – Regional divergence and regulatory shifts25:09 – Asset owners vs managers: alignment and tension26:51 – Human rights, modern slavery and social risk29:44 – Reflections and hopes for 2026DisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.
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    33 分
  • Assessing climate and social risk in securitised debt

    Assessing climate and social risk in securitised debt
    2026/02/11
    In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Malea Figgins, Vice President at TCW, and David Klausner, ESG Specialist at PGIM Public & Private Fixed Income, to explore how responsible investment is being applied in securitised debt markets.Focusing on residential and commercial mortgage-backed securities (RMBS and CMBS), as well as emerging asset classes such as data centres, the discussion draws on insights from the PRI’s Technical guide to Responsible Investment in securitised debt. Together, the guests unpack how environmental, social and governance risks and impacts are assessed in practice, where data gaps remain, and why securitised assets are central to financing the real economy.OverviewSecuritised debt is a core component of global fixed income markets, representing around US$14 trillion in outstanding issuance. By pooling underlying loans, such as home mortgages, commercial property loans or consumer credit, securitisation channels capital into housing, infrastructure and other real-economy assets.Despite its scale and relevance, securitised debt has historically been underrepresented in responsible investment discussions. This episode explains why environmental, social and governance considerations are not peripheral, but fundamental to credit analysis in this asset class, particularly given its exposure to consumers, real assets and climate risk.Detailed coverageWhy securitised debt matters for responsible investorsMalea and David explain how securitisation directly touches everyday assets, from homes and cars to student loans and commercial buildings. They argue that social risks such as predatory lending, affordability and loan servicing quality, alongside environmental risks like climate events and insurance availability, are core credit risks in these markets.Risk versus impactDavid outlines the importance of distinguishing between environmental, social & governance risk (financially material factors affecting credit quality) and impact (how investments affect society and the environment). The risks are integrated into bottom-up credit analysis across all portfolios, while impact overlays are applied where client mandates explicitly require them.Embedding sustainability in RMBS and CMBS analysisMalea discusses how sustainability considerations already align with credit fundamentals in many cases. In commercial real estate, green building certifications, energy efficiency and lower operating costs can support stronger net operating income and tenant stability. In residential markets, affordability metrics and borrower characteristics play a key role.Case study: data centres and climate riskThe episode explores the rapid growth of securitised data centre financing, driven by AI and digital infrastructure demand. David shares an example where climate-related insurance coverage and extreme weather risk directly influenced internal credit ratings, illustrating how environmental risks can be central, not secondary, to investment decisions.Private markets and improving data qualityBoth guests highlight how private asset-backed finance allows earlier engagement with issuers, creating opportunities to improve environmental and social data collection. Lessons from private markets may help drive better disclosure and transparency in public securitised markets over time.Labelled bonds and greenwashing risksMalea cautions that not all labelled securitised bonds are created equal. The discussion stresses the need for rigorous due diligence on use-of-proceeds and frameworks, with internal guardrails to avoid low-quality or misleading labelled issuance.Read more in the full technical guide on securitised debt: https://www.unpri.org/deep-dive?id=responsible-investment-in-securitised-debt-a-technical-guideChapters00:00 – Introduction to responsible investment in securitised debt02:40 – What securitised debt is and why it matters for investors06:10 – Why sustainability risks are core credit risks in securitised markets10:15 – Risk vs impact: a practical distinction for fixed income14:20 – Integrating sustainability into RMBS and CMBS analysis18:45 – Credit fundamentals and sustainability in commercial real estate23:30 – Case study: data centres, climate risk and insurance coverage30:10 – Private markets, early engagement and improving sustainability data36:05 – Labelled securitised bonds and avoiding greenwashing41:45 – Key takeaways for responsible investors in securitised debtDisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not ...
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    34 分
  • Active engagement, manager selection and human capital: Balancing risk-adjusted returns over time

    Active engagement, manager selection and human capital: Balancing risk-adjusted returns over time
    2026/01/27
    In this episode, Cambria Allen-Ratzlaff, Interim CEO at the PRI, is joined by Mark Anson, Chair of the Investment Committee, and Hershel Harper, Chief Investment Officer at the UAW Retiree Medical Benefits Trust. A PRI signatory since 2010, the Trust has long been recognised for its leadership in responsible investment, stewardship and manager engagement.Together, they explore how a large, closed pension plan integrates responsible investment into fiduciary decision-making, covering human capital management, energy transition risks, data centres, manager selection and the role of ESG data.OverviewDrawing on decades of experience across public pensions, endowments and foundations, Mark and Hershel reflect on how responsible investment has evolved from a niche concern to a core part of managing long-term risk and return.The conversation highlights how the Trust approaches stewardship not as a values exercise, but as a practical way to strengthen governance, resilience and performance, always grounded in its obligation to deliver healthcare benefits for retirees.Detailed CoverageHuman capital as a core assetThe guests discuss why workforce practices, board quality and leadership development are material investment issues. From employee training and compensation to board diversity and skills, effective human capital management is framed as fundamental to long-term value creation.Collective engagement and investor leadershipMark and Hershel explain why large asset owners must collaborate to drive change. Initiatives such as the Midwest Investors Diversity Initiative demonstrate how coordinated engagement can improve board diversity and corporate sustainability while supporting better business outcomes.Energy, water and data-centre riskThe discussion turns to energy policy and the growing demand driven by AI and data centres. The guests outline how the Trust evaluates resource efficiency, water use, worker safety and community impact, recognising the need for “all-of-the-above” energy solutions delivered responsibly.Manager selection and Capital ConnectHershel introduces Capital Connect, the Trust’s forum designed to broaden access to diverse and emerging managers. Both guests stress that expanding the opportunity set improves risk-adjusted returns, and that investing with diverse managers is not concessionary, but disciplined and performance-driven.ESG data, fiduciary duty and decision-makingMark and Hershel reflect on their recent research into fiduciary responsibility and inconsistent ESG data. They explain why ESG ratings vary so widely, and why asset owners must first define their objectives, regulatory constraints and risk priorities before selecting data tools.Context mattersA recurring theme is that responsible investment is contextual. Different investors (pension funds, endowments, foundations) face different liabilities, regulations and time horizons, shaping how ESG considerations are applied in practice.For more information about making the case for responsible investment, check out our database: https://public.unpri.org/investment-tools/investment-case-databaseChapters00:00 - Introduction & Backgrounds03:29 - Human Capital Management & Board Diversity08:55 - Midwest Investor Diversity Initiative11:41 - Energy Policy & Data Centers18:17 - Water Resources & Community Impact19:39 - Capital Connect & Diverse Managers26:40 - Fiduciary Dilemma & ESG Integration30:42 - ESG Data Challenges & Rating Agencies37:19 - Investment Outlook & De-risking Strategy45:48 - Closing Thoughts on Responsible InvestingDisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.
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    45 分
  • Enabling Policy Environments: How Paragraph 34 Can Catalyse Capital

    Enabling Policy Environments: How Paragraph 34 Can Catalyse Capital
    2026/01/13
    In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores how global policy frameworks are evolving to unlock private capital for sustainable development. He is joined by Helena Viñes Fiestas, Commissioner at the Spanish Financial Markets Authority and Co-Chair of the Taskforce on Net Zero Policy, and Eric Usher, Head of the UN Environment Programme Finance Initiative (UNEP FI) and PRI Board member.The discussion focuses on the outcomes of the Fourth International Conference on Financing for Development in Seville and the significance of Paragraph 34 of the Seville Commitment, a milestone recognising the role of well-functioning financial markets in delivering the Sustainable Development Goals.OverviewAs public finance comes under pressure, governments are increasingly focused on creating enabling environments that attract long-term private investment, particularly in emerging and developing economies.Helena and Eric explain why Paragraph 34 marks an important shift: embedding issues such as transparency, disclosures, taxonomies and market integrity into a multilateral development framework. They discuss how this convergence of development, climate and financial policy could help mobilise capital at scale, if implemented effectively.Detailed coverageFrom development aid to market-based solutionsEric explains how financing for sustainable development has traditionally focused on public finance, debt and governance, but is now recognising the need for private capital and functioning financial markets to deliver long-term outcomes.Policy momentum beyond Europe and North AmericaHelena shares findings from the Taskforce on Net Zero Policy, showing that most new sustainable finance policies adopted last year emerged outside Europe and North America, particularly across Asia-Pacific. She highlights why global companies and investors will increasingly need to align with these frameworks.What’s inside Paragraph 34The guests outline how Paragraph 34 references a broad set of tools, from sustainability disclosures and taxonomies to market transparency, covering environmental and social objectives across the SDGs.Development banks, DFIs and private capitalBoth guests reflect on the growing role of development finance institutions (DFIs) in de-risking investments and creating pathways for pension funds and asset managers to invest in emerging markets.Taxonomies and interoperabilityWith over 50 taxonomies now in development globally, the discussion explores why interoperability, rather than a single global standard, is essential for attracting international capital while reflecting local economic realities.From policy design to implementationHelena highlights lessons from Europe’s experience: the need for better engagement with industry, tailored approaches for SMEs, capacity building for supervisors, and a stronger balance between incentives and regulation.The responsibility of investingIn closing reflections, Eric emphasises dynamic materiality and the role of science in understanding long-term risk, while Helena highlights the growing responsibility of investors, and citizens, to align capital with sustainable outcomes.For more information on the compromiso de sevilla, see our blog: https://public.unpri.org/pri-blog/the-compromiso-de-sevilla-a-milestone-in-the-growth-of-sustainable-finance-policy/13451.articleChapters00:00 - Introduction01:30 - Paragraph 34 explained08:20 - Global policy momentum16:40 - Contents of paragraph 3424:10 - Implementation challenges32:20 - Taxonomy interoperability42:15 - Market expectations49:40 - Enforcement and lobbying56:20 - Responsibility of investingDisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.
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    46 分
  • Economic Inequality: Impacts, Drivers, and Investor Responses

    Economic Inequality: Impacts, Drivers, and Investor Responses
    2025/12/16
    In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, examines rising economic inequality and why it poses a material, systemic risk for long-term investors. He is joined by Delaney Greig (Director of Investor Stewardship, University Pension Plan Ontario), Emma Douglas (Sustainable Investment & Stewardship Lead, Brightwell; BT Pension Scheme), and David Wood (Adjunct Lecturer in Public Policy, Harvard Kennedy School).Together, they explore how inequality affects economic stability, corporate performance, long-horizon portfolio returns, and what asset owners can do to respond.OverviewTen years after the adoption of the SDGs, inequality is increasing across major economies. The top 1% now holds over 40% of global wealth, and widening gaps in income, labour rights and access to opportunity are shaping economic and political outcomes.The guests discuss:Why inequality is a non-diversifiable, systemic riskHow it undermines growth, resilience and productivityThe implications for diversified investorsThe interplay between inequality, climate, nature and social outcomesHow asset owners can use stewardship, integration and policy engagement to address key driversDetailed Coverage1. Why inequality matters for investorsDelaney and Emma outline why rising inequality threatens long-term returns: weakening demand, increasing volatility, reducing workforce resilience, and fuelling political instability. Both highlight evidence linking excessive pay gaps and poor labour practices to weaker corporate performance.2. What the research showsDavid summarises major findings from the IMF, OECD and others showing that inequality constrains growth rather than accelerates it. He notes that investors have clearer data and frameworks today than ever before, and that social issues have become central to responsible investment.3. Making inequality actionableEmma discusses a new analysis tool developed with Cambri to map social risks across sectors, revealing under-examined areas such as technology, media and natural-resource-intensive industries.Delaney explains UPP’s “top-and-bottom guardrails” approach, engaging on excessive executive pay at the top and fundamental labour rights at the bottom.4. Stewardship, integration and policyThe panel discusses:Embedding social risks into investment processesSector-level prioritisationCollective action on labour rightsThe emerging TISFD standardHow investors should (and should not) engage in political debates around taxation, labour markets and redistribution5. Looking aheadGuests reflect on:Strengthening investor–manager dialogueIntegrating inequality into capital allocation decisionsOpportunities in areas such as affordable housingAddressing market concentration and competition issuesThe need for aligned, collective advocacy from asset ownersChapters(0:00) - Introduction: Economic Inequality and Investment Risk (2:29) - Delaney Greg: Why Inequality Matters for Pension Plans (4:50) - Emma Douglas: Systemic Risk and Investment Opportunities (7:16) - David Wood: Research on Inequality and Growth (9:21) - Understanding the Drivers of Economic Inequality (11:51) - Emma's Approach: Using Data and AI for Social Risk Analysis (15:01) - Delaney's Strategy: Top-End and Bottom-End Guardrails (17:55) - Measuring Impact and Defining Success in Inequality Work (20:16) - Communicating to Beneficiaries and Avoiding Backlash (22:21) - The Financial Industry's Role in Addressing Inequality (24:15) - Government Policy and Investor Responsibilities (26:33) - Navigating Taxation and Political Considerations (29:37) - Policy Advocacy and Transparency for Asset Owners (30:57) - Looking Forward: Next Steps for Investors (33:27) - David Wood: Where the Investment Community Goes Next (36:08) - Panel Reflections: The Responsibility of Investing Today (38:55) - Closing Remarks and Future CommitmentsDisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI ...
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    40 分
  • Reflections on COP30: Risk, Opportunity and Expectation

    Reflections on COP30: Risk, Opportunity and Expectation
    2025/12/02
    In this episode, Tamsin Ballard, Chief Investor Initiatives Officer at the PRI, reflects on a pivotal COP30 in Belém and what it means for investors navigating the next phase of the net zero transition. She is joined by Jan Kæraa Rasmussen, Head of ESG and Sustainability at PensionDanmark and member of the UN-convened Net-Zero Asset Owner Alliance Steering Group, and Daniel Gallagher, Senior Lead on Climate at the PRI. Both guests were closely involved in investor engagement around COP30, offering on-the-ground insights from São Paulo and Belém.Together, they unpack the shift from pledges to implementation, the growing involvement of finance ministries, and the rapidly evolving expectations for investors across mitigation, resilience and nature. They explore what COP30 delivered, and what still needs to happen to unlock the capital required for a global, just and investable transition.OverviewCOP30 marked a step change in how investors were integrated into climate discussions, with strong participation from finance ministries, MDBs, asset owners and global policymakers.From São Paulo to Belém, conversations were more grounded in real-economy transition needs, with a stronger focus on:scaling finance to emerging markets and developing economies (EMDEs)strengthening NDC quality and investabilityreforming multilateral development banks (MDBs)mobilising catalytic capital for climate and naturerecognising the centrality of the climate-nature nexusJan and Daniel reflect on why investors must remain at the table, how policy signals are evolving, and what COP30 revealed about both the opportunities and risks in a multi-speed global transition.Detailed CoverageFrom pledges to implementationCOP30 reinforced that international negotiations alone cannot deliver the speed or scale required. Brazil’s presidency emphasised an action agenda bridging policy and the real economy, pushing for greater alignment between investor needs and national transition pathways.Investment flows and the net zero transitionDaniel highlights PRI's latest analysis presented in Sao Paolo on investment flows to the clean energy transition, yet stresses ongoing misalignment between where capital is flowing and where it is most needed, particularly in EMDEs.📄 Related PRI report: Investment flows to the net zero transition: Progress and policy needs (Oct 2025)Mobilising capital for emerging marketsJan details the growing engagement of finance ministries and MDBs in climate finance discussions. He notes progress on DFI/MDB reform, including more effective concessional capital, better use of equity, and improved currency-hedging mechanisms.He also calls for clearer investor dialogue on perceived versus real risk in EMDEs, and the need for more peer learning on successful renewable-energy investment models.📄 Related PRI report: Who invests and how? Unlocking institutional capital for EMDE transitions (Nov 2025)The role of national transition plans and NDCsDaniel highlights improvements in the quality and granularity of NDCs, offering better signals for investors on sector pathways, enabling policies and investment opportunities. Yet, the gap between national ambition and global goals remains wide.📄 Additional reference: Investor Agenda – Global State of Investor Climate Action (Nov 2025)Overshoot, tipping points and adaptation financeThe episode also explores the implications for institutional investors of breaching 1.5°C. Daniel emphasises the need for investors to strengthen physical-risk assessment, integrate non-linear climate impacts, and prepare for higher volatility. He also notes the COP30 signal to triple adaptation finance, recognising the increasing urgency around physical climate risks and the opportunities in adaptation.📄 Related PRI briefing: 1.5°C Overshoot Briefing (June 2025)Chapters(00:01) - Evolving Sustainable Investment Landscape(09:55) - Unlocking Climate Investment in Global South(20:21) - Global Transition and Investor Perspectives(26:40) - Global Transition and Climate Investment Risks(34:05) - Investor Responsibility in Climate TransitionDisclaimerThis podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or ...
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    47 分
  • Decommissioning brown assets: turning environmental liabilities into transition opportunities

    Decommissioning brown assets: turning environmental liabilities into transition opportunities
    2025/11/18
    In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, examines what happens to the world’s ageing, high-emitting infrastructure—and why the way we decommission these assets is central to a just and orderly transition. He is joined by Julien Halfon, Head of Corporate and Pensions Solutions at BNP Paribas Asset Management, whose team estimates there are at least US$7.5 trillion in unfunded decommissioning costs embedded in today’s energy and industrial systems. Together, they explore how responsible investors can move from walking away from “brown” assets to actively stewarding them through end of life, clean-up and repurposing.OverviewThe conversation begins with Julien outlining the research behind the US $7.5–8 trillion decommissioning liability estimate, drawing on global studies from regulators, multilateral institutions and sectoral assessments. He explains how decommissioning liabilities emerged from the nuclear sector and is now a critical but underfunded obligation across oil and gas, mining, coal power and even renewables. Only a small fraction—mainly in nuclear—has been pre-funded, leaving governments, taxpayers and future generations exposed.Nathan and Julien then unpack why responsible investors cannot simply divest from polluting assets and “leave the mess behind”. In a diversified portfolio, the costs of unmanaged decommissioning, stranded infrastructure and damaged communities reverberate across the wider economy. The discussion reframes decommissioning as part of long-term stewardship: engaging through the full lifecycle of assets, recognising decommissioning as a real liability, and using innovative instruments such as transition and decommissioning bonds to convert environmental debts into investable, long-term solutions.Detailed CoverageThe decommissioning gapJulien explains BNP Paribas Asset Management’s estimate of roughly US$8 trillion in decommissioning liabilities, of which around US$7.5 trillion remains unfunded once existing nuclear reserves are stripped out. Current corporate provisions fall far short of this figure, leaving a significant hidden risk.Why end-of-life stewardship mattersUsing examples such as abandoned copper mines, he illustrates how poorly managed closures can leave toxic legacies, stranded communities and fiscal burdens for governments—costs that ultimately flow back to diversified investors through sovereign and systemic risk.From cost centre to opportunityThe episode highlights how active stewardship can unlock value from “end-of-life” assets, from re-mining tailings for valuable metals to repurposing industrial hubs, offshore platforms or nuclear sites into data centres, wind farms and other green infrastructure.Financing the transition: decommissioning and transition bondsJulien sets out how decommissioning and transition bonds can pre-fund clean-up and rehabilitation by transforming environmental liabilities into transparent financial ones, while freeing equity capital for redevelopment. Investor appetite has been strong, given the measurable nature of decommissioning activities and the clear brown-to-green trajectory.Policy, pensions and local communities Drawing on defined benefit pension frameworks, the discussion explores how tax-advantaged, ring-fenced decommissioning funds and supportive local development policies can help manage liabilities, protect communities and scale new markets for repurposed assets.Find out more about the PRI’s work on climate and environmental issues at www.unpri.org/responsible-investment/sustainability-issuesChapters 00:43 – Introduction: why decommissioning matters for responsible investors 01:59 – Julien Halfon on the US$7.5 trillion decommissioning gap 04:31 – Why investors can’t simply divest from “brown” assets 06:43 – Stewardship through end of life: staying engaged with legacy assets 07:51 – From liability to opportunity: repurposing mines, nuclear sites and hubs 11:23 – Transition and decommissioning bonds: funding clean-up and redevelopment 14:45 – Early issuances and investor appetite for decommissioning bonds 17:30 – Risks from short-termism, asset transfers and weak disclosure 23:14 – Real-world examples of repurposing and urban transformation 24:30 – The looming crunch: decommissioning fossil and ageing renewables together 28:40 – What policy and tax frameworks are needed to support decommissioning? 30:18 – Local communities, pension lessons and the North Sea opportunity 33:15 – Signposts for progress and scaling decommissioning markets 37:51 – The responsibility of investing: intergenerational stewardship and systems changeDisclaimer This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action ...
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    41 分