The Responsibility of Investing

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.

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 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.

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.

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.

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 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.

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 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.

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 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.

In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores the deep interconnection between climate and nature and what it means for investors. Joining him are Laura Bosch, Senior Engagement Specialist at Robeco and member of the Advisory Committee for the PRI’s Spring Initiative, and Graham Stock, Managing Director at RBC BlueBay Asset Management and co-chair of the Investor Policy Dialogue on Deforestation (IPDD). Together, they unpack the financial and systemic risks of biodiversity loss, the emerging opportunities in sustainable investment, and the growing need for investors to act on the climate–nature nexus during COP30 and beyond.Overview The conversation begins by defining the climate-nature nexus as more than a conceptual link it’s an integrated system of feedback loops that shape economies, markets, and societies. Graham explains how deforestation and ecosystem degradation feed directly into sovereign credit risk, citing Brazil’s forests as a clear example of natural capital underpinning national economic stability. Laura expands on how biodiversity loss and climate change are mutually reinforcing crises that require investors to tackle transition and physical risks together.Both guests highlight a shift in the industry: from separate approaches to climate and nature, to joint strategies that embed nature-based metrics within climate targets and net-zero roadmaps.Detailed CoverageRisks and Opportunities: Investors must assess both the risks of ecosystem degradation and the opportunities from nature-positive transitions. Integrating climate and nature goals is becoming standard in frameworks such as the Net Zero Investment Framework and GFANZ guidance.Portfolio Application: Graham outlines how sovereign bond investors now evaluate nature-related risks such as water stress and deforestation alongside traditional macroeconomic indicators, using these insights to shape portfolio exposure and engagement priorities.Corporate Action: Laura details Robeco’s approach to assessing corporate transition readiness for both climate and biodiversity, combining financial materiality with forward-looking analytics. Their “traffic light” model identifies leaders and laggards, informing investment decisions and stewardship priorities.Balancing Trade-offs: The discussion explores how investors can navigate trade-offs between climate and nature goals - for instance, balancing the climate benefits of electric vehicle production with the biodiversity impacts of mining.Reversing Negative Impacts: Case studies highlight solutions such as regenerative agriculture, silvopasture, and precision farming to restore land and reduce emissions while sustaining productivity.Collaborative Engagement: Graham and Laura describe the impact of large-scale initiatives such as the IPDD, Nature Action 100, and the PRI’s Spring Initiative—each mobilizing investors to engage with governments and corporations on deforestation and biodiversity loss.COP30 and Beyond: Both guests underscore the importance of the upcoming COP30 in Brazil, where the Tropical Forest Financing Facility (TFFF) could redefine climate finance by channeling $125 billion to forest protection.Find out more about the PRI at COP30 by visiting www.unpri.org/responsible-investment/road-to-cop30 Chapters 00:00 – Introduction: The climate–nature nexus 02:32 – Graham Stock on integrating nature risk into sovereign credit 06:09 – Laura Bosch on connecting biodiversity and climate strategies 11:24 – How nature-based targets are reshaping portfolios 16:46 – Tools to assess transition readiness for climate and nature 21:23 – Reversing nature loss in agriculture and land use 24:09 – Investor engagement and the IPDD 29:52 – Collaborative initiatives: Nature Action 100 and PRI’s Spring 38:32 – Looking ahead to COP30 and the Tropical Forest Financing Facility 45:42 – The responsibility of investing: closing reflectionsDisclaimer 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 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.

Extreme weather events are reshaping the investment landscape. How can investors protect portfolios—and communities—from the rising physical risks of climate change? In this episode, Kate Webber, Chief Solutions and Technology Officer at the PRI, speaks with Dr Calvin Lee Kwan of Link Asset Management and Simon Whistler, PRI’s Head of Real Assets, to explore how investors can turn climate resilience into both risk management and value creation.Overview Physical climate risk is no longer theoretical—it’s here. Floods, fires, and black-rain events are increasing in frequency and intensity, with real financial consequences. Simon Whistler outlines how investors are beginning to quantify and address these risks, yet highlights that fewer than one-third of PRI signatories currently report on physical climate risk metrics. Calvin Lee Kwan shares how Link Asset Management has moved from reactive recovery to proactive resilience—reducing insurance premiums by 11.7% and strengthening investor confidence in the process.Detailed CoveragePhysical climate risk today: More frequent and severe events—from typhoons in Hong Kong to floods in Europe—are causing major financial and operational losses.Investor action gap: Only 29% of investors report on physical climate risk, compared with 50% in the real-assets space, showing the need for broader engagement.Value protection and creation: Link’s sustainability strategy is built on two pillars—protecting existing value through resilience and creating new value through efficiency and stakeholder alignment.From risk to return: Engaging insurers with clear, data-driven resilience metrics translated into measurable financial results, proving sustainability can deliver bottom-line benefits.Community resilience: Floodwaters don’t stop at property boundaries. Link’s team now collaborates with neighbors, local authorities, and infrastructure managers to build district-level resilience—an approach that benefits whole communities.Industry-wide change: Collaboration between investors, insurers, and policymakers is key to building consistent models, pricing resilience into valuations, and driving systemic adaptation.Communication as a catalyst: For Calvin Lee Kwan, sustainability comes down to translating resilience into stakeholder-specific value—from stable returns for investors to safety and reliability for tenants.Chapters00:43 – Welcome and introductions02:08 – Why investors must act on physical climate risk05:07 – How far investors have come—and how far to go07:23 – The cost versus opportunity debate08:43 – Link Asset Management’s practical approach11:48 – A watershed moment: floods and recovery13:34 – Turning resilience into measurable value15:23 – Black-rain events and extreme weather16:59 – Challenges for other investors20:23 – Partnering with insurers to price resilience25:00 – From property-level to community-level resilience27:28 – How resilience links to property valuation30:50 – Final reflections: communication, focus, and leadership32:44 – What is the responsibility of investingFor more details, visit: https://www.unpri.org/climate-change-for-private-markets/assessing-physical-climate-risk-in-private-markets-a-technical-guide/13135.articleKeywords responsible investment, physical climate risk, resilience investing, PRI podcast, Link Asset Management, insurance and sustainability, real assets, climate adaptation, community resilience, property valuation, ESG integration, value creation, decarbonisation, stakeholder alignment, risk management, sustainable finance, investor communicationDisclaimer 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 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.

Is the transition to a sustainable economy happening to us or because of us? Associate Professor Ioannis Ioannou (London Business School) joins host Kate Webber to unpack the recent ESG backlash and why today’s “disorderly transition” must become an orderly one. We explore how investors can push markets toward aligned capitalism - a system that lives within planetary and social boundaries - while unlocking “trapped competencies” and long-term value.Overview Ioannou argues we don’t choose whether to transition—the system is already shifting amid climate change, biodiversity loss, and widening social inequalities. The real choice is whether that transition is orderly (policy-led, long-term, and integrated) or disorderly (reactive, crisis-driven). He outlines how investors can re-center long-termism, integrate sustainability into core strategy (not a side product), and restore the original purpose of capital markets: scaling real-economy solutions.Detailed coverageOrderly vs. disorderly transition: Planetary boundaries are breached; social stress is rising. An orderly path minimises harm and plans within ecological and social limits.Aligned capitalism: Capitalism is a human-made system that can be re-ruled to fit reality. Policy, incentives, and investment practices should align with science and society.From stranded assets to “trapped competencies”: Future-fit capabilities (circularity, regeneration, inclusion) remain undervalued until the system aligns—creating alpha for first movers.Investor playbook: Reframe metrics beyond short-term profits; deploy patient capital toward companies building system-shifting capabilities; advocate for rules that unlock these competencies.Integration, not silos: Sustainability must hold authority inside firms; RI can’t be a niche fund while the rest ignores impacts.Capital markets’ role: Finance the next industrial transformation (energy, transport, food). Prioritise scaling real solutions over purely financial engineering.Beyond shareholder primacy: Re-balance to a “team production” model that values natural and human capital alongside financial capital.Long-termism & multilateralism: Global problems need global collaboration; regionalism can’t substitute. Impacts are already “now,” not just long term.Why the ESG backlash can help: It forces clearer, evidence-based narrative infrastructure (not just technical standards) that connects with citizens and beneficiaries.Agency & communication: Engage end-investors better (including with AI-enabled tools); reflect their values in products; compound positive choices over time.Responsibility redefined: Don’t just align—restore and regenerate ecological and social capital.Chapters00:01 – Welcome & series context00:52 – Guest intro and PRI’s Investment Case database02:11 – Orderly vs. disorderly transition05:38 – Defining “aligned capitalism”07:37 – Future-fit capabilities & trapped competencies10:51 – Investor incentives for alpha & impact14:12 – Making RI core (authority, integration, structure)18:17 – Capital markets’ original purpose21:08 – Shareholder primacy & governance rethink25:30 – Long-termism, regionalism, and global coordination29:02 – Why the ESG backlash might be good31:18 – From technical to narrative infrastructure36:53 – Investor–beneficiary engagement (agency, tech, product design)41:23 – The responsibility of investing: align, restore, regenerateThe PRI has published a database to support investors to make the case for responsible investment. Find out more on our website: https://www.unpri.org/investment-tools/investment-case-database Keywords responsible investing, aligned capitalism, planetary boundaries, disorderly transition, long-termism, narrative infrastructure, trapped competencies, stranded assets, PRI Investment Case, ESG backlash, fiduciary duty, capital markets, circular economy, regeneration, system stewardship, stakeholder governance, beneficiary engagementDisclaimerThis 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.

A decade on from the Paris Agreement, COP30 in Brazil is shaping up to be the implementation COP. For investors, this means not only understanding the risks of inaction but also seizing the opportunities that climate and nature-based solutions present. In this episode, Tamsin Ballard, Chief Initiatives Officer at the PRI, speaks with Wendy Walford, Head of Climate and Nature Risk at Legal & General and Policy Track co-lead for the Net Zero Asset Owner Alliance, about why institutional investors are engaging in the UN climate negotiations and what they hope to achieve Wendy Walford explains how Legal & General integrates climate and nature considerations into decision-making and why COP30 represents a pivotal moment. She highlights the role of private finance in achieving the Baku to Belém Roadmap commitment of mobilising $1.3 trillion for emerging and developing economies. The conversation explores why investors must be at the table, how alliances can amplify their voice, and why policy stability is the linchpin to unlock large-scale capital flows.Detailed coverageWhy COP30 matters to investors: Climate is a systemic risk that directly affects portfolios. Investors need to understand policy outcomes to align long-term allocations.The $1.3 trillion roadmap: COP29 in Baku highlighted the necessity of private finance in scaling investment into emerging markets. COP30 will test how barriers to this ambition can be addressed.Opportunities and risks: Mobilising finance offers huge upside in renewable energy, adaptation, and nature-based solutions, but investors also face volatility: FX risk, and limited data.Investor expectations for COP30: Calls for stable, long-term policy environments, signals to boost confidence, and frameworks to unlock investable opportunities in climate and nature.Nature-based solutions: From sovereign debt-for-nature swaps to carbon markets, innovative instruments are emerging but require multistakeholder cooperation and supportive regulation.Amplifying investor voices: Alliances like the Net Zero Asset Owner Alliance provide a collective voice that ensures investor needs are heard in negotiations.The responsibility of investing: Long-termism is essential — balancing short-term returns with the duty to build resilient, sustainable portfolios for future beneficiaries.Chapters00:43 – Why COP30 matters to investors02:19 – Legal & General’s role and the Net Zero Asset Owner Alliance05:23 – Why engage with UN climate negotiations?06:04 – The Baku to Belém Roadmap and $1.3 trillion finance goal08:44 – Barriers and risks in emerging markets11:06 – Opportunities vs. resilience in climate investing14:37 – Key asks for COP30 outcomes15:57 – Nature-based solutions and innovative financing18:18 – Investor expectations for government action20:10 – Practical advice for engaging with the COP process23:49 – What is the responsibility of investing?Read more about the PRI’s Road to COP30 programme and buy your tickets to PRI in Person at https://www.unpri.org/sustainability-issues/climate-change/the-road-to-cop30Find out more about the NZAOA at https://www.unepfi.org/net-zero-alliance/Keywords responsible investment, COP30 Brazil, PRI podcast, Legal & General, Net Zero Asset Owner Alliance, climate finance, systemic risk, Paris Agreement, Baku to Belém Roadmap, emerging markets investment, sustainable investing, adaptation finance, nature-based solutions, sovereign debt-for-nature swaps, carbon markets, fiduciary duty, investor policy engagement, long-term portfolio resilience, ESG integrationRisk Disclaimer Your capital is at risk. The value of investments can fall as well as rise, and you may get back less than you invested. Past performance is not an indicator of future results.Disclaimer This podcast is provided for educational and informational purposes only. It is not investment advice, financial planning guidance, or a recommendation to buy, sell, or hold securities. All discussions are for educational purposes only.

As geopolitical tensions rise, responsible investors are asking tough questions: Is there a case for responsible investment in defence? In this episode, Nathan Fabian, Chief Sustainable Systems Officer at PRI, is joined by Mark Wade (Allianz Global Investors), Estelle Parker (Responsible Investment Association Australasia), and Torben Möger Pedersen (Danish Foreign Policy Society; former CEO, PensionDanmark) to explore whether defence can be considered part of responsible investment, and if so, under what conditions. Overview The discussion examines the complexities of defence in the environmental, social and governance context. With NATO members increasing their budgetary commitments and European states boosting spending, defence is becoming a more prevalent part of the investment landscape. Yet reputational, human rights, and environmental risks remain at the forefront of investor concerns. The panel unpacks exclusion versus inclusion approaches, the rise of dual-use technologies, transparency challenges, and the role of stewardship in shaping defence practices.Detailed CoverageThe case for defence investment: Torben argues that democracy and national security are foundational, making military capacity essential to safeguarding rights and advancing long-term societal goals.Human rights and environmental risks: Estelle highlights investor obligations for heightened due diligence, noting reputational, environmental, corruption, and legal risks tied to weapons.Evolving client expectations: Mark outlines shifting European regulation and investor sentiment, with non-labelled funds more open to limited defence exposure under strict conditions.Dual-use technologies: The blurred line between civilian and military innovation (cyber, AI, drones, green energy) challenges investors to navigate benefits and risks.Transparency and disclosure: All panelists agree that investors need clearer reporting from defence companies — not on classified technology, but on customers, contracts, and safeguards.Stewardship opportunity: Rather than blanket exclusion, investors could push for higher standards by engaging directly with defence companies and shaping industry norms.Chapters00:44 – Why defence is back on the agenda02:09 – Democracy, defence, adding the “D” into ESG?05:26 – Human rights, reputational, and environmental risks08:53 – Ukraine, NATO, and the defence boom11:47 – Client expectations and regulatory shifts16:08 – Responsible investing frameworks: defence as social necessity?18:24 – Due diligence, customers, and sanctions23:31 – Stewardship, standards, and defence bonds28:33 – Dual-use technologies and transparency37:36 – Human rights due diligence in practice40:04 – Policy, regulation, and long-term certainty45:00 – Final reflections on the future of defenCe investing47:16 – The responsibility of investors in today’s worldKeywords responsible investment, defence sector ESG, PRI podcast, democracy and defence, sustainable investing, fiduciary duty, NATO defence spending, human rights due diligence, reputational risk, dual-use technologies, defense bonds, military ESG risks, transparency in defence, systemic stewardship, long-term investment strategies, ethical investing, exclusion vs inclusion, autonomous weapons, investor stewardship, sustainable finance regulationRisk Disclaimer Your capital is at risk. The value of investments can fall as well as rise, and you may get back less than you invested. Past performance is not an indicator of future results.Disclaimer This podcast is provided for educational and informational purposes only. It is not investment advice, financial planning guidance, or a recommendation to buy, sell, or hold securities. All discussions are for educational purposes only.

With just weeks to go until COP30 in Belém, Brazil, the world’s attention is turning to how global climate commitments can move from promise to practice. Investors are central to this shift — from financing the transition to engaging with policymakers - all of which we’ll be discussing at PRI in Person in São Paulo, just days before COP30 kicks off. In this episode, Tamsin Ballard, Chief Investor Initiatives Officer at the PRI, speaks to Ana Toni, CEO of COP30, about the critical role of the investment community in shaping outcomes at this year’s UN Climate Conference.OverviewCOP30 marks a pivotal moment: the first time all elements of the Paris Agreement’s “full cycle” come into play. Countries must submit their decarbonisation and adaptation plans through to 2035, setting the framework that will guide both public and private capital flows. Against the backdrop of worsening climate impacts — and all this as the Amazon rainforest hosts — the stakes for implementation have never been higher.Ana Toni outlines her three cross-cutting priorities for COP30:Protecting the multilateral system to ensure global cooperation.Connecting global negotiations to everyday realities of consumption, financing, and business.Accelerating implementation — shifting from frameworks to real-world action.Detailed CoverageWhy COPs matter: From the Paris Agreement to carbon market reforms, COP outcomes shape financial systems, consumer choices, and long-term investor strategies.Decade after Paris: Governments now must present their 2035 climate plans, providing clarity and certainty for private sector investment.The finance dimension: COP30 will build on COP29’s focus on climate finance, aiming to mobilise far greater flows of capital — especially to developing countries.Risks and opportunities for investors: Climate change presents both physical and financial risks, but also growth opportunities in renewable energy, agriculture, sustainable infrastructure, and emerging markets.Investor engagement: COP30 is positioned as a platform for matchmaking — connecting regulators, private sector innovators, and financiers to accelerate solutions in areas like SAF, green hydrogen, and agriculture.From promise to practice: Both PRI in Person (São Paulo) and COP30 (Belém) are highlighted as forums where investors can move beyond commitments into specific, scalable solutions.Chapters00:43 – Setting the stage: COP30 and investor relevance02:31 – Role of the COP30 CEO and the negotiation process04:09 – Why COP decisions affect finance and daily life06:37 – Priorities and hopes for COP3010:17 – 2035 plans and Paris Agreement “full cycle”12:51 – Risks and opportunities for investors16:54 – Practical ways investors can engage with COP3019:14 – PRI in Person as a platform for dialogue22:27 – The responsibility of investing: acting now for the long termFor more information on PRI in person, or its plans for COP30, please visit the following links:PRI in Person 2025 - 4-6 NovemberThe Road to COP30KeywordsCOP30, UN Climate Conference Brazil, PRI podcast, responsible investment, climate finance, Paris Agreement, 2035 climate plans, sustainable investing, implementation, investors and COP, green hydrogen, SAF, just transition, climate risk management, emerging markets, biodiversity finance, systemic risk, long-term investment strategies, sustainable agriculture, energy transition

Intro / HookThe PRI Awards showcase the very best in responsible investment — but they also reveal much more. In this episode Paul Van Eynde, Chief Marketing & Strategy Officer at the PRI chats to award judge Claire Hierons of the Laudes Foundation and Dan Neale from the Church Commissioners for England, shortlisted for recognition. The conversation highlights how investors are embracing stewardship, system-level thinking, and accountability to drive real-world impact.OverviewThe PRI Awards are designed to spotlight leadership and innovation among PRI signatories, spanning asset owners, investment managers, and service providers. With over 139 submissions this year across categories including climate, nature, human rights, stewardship, and communications, the awards reflect the diversity and maturity of responsible investment worldwide.Claire Hierons shares insights from her experience as a judge, noting the evolution of systemic stewardship and the growing sophistication of entries. Dan Neale discusses the Church Commissioners’ submission on the Investor Initiative for Human Rights Data (IIHRD) and why human rights must be central to addressing systemic risks such as climate change and inequality.Detailed CoverageThe role of the PRI Awards: Encouraging leadership, transparency, and innovation across the investment chain.Global coverage: Submissions from emerging and developed markets, showing that sustainability leadership is not limited by geography.Church Commissioners’ human rights initiative: Collaboration with global investors to strengthen human rights data, integrate it into stewardship, and ensure accountability across public markets.Systemic responsibility: Both guests stress the need for investors to see fiduciary duty not only as delivering returns but also as protecting the systems that underpin future value.Chapters00:44 – Introduction to the PRI Awards and categories05:45 – Reflections on judging the awards08:00 – Trends in responsible investment submissions10:47 – The rise of global leadership in sustainability11:42 – The Church Commissioners and their stewardship approach14:05 – The Investor Initiative for Human Rights Data (IIHRD)16:18 – Human rights as a systemic risk17:12 – Embedding human rights into policy and stewardship practices19:16 – Addressing data gaps and disclosure challenges24:19 – What does “The Responsibility of Investing” mean today?Keywordsresponsible investment, PRI Awards, Laudes Foundation, Church Commissioners, stewardship, systemic risk, fiduciary duty, sustainability in finance, climate change, biodiversity, human rights in investing, ESG data, IIHRD, universal asset owners, just transition, investor innovation, responsible business practices, transparency in investing, New York Climate Week

How does a leading investment fund fully integrate stewardship and sustainability into its strategy?In this episode of The Responsibility of Investing, Cambria Allen-Ratzlaff, Chief Responsible Investment Ecosystems Officer at the PRI, is joined by Jonathan Grabel, Chief Investment Officer for the Los Angeles County Employees Retirement Association (LACERA). They discuss how LACERA incorporates responsible investment principles across all asset classes, driven by a strong fiduciary duty to its beneficiaries.Jonathan shares insights into LACERA’s governance structure, investment beliefs, and the operational integration of stewardship and the TIDE (Towards Inclusion, Diversity & Equity) programme. The conversation explores the role of data, proxy voting, and climate scenario analysis in managing risk and generating durable, risk-adjusted returns. Listeners will gain a clear understanding of how sustainability is embedded at every level of LACERA’s investment process to protect and grow assets for current and future retirees.Visit the PRI website: https://www.unpri.org/

Can sustainability truly redefine the landscape of private markets and drive unprecedented financial value? In this episode of The Responsibility of Investing, Kate Webber, Chief Solutions & Technology Officer at the PRI is joined by Aditya Vikram, Head of Private Equity at the PRI to explore a topic that’s transforming private markets: sustainability as a driver of financial value. Discover how sustainability has shifted from a mere buzzword to an essential element of business resilience and capital formation. With insights drawn from over 400 global investors, Aditya demonstrates how sustainability's role as a key driver for financial value transcends geographical boundaries. Learn how tools like AI and data analytics are revolutionising the identification of sustainability risks and opportunities, making them a cornerstone of modern investment strategies. Hear insights into the PRI's ‘sustainability value creation framework’, developed with Bain & Company and NYU Stern Centre for Sustainable Business and involving over 400 investors through a world-wide survey, one-to-one interviews, and regional workshops across Africa, Asia, Europe, and Latin and North America.Chapters:02:15 - The evolution of sustainability in private markets06:08 - Shifting perspectives on sustainability and value creation13:11 - The journey of sustainability value creation18:31 - Integrating sustainability into investment practices21:02 - Value creation framework in sustainability investing

How is AI revolutionising the way we approach responsible investing? In this episode, Paul Van Eynde, Chief Marketing & Strategy Officer at the PRI is joined by Lorenzo Saa, Chief Sustainability Officer at Clarity AI, to explore how technological innovation is reshaping the investment landscape. Lorenzo shares his journey from microfinance to becoming a front-runner in sustainable investments, offering insights into the transition from traditional analyst-driven models to pioneering data and technology-driven solutions at Clarity AI. Hear how AI can be used as a collaborative tool to enhance understanding of sustainability issues and opening new avenues for improved investment outcomes, particularly in emerging markets, leveraging alternative data sets and using AI for environmental monitoring. Focusing on the interplay between human and artificial intelligence in the investment realm, Lorenzo explains that AI tools not only enhance productivity but also offer deeper insights, likening AI’s capabilities to those of a cheetah for speed and an owl for wisdom. As we routinely  increase the adoption of these technologies, Lorenzo advocates for a proactive approach to integrating AI into responsible investing, while ensuring transparency and aligning with client expectations.

With more than 5,000 PRI signatories navigating different mandates, asset mixes, and sustainability priorities, a one-size-fits-all approach to responsible investment no longer works.In this episode, our host and Chief Marketing & Strategy Officer Paul Van Eynde speaks to our Chief Sustainable Systems Officer, Nathan Fabian, to unpack the thinking behind the PRI’s Pathways framework, designed to reflect the real-world complexity of responsible investment and support signatories in ways that make sense for them.Later, our Chief Solutions and Technology Officer, Kate Webber, explains how her team is bringing that framework to life, turning it into a product signatories can use and interact with through MyPRI, our new digital portal launching in November.For more on Pathways and MyPRI, visit: https://pathways.unpri.orgNew episodes released fortnightly. Subscribe to The Responsibility of Investing wherever you get your podcasts.

In the inaugural episode of the relaunched The Responsibility of Investing podcast Paul Van Eynde, Chief Marketing & Strategy Officer at the PRI chats with José Pugas, Partner & Chief Sustainability Officer at Regia Capital about the upcoming COP30  in Belem, Brazil in November 2025 to explore the critical intersection of finance and environmental responsibility . José shares the pivotal role of nature in investment strategies and offers invaluable insights into Regia Capital’s establishment as a joint venture between Brazilian giants JGP Asset Management and Banco do Brasil Asset Management, highlighting their pioneering role in green finance within Brazil's ecological transition framework.With a focus on Brazil, explore the challenges and opportunities associated with nature-based solutions. José highlights the importance of collaborating with experts outside the financial sector and emphasizes the potential for global investors to support emerging markets in their transition to low-carbon economies. This underscores the need to move beyond traditional approaches and embrace a broader understanding of investment opportunities linked to nature and sustainability.Join us in São Paulo from November 4–6, 2025, for PRI in Person, our annual flagship global conference on responsible investment, strategically timed just before the COP30 in Belem. As a gathering of over 1,000 institutional investors, policymakers, corporates, and sustainable finance leaders, this event is a powerhouse of collaboration and innovation on critical responsible investment issues.Taking place in Brazil, the heart of immense biodiversity and green finance opportunities, PRI in Person will drive impactful connections to mobilise capital for emerging markets and tackle urgent climate and nature challenges. With COP30 as a pivotal moment for nations to enhance their climate commitments, the conference ensures strategic alignment for ambitious investments that align with a net-zero, sustainable future. DisclaimerThis 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.

The Responsibility of Investing (formerly The Principles for Responsible Investment) is a podcast by the Principles for Responsible Investment (PRI), the world’s largest global body on responsible investment, representing over $128 trillion in assets under management. Each episode features conversations with thought leaders and experts from around the world, exploring how sustainable factors are transforming the investment landscape. Listen for unique insight into how climate, nature and human rights issues are affecting asset classes and responsible investment policies.  The series helps PRI signatories - and the wider investment community - navigate responsible investment with greater precision and confidence, for the benefit of both investors and society. No matter your size, market, nor stage of the responsible investment journey, The Responsibility of Investing will bring you a new perspective every fortnight.Join us in São Paulo for the world’s leading responsible investment event, as we return for PRI in Person 2025, book now to secure your early bird rate - available until 2 July. DisclaimerThis 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.