Afleveringen
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In this episode, Kate Webber, Chief Solutions Officer at the PRI, is joined by Claudia Wearmouth, Global Head of Responsible Investment at Columbia Threadneedle Investments, and Travis Antoniono, Investment Director for Sustainable Investments at CalPERS.
Together, they explore how responsible investment is being applied in practical, financially material ways, including how it is embedded into investment processes, how transparent dialogue between asset owners and managers supports long-term outcomes, and the role evidence plays in sustainable investment decision-making.
Overview:Responsible investment is increasingly moving from a specialist function to a core part of investment decision-making. Across public and private markets, sustainability and governance considerations are being integrated into due diligence, portfolio construction, stewardship and long-term risk management.
This episode explores how investors are building practical frameworks around financial materiality, balancing quantitative tools with qualitative judgement, and adapting to rapidly evolving risks such as climate change and AI disruption.
Detailed coverage:Embedding sustainability into investment processes
Both guests explain how sustainability considerations are now integrated throughout the investment lifecycle, from initial due diligence through to ongoing monitoring and exit decisions.Financial materiality and fiduciary duty
They explore how responsible investment supports longâterm, riskâadjusted returns and helps meet fiduciary responsibilities to beneficiaries.
The role of dedicated expertise
Travis Antoniono discusses embedding dedicated sustainability specialists directly into investment due diligence teams, while Claudia Wearmouth outlines how sustainable investment analysts can better work alongside fundamental research teams.Data, evidence and judgement
The conversation explores how responsible investment relies on a growing evidence base. While data is still evolving, investors increasingly combine quantitative tools with qualitative insight and real-world case studies.Explore real-world examples of how investors are combining data and judgement in practice in the PRIâs investment case database: https://public.unpri.org/investment-tools/investment-case-database
How AI is changing investment research
AI is beginning to transform investment analysis itself, helping teams assess sector disruption, and emerging financial impacts more dynamically.
Building organisational buy-in
Both guests highlight that embedding responsible investment depends on strong leadership and clear direction, with teams working together to apply it in practice.
The importance of asset ownerâmanager relationships
Transparency, trust and detailed communication are highlighted as essential for aligning investment objectives, stewardship expectations and long-term strategy execution.
Practical lessons for investors
The episode concludes with practical recommendations on how investors can improve governance and decision-making through more consistent use of evidence and ongoing dialogue.Chapters:
00:08 - Introduction and the investment case for responsible investment
01:29 - Embedding sustainability into investment processes
05:14 - Sustainability, fiduciary duty and long-term returns
10:56 - Building the evidence base for responsible investment
13:39 - How AI is changing investment analysis
20:15 - Creating organisational buy-in and investment alignment
22:18 - Climate solutions, strategy and total portfolio thinking
27:12 - Asset owner and investment manager collaboration
35:15 - Key lessons on transparency, trust and detail
37:04 - Practical recommendations for investorsDisclaimer:
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 âas isâ 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 2026. 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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In this episode, Cambria Allen-Ratzlaff, Interim CEO of the PRI, is joined by Michael Benedict Yamoah (Vice President, Stewardship Director, EOS at Federated Hermes), Chris Jurgens (Senior Director, Omidyar Network), and Oumou Ly (Non-resident Research Fellow, UC Berkeley Center for Long-Term Cybersecurity) to explore how investors should respond to AI.
Building on Part 1, this episode moves from theory to practice, outlining how investors can assess AI governance, identify risks across portfolios, and begin engaging with companies in a fast-moving and uncertain landscape.
Overview:
AI is already reshaping portfolios, but most investors are still early in understanding how to manage the risks. This episode focuses on practical steps, from governance and engagement to tools, research, frameworks and real-world examples of leading practice.
A key message is that there is no perfect framework yet. Instead, investors must start now, build capability over time, and engage continuously as the technology evolves.
Detailed coverage:What good AI governance looks like
At a minimum, companies must comply with regulation and establish clear internal policies. Strong governance goes further, embedding AI into enterprise risk management, assigning board-level responsibility, and ensuring oversight across the organisation.
Beyond compliance: lifecycle thinking
Investors are encouraged to assess the full lifecycle of AI systems, from development and deployment to real-world impacts, liabilities and societal consequences.AI risk is dynamic
Unlike other technologies, AI systems evolve post-deployment. This requires continuous monitoring, disclosure and adaptation, rather than one-off assessments.Examples of leading practice
Companies such as Anthropic and Microsoft are highlighted for transparency, investor engagement and responsible AI frameworks. Across the ecosystem, progress is being driven by collaboration between companies, investors and policymakers.
The importance of infrastructure and ecosystems
AI is not just about software, it spans chips, data centres and energy systems. Managing its risks requires coordination across the full value chain.Practical starting points for investors
Investors should map where AI sits in their portfolios, identify key use cases, and assess associated risks such as cybersecurity, compliance and liability.Tools, frameworks and collaboration
A growing ecosystem of resources, from investor coalitions to research frameworks, is emerging to support engagement and analysis.
A marathon, not a sprint
AI governance is an ongoing process. Investors must build long-term capability, stay engaged in dialogue, and avoid waiting for perfect solutions before acting.
Start now, signal intent
Even simple engagement, asking basic governance questions, can send a strong signal to companies that responsible AI matters.
Chapters:00:08 - Introduction: from AI risk to investor action
01:00 - What good AI governance looks like
03:05 - Internal policies, risk management and board oversight
05:00 - Lifecycle thinking and real-world impacts
08:17 - Examples of leading practice in AI governance
10:30 - Defining and understanding AI risk
13:15 - Mapping AI use cases across portfolios
15:39 - Practical tools and investor resources
19:44 - Why AI is a marathon, not a sprint
22:24 - Final takeaways: start now and engageFurther reading: Anthropic labor market impacts, Microsoft transparency report
Disclaimer: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 âas isâ 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 2026. 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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Zijn er afleveringen die ontbreken?
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In this episode, Cambria Allen-Ratzlaff, Interim CEO of the PRI, brings together Michael Benedict Yamoah, Vice President, Stewardship Director, EOS at Federated Hermes, Chris Jurgens, Senior Director, Omidyar Network, and Oumou Ly, Non-resident Research Fellow, UC Berkeley Centre for Long-Term Cybersecurity to explore why AI is emerging as a critical sustainability issue for investors.The first in a two-part series, this episode examines the scale and speed of AI adoption, its implications for climate, labour, security and long-term financial stability, and what it will take for investors to get ahead of a transition that is already underway.
Overview
AI is rapidly reshaping the global economy, with unprecedented levels of capital investment, adoption and market impact. While much of the focus has been on AI as an investment opportunity, this episode reframes it as a system-wide issue with implications for climate, labour, security and long-term financial stability.
The discussion highlights a growing gap between investor awareness and capability, as well as the need for stronger coordination, clearer frameworks and more robust governance to manage AI-related risks.
Detailed coverageAI as a system-wide investment issue
AI is not confined to the tech sector, it is a whole-economy force that will impact portfolios across industries, making it relevant for all long-term investors.
The business case for responsible AI
Responsible AI practices are increasingly linked to performance, helping companies build trust, avoid costly failures and strengthen long-term returns.Systemic risks: energy, labour and infrastructure
AI is driving rapid growth in data centres and physical infrastructure, with significant implications for energy demand, emissions, water use and local communities.
Security and regulatory risk
AI is accelerating cyber threats while also becoming a focus for regulators globally. This creates new layers of compliance, liability and geopolitical risk for investors.The investor capability gap
While interest in AI is growing, many investors lack the expertise, frameworks and internal capacity to assess and engage on AI-related risks effectively.From developers to deployers
Engagement is currently focused on major AI developers, but risks and opportunities are increasingly concentrated in how AI is deployed across sectors.Governance as the central lever
Across all perspectives, governance emerges as the most critical tool, ensuring boards and management teams are equipped to navigate uncertainty, balance trade-offs and make long-term decisions.A transition moment for investors
AI represents a new phase of technological disruption, similar to past waves like telecoms and big data, but with broader and faster-reaching consequences.Looking ahead
Part two will focus on the practical side, what investors can do, the tools and frameworks emerging, and where collective action can drive the most impact.
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 âas isâ 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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In this episode, Tamsin Ballard, Chief Investor Initiatives Officer at the PRI, is joined by Oshadee Siyaguna, Head of Stewardship at J.O. Hambro Capital Management and Regnan, to explore early progress and lessons from collaborative investor action on nature.
Drawing on insights from the inaugural Spring progress report, they examine how investors are beginning to address financially material nature and biodiversity risks, what effective engagement looks like in practice, and why collaboration is critical in tackling complex, system-level challenges.
Overview:
Investor action on nature is gaining momentum. With over 240 investors representing more than US $19 trillion in AUM endorsing Spring, engagement is scaling across sectors and geographies.
Early progress shows companies are starting to assess nature-related risks and dependencies, while investors are building shared frameworks, tools and approaches. However, real-world outcomes remain limited, highlighting the gap between engagement activity and measurable environmental impact.
Detailed Coverage:Nature as a financial risk
Companies are increasingly recognising nature and biodiversity as financially material risks. However, these risks often remain externalities unless supported by regulation or clear policy signals.
Why nature is different from climate
Unlike climate, which centres on carbon as a measurable metric, nature is more complex and harder to quantify, requiring a broader, systems-level approach rather than single metrics or pricing mechanisms.The role of collaboration
Spring enables investors to pool expertise, share resources and deliver more consistent messaging. This collective approach helps tackle issues that are difficult to address through bilateral engagement alone.
Key lessons from engagement
Investors are learning the importance of pragmatism, pacing and consistency. Companies need time to build internal capacity, and overly rapid demands risk superficial, compliance-led responses.Gaps and challenges
Progress is strongest in operational and supply chain practices, but gaps remain in responsible political engagement, data availability and regulatory clarity.Systems thinking and resilience
A central theme is the need to view nature as part of a broader system. Long-term investment outcomes depend on resilient environmental, social and economic systems.What needs to happen next
Priorities include building capacity across investors and companies, improving data and tracking, strengthening regulatory frameworks, and developing more robust conceptual approaches to nature stewardship.A call to action for investors
Investors are encouraged to engage, contribute and collaborate. Flexible participation models mean there are multiple ways to get involved and drive progress.Chapters:
00:07 - Introduction and Spring progress overview
02:12 - Early momentum and investor participation
03:19 - Why nature stewardship needed a new approach
05:35 - Nature vs climate: complexity and measurement challenges
08:25 - Lessons from the first 18 months
11:14 - Making nature risks financially material
17:20 - Signs of progress and remaining gaps
19:59 - Why collaboration matters more than ever
26:17 - What needs to happen next
31:52 - Final reflections: investor responsibilityDisclaimer:
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 âas isâ 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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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.Overview
Responsible 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 coverage
Re-centering the purpose of responsible investing
Aniket 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 intangibles
The 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 value
Investors 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 nuance
A 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 metrics
Rather 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 today
Ultimately, investorsâ 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-database
Chapters
00:00 â Introduction and guest overview
01:45 â What is the true purpose of responsible investing?
03:30 â Externalities, intangibles and investment decision-making
06:30 â Real economy shifts and long-term investing
10:45 â How fiduciaries should approach complex risks
15:00 â Avoiding dogma and improving decision-making
18:30 â The value of debate and diverse perspectives
20:45 â Rethinking KPIs: human capital and culture
24:30 â Linking performance to long-term resilience
26:30 â Final reflections: the responsibility of investorsDisclaimer
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 âas isâ 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, 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.
Overview
The 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 challengingâValue creationâ 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 coverage
Climate remains king
Climate 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 divergence
While 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 action
Moving 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 risk
Nature-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 risk
Modern slavery, working conditions and gig economy risks remain key issues, with supply chain transparency a continuing challenge.Regional contrasts
Europe is reassessing regulation, the US is navigating political shifts, while Japan and Australia are advancing disclosure and fiduciary guidance.Asset owner power
Asset 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.
Chapters
00:00 â Introduction: insights from PRI reporting data
01:25 â Five key themes from the latest reporting cycle
06:26 â Global agreements, geopolitics and investor confidence
10:07 â Climate leadership, ambition and data challenges
13:13 â Nature, AI and emerging ESG priorities
15:52 â Barriers to turning commitments into action
20:28 â Regional divergence and regulatory shifts
25:09 â Asset owners vs managers: alignment and tension
26:51 â Human rights, modern slavery and social risk
29:44 â Reflections and hopes for 2026Disclaimer
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 âas isâ 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 PRIâs 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.
Overview
Securitised 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 coverage
Why securitised debt matters for responsible investors
Malea 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 impact
David 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 analysis
Malea 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 risk
The 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 quality
Both 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 risks
Malea 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-guide
Chapters
00:00 â Introduction to responsible investment in securitised debt
02:40 â What securitised debt is and why it matters for investors
06:10 â Why sustainability risks are core credit risks in securitised markets
10:15 â Risk vs impact: a practical distinction for fixed income
14:20 â Integrating sustainability into RMBS and CMBS analysis
18:45 â Credit fundamentals and sustainability in commercial real estate
23:30 â Case study: data centres, climate risk and insurance coverage
30:10 â Private markets, early engagement and improving sustainability data
36:05 â Labelled securitised bonds and avoiding greenwashing
41:45 â Key takeaways for responsible investors in securitised debt
Disclaimer
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 âas isâ 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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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.
Overview
Drawing 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 Coverage
Human capital as a core asset
The 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 leadership
Mark 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 risk
The 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 âall-of-the-aboveâ energy solutions delivered responsibly.
Manager selection and Capital Connect
Hershel introduces Capital Connect, the Trustâs 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-making
Mark 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 matters
A 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-database
Chapters
00:00 - Introduction & Backgrounds
03:29 - Human Capital Management & Board Diversity
08:55 - Midwest Investor Diversity Initiative
11:41 - Energy Policy & Data Centers
18:17 - Water Resources & Community Impact
19:39 - Capital Connect & Diverse Managers
26:40 - Fiduciary Dilemma & ESG Integration
30:42 - ESG Data Challenges & Rating Agencies
37:19 - Investment Outlook & De-risking Strategy
45:48 - Closing Thoughts on Responsible Investing
Disclaimer
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 âas isâ 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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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.
Overview
As 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 coverage
From development aid to market-based solutions
Eric 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 America
Helena 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.
Whatâs inside Paragraph 34
The 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 capital
Both 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 interoperability
With 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 implementation
Helena highlights lessons from Europeâs 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 investing
In 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.article
Chapters
00:00 - 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 investingDisclaimer
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 âas isâ 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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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.
Overview
Ten 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 Coverage
1. Why inequality matters for investors
Delaney 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 shows
David 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 actionable
Emma 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 UPPâs âtop-and-bottom guardrailsâ approach, engaging on excessive executive pay at the top and fundamental labour rights at the bottom.
4. Stewardship, integration and policy
The 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 ahead
Guests reflect on:
Strengthening investorâmanager 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 Commitments
Disclaimer
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 âas isâ 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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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 KÊraa 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.
Overview
COP30 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 Coverage
From pledges to implementation
COP30 reinforced that international negotiations alone cannot deliver the speed or scale required. Brazilâs 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 transition
Daniel 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.
đ Related PRI report:
Investment flows to the net zero transition: Progress and policy needs (Oct 2025)
Mobilising capital for emerging markets
Jan 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.
đ Related PRI report:
Who invests and how? Unlocking institutional capital for EMDE transitions (Nov 2025)
The role of national transition plans and NDCs
Daniel 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.
đ Additional reference:
Investor Agenda â Global State of Investor Climate Action (Nov 2025)
Overshoot, tipping points and adaptation finance
The 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.
đ 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 Transition
Disclaimer
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 âas isâ 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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In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, examines what happens to the worldâs ageing, high-emitting infrastructureâand 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 todayâs energy and industrial systems. Together, they explore how responsible investors can move from walking away from âbrownâ assets to actively stewarding them through end of life, clean-up and repurposing.
Overview
The conversation begins with Julien outlining the research behind the US $7.5â8 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 fractionâmainly in nuclearâhas 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 âleave the mess behindâ. 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 Coverage
The decommissioning gap
Julien explains BNP Paribas Asset Managementâs 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 matters
Using examples such as abandoned copper mines, he illustrates how poorly managed closures can leave toxic legacies, stranded communities and fiscal burdens for governmentsâcosts that ultimately flow back to diversified investors through sovereign and systemic risk.
From cost centre to opportunity
The episode highlights how active stewardship can unlock value from âend-of-lifeâ 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 bonds
Julien 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 PRIâs work on climate and environmental issues at www.unpri.org/responsible-investment/sustainability-issues
Chapters
00:43 â Introduction: why decommissioning matters for responsible investors
01:59 â Julien Halfon on the US$7.5 trillion decommissioning gap
04:31 â Why investors canât simply divest from âbrownâ assets
06:43 â Stewardship through end of life: staying engaged with legacy assets
07:51 â From liability to opportunity: repurposing mines, nuclear sites and hubs
11:23 â Transition and decommissioning bonds: funding clean-up and redevelopment
14:45 â Early issuances and investor appetite for decommissioning bonds
17:30 â Risks from short-termism, asset transfers and weak disclosure
23:14 â Real-world examples of repurposing and urban transformation
24:30 â The looming crunch: decommissioning fossil and ageing renewables together
28:40 â What policy and tax frameworks are needed to support decommissioning?
30:18 â Local communities, pension lessons and the North Sea opportunity
33:15 â Signposts for progress and scaling decommissioning markets
37:51 â The responsibility of investing: intergenerational stewardship and systems change
Disclaimer
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 âas isâ 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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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 PRIâs 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 climateânature nexus during COP30 and beyond.
Overview
The conversation begins by defining the climate-nature nexus as more than a conceptual link itâs 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 Brazilâs 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 Coverage
Risks 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 Robecoâs approach to assessing corporate transition readiness for both climate and biodiversity, combining financial materiality with forward-looking analytics. Their âtraffic lightâ 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 PRIâs Spring Initiativeâeach 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 â Introduction: The climateânature nexus
02:32 â Graham Stock on integrating nature risk into sovereign credit
06:09 â Laura Bosch on connecting biodiversity and climate strategies
11:24 â How nature-based targets are reshaping portfolios
16:46 â Tools to assess transition readiness for climate and nature
21:23 â Reversing nature loss in agriculture and land use
24:09 â Investor engagement and the IPDD
29:52 â Collaborative initiatives: Nature Action 100 and PRIâs Spring
38:32 â Looking ahead to COP30 and the Tropical Forest Financing Facility
45:42 â The responsibility of investing: closing reflections
Disclaimer
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 âas isâ 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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Extreme weather events are reshaping the investment landscape. How can investors protect portfoliosâand communitiesâfrom 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, PRIâs 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 theoreticalâitâs 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 resilienceâreducing insurance premiums by 11.7% and strengthening investor confidence in the process.
Detailed Coverage
Physical climate risk today: More frequent and severe eventsâfrom typhoons in Hong Kong to floods in Europeâare 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: Linkâs sustainability strategy is built on two pillarsâprotecting 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 donât stop at property boundaries. Linkâs team now collaborates with neighbors, local authorities, and infrastructure managers to build district-level resilienceâan 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 valueâfrom stable returns for investors to safety and reliability for tenants.Chapters
00:43 â Welcome and introductions02:08 â Why investors must act on physical climate risk05:07 â How far investors have comeâand how far to go07:23 â The cost versus opportunity debate08:43 â Link Asset Managementâs practical approach11:48 â A watershed moment: floods and recovery13:34 â Turning resilience into measurable value15:23 â Black-rain events and extreme weather16:59 â Challenges for other investors20:23 â Partnering with insurers to price resilience25:00 â From property-level to community-level resilience27:28 â How resilience links to property valuation30:50 â Final reflections: communication, focus, and leadership32:44 â 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.article
Keywords
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 communication
Disclaimer
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 âas isâ 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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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 todayâs âdisorderly transitionâ 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 âtrapped competenciesâ and long-term value.
Overview
Ioannou argues we donât choose whether to transitionâthe 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 coverage
Orderly 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 âtrapped competenciesâ: Future-fit capabilities (circularity, regeneration, inclusion) remain undervalued until the system alignsâcreating 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 canât be a niche fund while the rest ignores impacts.Capital marketsâ role: Finance the next industrial transformation (energy, transport, food). Prioritise scaling real solutions over purely financial engineering.Beyond shareholder primacy: Re-balance to a âteam productionâ model that values natural and human capital alongside financial capital.Long-termism & multilateralism: Global problems need global collaboration; regionalism canât substitute. Impacts are already ânow,â 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: Donât just alignârestore and regenerate ecological and social capital.Chapters
00:01 â Welcome & series context00:52 â Guest intro and PRIâs Investment Case database02:11 â Orderly vs. disorderly transition05:38 â Defining âaligned capitalismâ07:37 â Future-fit capabilities & trapped competencies10:51 â Investor incentives for alpha & impact14:12 â Making RI core (authority, integration, structure)18:17 â Capital marketsâ original purpose21:08 â Shareholder primacy & governance rethink25:30 â Long-termism, regionalism, and global coordination29:02 â Why the ESG backlash might be good31:18 â From technical to narrative infrastructure36:53 â Investorâbeneficiary engagement (agency, tech, product design)41:23 â 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 engagement
Disclaimer
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 âas-isâ 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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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 coverage
Why 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 â balancing short-term returns with the duty to build resilient, sustainable portfolios for future beneficiaries.Chapters
00:43 â Why COP30 matters to investors02:19 â Legal & Generalâs role and the Net Zero Asset Owner Alliance05:23 â Why engage with UN climate negotiations?06:04 â The Baku to BelĂ©m Roadmap and $1.3 trillion finance goal08:44 â Barriers and risks in emerging markets11:06 â Opportunities vs. resilience in climate investing14:37 â Key asks for COP30 outcomes15:57 â Nature-based solutions and innovative financing18:18 â Investor expectations for government action20:10 â Practical advice for engaging with the COP process23:49 â What is the responsibility of investing?Read more about the PRIâs Road to COP30 programme and buy your tickets to PRI in Person at https://www.unpri.org/sustainability-issues/climate-change/the-road-to-cop30
Find 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 integration
Risk 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.
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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 Coverage
The 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 â 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.Chapters
00:44 â Why defence is back on the agenda02:09 â Democracy, defence, adding the âDâ into ESG?05:26 â Human rights, reputational, and environmental risks08:53 â Ukraine, NATO, and the defence boom11:47 â Client expectations and regulatory shifts16:08 â Responsible investing frameworks: defence as social necessity?18:24 â Due diligence, customers, and sanctions23:31 â Stewardship, standards, and defence bonds28:33 â Dual-use technologies and transparency37:36 â Human rights due diligence in practice40:04 â Policy, regulation, and long-term certainty45:00 â Final reflections on the future of defenCe investing47:16 â The responsibility of investors in todayâs 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 regulation
Risk 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.
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With just weeks to go until COP30 in BelĂ©m, Brazil, the worldâs attention is turning to how global climate commitments can move from promise to practice. Investors are central to this shift â from financing the transition to engaging with policymakers - all of which weâll be discussing at PRI in Person in SĂŁo 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 yearâs UN Climate Conference.
Overview
COP30 marks a pivotal moment: the first time all elements of the Paris Agreementâs âfull cycleâ 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 â and all this as the Amazon rainforest hosts â 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 â shifting from frameworks to real-world action.Detailed Coverage
Why 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 COP29âs focus on climate finance, aiming to mobilise far greater flows of capital â 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 â 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 (SĂŁo Paulo) and COP30 (BelĂ©m) are highlighted as forums where investors can move beyond commitments into specific, scalable solutions.Chapters
00:43 â Setting the stage: COP30 and investor relevance02:31 â Role of the COP30 CEO and the negotiation process04:09 â Why COP decisions affect finance and daily life06:37 â Priorities and hopes for COP3010:17 â 2035 plans and Paris Agreement âfull cycleâ12:51 â Risks and opportunities for investors16:54 â Practical ways investors can engage with COP3019:14 â PRI in Person as a platform for dialogue22:27 â 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 November
The Road to COP30
Keywords
COP30, 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
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Intro / Hook
The PRI Awards showcase the very best in responsible investment â 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.
Overview
The 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 Commissionersâ 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 Coverage
The 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 Commissionersâ 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.Chapters
00:44 â Introduction to the PRI Awards and categories05:45 â Reflections on judging the awards08:00 â Trends in responsible investment submissions10:47 â The rise of global leadership in sustainability11:42 â The Church Commissioners and their stewardship approach14:05 â The Investor Initiative for Human Rights Data (IIHRD)16:18 â Human rights as a systemic risk17:12 â Embedding human rights into policy and stewardship practices19:16 â Addressing data gaps and disclosure challenges24:19 â What does âThe Responsibility of Investingâ mean today?Keywords
responsible 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
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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 LACERAâs 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 LACERAâs investment process to protect and grow assets for current and future retirees.
Visit the PRI website: https://www.unpri.org/
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