Advertise on podcast: The Responsibility of Investing

How can private capital turn sustainability challenges into investment opportunities in emerging markets? Monique Mathys-Graaff, Interim Chief Markets Officer at the PRI, is joined by Lisa Genasci, Managing Director, Sustainable Finance, at ADM Capital, and Vishal Bhavsar, Senior VP & Head ESG at Multiples Alternate Asset Management. Lisa and Vishal are practitioners behind two initiatives shortlisted for the PRI Awards: ADM Capital's  'Project Banyan', shortlisted for Recognition for action: nature, and Multiples Alternate Asset Management's 'The Suraksha Operating Model', shortlisted for Recognition for action: human rights. Drawing on their work in private credit and private equity, they discuss how environmental and social considerations can move beyond frameworks to become part of everyday investment decision-making. From financing the often-overlooked SMEs at the heart of Asian agricultural supply chains to embedding human rights and worker safety into portfolio companies, Lisa and Vishal share practical examples of identifying material risks others may miss. They explore how due diligence, investment agreements, loan documents, active engagement and technical assistance can be used to manage risk, strengthen businesses and support long-term value creation.  Detailed coverage: Private capital as a driver of real-world changeLisa and Vishal reflect on their unconventional routes into investment and why they came to see finance as a powerful lever for influencing how businesses operate. From environmental challenges across Asia to workplace safety in India, both discuss translating sustainability issues into investment priorities.  Finding opportunity in Asia's financing gapLisa explains how agricultural SMEs can sit at the centre of major supply chains while remaining underserved by mainstream finance. Private credit can provide the working and growth capital these businesses need while supporting improvements in traceability, land management, farmer resilience and environmental performance.  When environmental risks become financial risksWater stress, biodiversity loss, land degradation and climate volatility can quickly affect yields, supply, procurement costs and ultimately repayment capacity. The discussion explores why looking beyond conventional financial analysis can reveal risks – and opportunities – that might otherwise be missed.  Making human rights and worker safety an investment priorityVishal discusses the process of identifying human rights and safety risks across portfolio companies and their wider value chains. Rather than treating these issues as standalone policies, the focus has been on embedding them into business priorities, building internal capabilities and allocating the resources required to address them. Change takes time, buy-in and persistenceEmbedding responsible investment practices does not happen overnight. Vishal describes a three-to-four-year journey from initial conversations and internal buy-in to developing a framework that eventually expanded across upstream and downstream value chains.  Embedding sustainability into investment termsThe conversation moves from identifying risk to operationalising it. Lisa explains how sustainability related due diligence, impact targets, action plans and landscape covenants can be incorporated directly into loan documentation, while Vishal outlines how human rights and safety commitments can become part of private equity investment agreements and portfolio action plans.  From risk management to value creationResponsible investment can influence more than the individual company receiving capital. Lisa shares how active engagement and technical assistance can improve practices across supply chains, while both guests emphasise the importance of connecting material sustainability issues directly to business outcomes.  Chapters: 00:00 – Introduction: private capital in emerging markets01:59 – Lisa's journey from environmental issues to private credit04:29 – Vishal's journey: human rights and workplace safety07:47 – Finding opportunity in Asian agriculture and SMEs11:05 – When environmental risks become financial risks13:22 – Making human rights and worker safety a business priority16:20 – The journey from idea to implementation19:22 – Embedding sustainability into private credit23:09 – Integrating human rights into investment decisions25:33 – Lessons for the future of responsible investment 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 "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 2026. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

Policy decisions shape investability, market resilience and long-term returns. In a fragmented global economy, what role should investors play in engaging with governments as part of their stewardship approach?  Nathan Fabian, Chief Policy & Research Officer at the PRI, is joined by Jane Ambachtsheer, Chief Sustainability Officer at BNP Paribas Asset Management. Together, they explore how investors can engage policymakers in an evidence-based, financially relevant way, from transition planning and taxonomies in Asia-Pacific to system-level risks and real-economy policy. The conversation also examines asset-owner expectations, stewardship and collaboration, asking how investors can contribute market insight without drifting into partisanship - and what the responsible investment community needs to deliver reliable outcomes for its clients. Detailed coverage: Asia-Pacific policy is moving from frameworks to implementationJane and Nathan discuss transition planning, decarbonisation roadmaps and taxonomies in Japan and China, where investor-policy dialogue is increasingly pragmatic and focused on tools that improve decision-making. Four megatrends are reshaping investment riskJane outlines four megatrends - geopolitics, the environment, innovation and demographics - and why investors need to consider both individual and interconnected system-level risks. Financial policy and real-economy policy are two sides of the same coinThe conversation explores how investor engagement can span disclosure and taxonomy rules as well as economic policies that influence technology, transition pathways and capital deployment. Investors can contribute evidence, not partisanshipNathan and Jane discuss why long-term investors can provide market insight on investability, risk and resilience while maintaining a financially material and objective basis for policy engagement. Policy engagement needs clearer asset-owner expectationsJane reflects on how policy work can be harder to measure than corporate engagement, and why stronger mandates, case studies and accountability can help asset owners assess what managers are doing. Stewardship and policy engagement should reinforce each otherCompany engagement can reveal transition barriers and opportunities that investors can bring to policymakers, while policy positions should remain consistent with voting and corporate stewardship. Credibility and collaboration will define what comes nextThe episode closes with four priorities: local expertise and credibility, authentic collaboration, a whole-value-chain perspective and stronger demand from asset owners for focused policy engagement. Chapters: 00:00 – Asia-Pacific: from policy frameworks to implementation03:15 – Four megatrends shaping investor risk and opportunity06:34 – Linking financial-sector policy with the real economy08:55 – How large investors decide where and how to engage14:37 – Why investors are not passive policy takers16:52 – Asset-owner expectations and measuring policy engagement21:18 – Client interests, universal ownership and system-level risks23:10 – Connecting company stewardship with policy reform25:47 – The roles investors should play in policy engagement29:15 – Credibility, collaboration and the future of policy 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 "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 2026. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

As the PRI marks its 20th anniversary, responsible investment stands at a turning point. In an investment landscape that has grown more complex, what will it take to shape the next chapter of responsible investment?   Cambria Allen-Ratzlaff, Interim CEO of the PRI, is joined by Josselin Kalifa, CIO of Caisse des Dépôts Asset Management and Co-Chair of the Net Zero Asset Owner Alliance, and Anne-Marie Chidzero, CIO at FSD Africa Investments.Together, they explore why responsible investment is increasingly recognised as simply good investment, how emerging markets are shaping the future of sustainable finance, and how investors navigate a more complex and fragmented global landscape.  From capital mobilisation and blended finance to technology, resilience and the next generation of investment leaders, the conversation looks ahead to what will make responsible investment more credible, more relevant and more effective over the next 20 years. Detailed coverage: Responsible investment is good investmentThe guests discuss how ESG considerations have become embedded within investment processes, with responsible investment increasingly viewed as applying sound judgement, managing long-term risks and identifying material drivers of value. Emerging markets are shaping the futureAnne-Marie explains how African financial markets are developing their own responsible investment approaches, with growing pools of domestic capital helping finance solutions tailored to local economic, social and environmental priorities. Maintaining credibility through financial materialityThe conversation explores why responsible investment must remain grounded in evidence, financial relevance and measurable outcomes rather than ideology, particularly in an increasingly fragmented political environment. Mobilising capital for sustainable growthExamples from African capital markets demonstrate how collaboration between development finance institutions, private investors and local markets can unlock innovative financing solutions for water, energy and natural capital. The role of stewardship and asset ownersJosselin reflects on how asset owners can influence long-term outcomes through investment decisions, manager selection, voting and ongoing engagement with portfolio companies. Technology, resilience and the future of financeThe guests discuss the growing importance of digital resilience, AI, data quality and stronger financial infrastructure in supporting sustainable economic development. A multidisciplinary futureThe episode concludes by encouraging the next generation of investment professionals to combine financial expertise with disciplines such as climate science, technology, geopolitics and demography to navigate an increasingly complex investment landscape. Chapters: 00:00 – Introduction: 20 years of the PRI and responsible investment04:12 – Why responsible investment is now simply good investment06:43 – Emerging markets and Africa's growing influence10:27 – Remaining credible in a changing global landscape16:16 – Financing inclusive growth and resilient economies19:43 – The role of asset owners and stewardship24:21 – Technology, innovation and deepening capital markets27:38 – Partnerships to mobilise sustainable finance30:27 – Advice for the next generation of investors33:10 – Final reflections on the next 20 years of responsible investment 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 "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 2026. 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, is joined by Elisabeth Andvig, Senior Investment Stewardship Manager at Norges Bank Investment Management, and Robert Lewenson, Head of Responsible Investment at Old Mutual Investment Group, to mark 15 years since the UN Guiding Principles on Business and Human Rights (UNGPs) were endorsed. Together, they reflect on how investor practice has evolved, the progress companies have made in embedding human rights due diligence, and the challenges that remain as investors navigate geopolitical uncertainty, supply chain disruption and the transition to a more sustainable global economy. Overview: 15 years after the adoption of the UN Guiding Principles, human rights have become a core consideration for responsible investors. Yet implementation remains uneven, particularly when it comes to due diligence, access to remedy and adapting to an increasingly complex global environment. This episode explores how investors can strengthen human rights stewardship, support a just transition and help ensure long-term value creation while respecting the rights of people across global supply chains. Detailed coverage: How investor practice has evolvedThe guests reflect on how awareness of the UNGPs has grown over the past 15 years, with human rights moving from a niche sustainability issue to an increasingly integrated part of investment stewardship and corporate governance. Human rights due diligence in practiceThe conversation explores the progress companies have made in embedding due diligence processes, alongside the challenges investors face in assessing risks across large, global portfolios and complex supply chains. A changing policy landscapeNathan, Elisabeth and Robert discuss the impact of geopolitical fragmentation, evolving regulation and shifting global supply chains on responsible investment and human rights implementation. Access to remedy and investor responsibilityThe episode examines why access to remedy remains the least developed pillar of the UNGPs and considers how investors can use stewardship and engagement to encourage more effective corporate responses. Human rights, inequality and the just transitionThe discussion explores the relationship between human rights, economic inequality and the transition to a low-carbon economy, highlighting the importance of ensuring communities benefit alongside investors. Looking aheadThe guests share their priorities for the next five years, from strengthening implementation and celebrating good practice to ensuring the UNGPs remain relevant in a rapidly changing investment landscape. To learn more about the PRI's work on human rights and responsible investment, visit: https://public.unpri.org/investment-tools/stewardship/advancehttps://www.unpri.org/deep-dive?id=an-introduction-to-responsible-investment-human-rights Chapters: 00:00 – Introduction: 15 years of the UN Guiding Principles04:48 – How human rights due diligence has evolved11:55 – The challenges of implementation and global policy change21:37 – Access to remedy: the forgotten pillar31:40 – Human rights, inequality and economic inclusion39:12 – The just transition and responsible mining47:18 – Why long-term thinking matters for investors53:46 – Celebrating leadership and sharing best practice57:45 – Looking ahead: priorities for the next five years01:01:32 – Final 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 "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 2026. 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 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 processesBoth 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 long‑term, risk‑adjusted returns and helps meet fiduciary responsibilities to beneficiaries. The role of dedicated expertiseTravis 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 judgementThe 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 PRI’s investment case database: https://public.unpri.org/investment-tools/investment-case-database How AI is changing investment researchAI is beginning to transform investment analysis itself, helping teams assess sector disruption, and emerging financial impacts more dynamically. Building organisational buy-inBoth 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 owner–manager relationshipsTransparency, trust and detailed communication are highlighted as essential for aligning investment objectives, stewardship expectations and long-term strategy execution. Practical lessons for investorsThe 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 investment01:29 - Embedding sustainability into investment processes05:14 - Sustainability, fiduciary duty and long-term returns10:56 - Building the evidence base for responsible investment13:39 - How AI is changing investment analysis20:15 - Creating organisational buy-in and investment alignment22:18 - Climate solutions, strategy and total portfolio thinking27:12 - Asset owner and investment manager collaboration35:15 - Key lessons on transparency, trust and detail37:04 - Practical recommendations for investors 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 “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 2026. 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 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 likeAt 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 thinkingInvestors 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 dynamicUnlike other technologies, AI systems evolve post-deployment. This requires continuous monitoring, disclosure and adaptation, rather than one-off assessments. Examples of leading practiceCompanies 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 ecosystemsAI 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 investorsInvestors 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 collaborationA growing ecosystem of resources, from investor coalitions to research frameworks, is emerging to support engagement and analysis. A marathon, not a sprintAI 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 intentEven 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 action01:00 - What good AI governance looks like03:05 - Internal policies, risk management and board oversight05:00 - Lifecycle thinking and real-world impacts08:17 - Examples of leading practice in AI governance10:30 - Defining and understanding AI risk13:15 - Mapping AI use cases across portfolios15:39 - Practical tools and investor resources19:44 - Why AI is a marathon, not a sprint22:24 - Final takeaways: start now and engage Further 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 “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 2026. 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 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 coverage AI as a system-wide investment issueAI 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 AIResponsible AI practices are increasingly linked to performance, helping companies build trust, avoid costly failures and strengthen long-term returns. Systemic risks: energy, labour and infrastructureAI 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 riskAI 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 gapWhile 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 deployersEngagement 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 leverAcross 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 investorsAI 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. 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 “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, 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 riskCompanies 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 climateUnlike 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 collaborationSpring 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 engagementInvestors 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 challengesProgress is strongest in operational and supply chain practices, but gaps remain in responsible political engagement, data availability and regulatory clarity. Systems thinking and resilienceA 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 nextPriorities 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 investorsInvestors 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 overview02:12 - Early momentum and investor participation03:19 - Why nature stewardship needed a new approach05:35 - Nature vs climate: complexity and measurement challenges08:25 - Lessons from the first 18 months11:14 - Making nature risks financially material17:20 - Signs of progress and remaining gaps19:59 - Why collaboration matters more than ever26:17 - What needs to happen next31:52 - Final reflections: investor responsibility 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 “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 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 investingAniket argues that responsible investing is, at its core, about enhancing risk-adjusted returns. While impact and broader societal goals matter, the mainstream role of investors is to make better decisions by incorporating a wider set of financially relevant factors. Externalities and intangiblesThe conversation explores how climate change and other externalities are increasingly being priced into markets, alongside intangible factors such as governance and human capital. These elements, while harder to measure, are critical drivers of long-term performance. The real economy and long-term valueInvestors are encouraged to look beyond financial markets and consider how businesses operate in the real world. Understanding how technologies, energy systems and structural shifts evolve over time is key to identifying long-term opportunities. Avoiding dogma and embracing nuanceA key theme is the need for investors to stay informed, avoid overly simplistic frameworks, and continually reassess their assumptions. Engaging with opposing viewpoints is highlighted as a valuable way to strengthen decision-making. Rethinking KPIs and performance metricsRather than focusing solely on traditional ESG metrics, the episode emphasises the importance of human capital - including employee engagement, retention and culture - as leading indicators of resilience and performance. The role of investors todayUltimately, investors’ responsibility is to deliver for their beneficiaries. By incorporating long-term risks and opportunities into their analysis, they can contribute to a more resilient and forward-looking financial system. To learn more, see our Investment case database here:  https://public.unpri.org/investment-tools/investment-case-database Chapters 00:00 – Introduction and guest overview01:45 – What is the true purpose of responsible investing?03:30 – Externalities, intangibles and investment decision-making06:30 – Real economy shifts and long-term investing10:45 – How fiduciaries should approach complex risks15:00 – Avoiding dogma and improving decision-making18:30 – The value of debate and diverse perspectives20:45 – Rethinking KPIs: human capital and culture24:30 – Linking performance to long-term resilience26:30 – Final reflections: the responsibility of investors 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 “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, 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 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 coverage Climate 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. Chapters 00:00 – 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 2026 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 “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. 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 – Introduction to responsible investment in securitised debt 02:40 – What securitised debt is and why it matters for investors 06:10 – Why sustainability risks are core credit risks in securitised markets 10:15 – Risk vs impact: a practical distinction for fixed income 14:20 – Integrating sustainability into RMBS and CMBS analysis 18:45 – Credit fundamentals and sustainability in commercial real estate 23:30 – Case study: data centres, climate risk and insurance coverage 30:10 – Private markets, early engagement and improving sustainability data 36:05 – Labelled securitised bonds and avoiding greenwashing 41:45 – 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 “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. 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 “all-of-the-above” energy solutions delivered responsibly. Manager selection and Capital Connect Hershel 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-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 “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. 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. What’s 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 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 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 “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. 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 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 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 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 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 “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. 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. 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 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. 📄 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. 📄 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. 📄 Additional reference: Investor Agenda – 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. 📄 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 “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.