Advertise on podcast: Sustainability in Conversation

Featuring:  Hilary Wiek, Principal Analyst, Fund Strategies, PitchBook  Anikka Villegas, Senior Analyst, Fund Strategies and Sustainable Investing, PitchBook  Catalina Secreteanu, Global Head of Market Development, Morningstar Sustainalytics  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics    On Where Sustainable Capital is Flowing Next  This episode of Sustainability in Conversation dives into the results of PitchBook’s 2026 Sustainable Investment Survey. The report’s co-authors Hilary Wiek, Principal Analyst, Fund Strategies and Anikka Villegas, Senior Analyst, Fund Strategies and Sustainable Investing, share insights from the survey and discuss the persistence of sustainable investing among private market investors, despite headlines to the contrary. They also explore emerging opportunities in infrastructure, energy transition, and water, as well as how investors are navigating the opportunities and challenges presented by artificial intelligence. In the long run, they see successful strategies as those that connect sustainability themes directly to risk management, resilience, and investment opportunities, while also responding to evolving geopolitical and technological realities.   Key Moments 00:00:00 Introduction and highlights from Climate Week NYC 00:05:27 A conversation with Hilary Wiek and Anikka Villegas, authors of Pitchbook’s 2026 Sustainable Investment Survey report 00:33:29 Sign off Share Your Feedback Please take a moment to share your thoughts on Sustainability in Conversation. You can email us at [email protected].    Links to Select Resources  2026 Sustainable Investment Survey   Asset Owner Perspectives Survey 2026 – Quantitative Analysis  Sustainable Investment Forum at PRI in Person

Host: Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics Guest: Agnes Grouc, Co-head Sustainable Capital Markets Solutions, BNP Paribas Begum Gursoy, Director, Market Development, Morningstar Sustainalytics On the Next Phase of Sustainable Finance This episode of Sustainability in Conversation explores how the sustainable debt markets are maturing as investors and issuers shift their focus from commitments and frameworks to evidence, delivery and long-term credibility. Agnes Gourc, Co-Head of Sustainable Capital Market Solutions at BNP Paribas, joins Begum Gusoy, Director, Market Development at Morningstar Sustainalytics, to discuss evolving investor expectations, the continued role of labeled bonds in capital markets, and why capital allocation and transition planning have become critical indicators of a credible sustainability strategy. Their conversation examines the integration of sustainable finance across debt markets and what that means for issuers, banks, and investors navigating the next phase of market development. Share Your Feedback Please take a moment to share your thoughts on Sustainability in Conversation. You can email us at [email protected]. Key Moments 00:00:00 Introduction 00:01:17 A conversation with Agnes Gourc 00:04:34 How are sustainable fixed income transactions being discussed today? 00:09:34 How are investors assessing the cost/benefits of issuing labeled debt? 00:16:27 How is the greater focus on climate credibility showing up in use of proceed bond issuances? 00:20:40 What are some challenges in surfacing the entity-level transition story in issuances? 00:28:55 How do you see the sustainable debt market evolving? 00:34:48 Sign off   Links to Select Resources Global Sustainable Fund Flows: Q2 2026 in Review

Episode Summary Host: Catalina Secreteanu, Managing Director, ESG Solutions, Europe, Sustainalytics Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics Guest: Tom Gosling, Professor in Practice, Financial Markets Group, London School of Economics Lindsey Stewart, Director, Institutional Investor Content Strategist, Morningstar On Investors’ True Impact on Sustainability In this episode of Sustainability in Conversation, we are delighted to share an intriguing and insightful conversation direct from London Climate Action Week. Friend of the show and former host, Lindsey Stewart, sat down with Tom Gosling, Professor in Practice at the London School of Economics, to discuss the investor’s role in climate transition. The conversation points toward a more pragmatic phase of sustainable investing — one centered on fiduciary duty, policy engagement, investor agency, and asset-owner leadership, rather than ambitious but difficult-to-deliver climate commitments. Additionally, Catalina shares why she’s feeling energized and inspired following a week of climate conversations with peers in London and talks about Morningstar Sustainalytics’ recently announced collaboration with XDI and Veridion to bring enhanced asset-level physical climate data to the market.   Share Your Feedback Please take a moment to share your thoughts on Sustainability in Conversation. You can email us at [email protected]. Key Moments 00:00:00 Introduction 00:03:36 A conversation with Lindsey Stewart 00:07:32 A conversation with Tom Gosling 00:30:38 Sign off

Host:  Catalina Secreteanu, Managing Director, ESG Solutions, Europe, Sustainalytics  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Guest:  Thomas Hohne-Sparborth, Head of Sustainability Research, Lombard Odier  Alex Osborne-Saponja, Director, ESG Methodology  On Aligning Capital With Climate Outcomes  This episode of Sustainability in Conversation focuses on investors and climate transition. We start with an insightful conversation with Thomas Hohne-Sparborth, Head of Sustainability Research at Lombard Odier. He discusses how the asset management firm’s systems-level view of climate transition informs their investment strategy, and shares what that looks like in practice.   Next, we hear from Alex Osborne-Saponja, Director of ESG Methodology at Sustainalytics and co-author of Transition or Illusion? What Capital Flows Reveal About Net Zero Credibility. Alex shares insights from the report, which examines capital expenditures as a key signal of corporate climate transition credibility. She details why capex is an important indicator and highlights a “mosaic approach” to analysis, combining multiple indicators to infer transition direction.   Share Your Feedback   Please take a moment to share your thoughts on Sustainability in Conversation. You can email us at [email protected].  Key Moments   00:00:00  Introduction  00:03:38  A conversation with Thomas Hohne-Sparborth  00:17:14  A conversation with Alex Osborne-Saponja  00:34:00  Sign off     Links to Select Resources  What Capital Flows Reveal About Net Zero Credibility Climate Transition Toolkit

Host: Catalina Secreteanu, Managing Director, ESG Solutions, Europe, Morningstar Sustainalytics Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics Guest: Bin Dong, Lead Analyst, ESG Methodology, Morningstar Sustainalytics On the Evolution of Sustainable Investing and Constructing More Resilient Portfolios In this episode of Sustainability in Conversation, we welcome our new co-host, Catalina Secreteanu. Catalina has worked in the sustainable investment space for the past 17 years, holding roles at UKSIF and Sustainalytics in the UK and Australia. During that time, she’s had a front row seat to how the industry has evolved. She shares her thoughts on where the market has been and where it’s going, as well as the challenges and opportunities along the ways.   Melissa and Catalina also sat down with Bin Dong, Lead Analyst, ESG Methodology, and author of the report “ESG Resilience in Focus: What the US-EU Divergence Means for Portfolio Performance.” Building on analysis from a previous publication, this report examines how portfolios adjusted for material sustainability factors perform under pressure in US and EU equity markets. Bin shares the most recent findings and explains how investors could leverage the insights for their own approaches.  Share Your Feedback Please take a moment to share your thoughts on Sustainability in Conversation. You can email us at [email protected] or take this short survey. Key Moments  00:00:00 Introduction 00:01:46 A conversation with Catalina Secreteanu on the evolution of sustainable investing 00:14:13 A conversation with Bin Dong about ESG risk and portfolio resilience 00:24:01 Sign off   Links to Select Resources Report | ESG Resilience in Focus: What the US-EU Divergence Means for Portfolio Performance Webinar | ESG Resilience in Focus: How Markets Price Risks and What It Means for Portfolios Report | ESG Risk Ratings: A Protective Instrument Amid Economic Shocks

Episode Summary Host: Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics Lindsey Stewart, CFA, Director, Institutional Investor Content Guests: Angela Flaemrich, Director, Stewardship Matteo Felleca, Analyst, Stewardship Ignacio Garcia Giner, Senior Analyst, Stewardship  Bonus Episode: 20-25 Proxy Season Review In this episode, recorded earlier this year, Lindsey sat down with Angela Flaemrich, Matteo Falleca and Ignacio Garcia Giner from Morningstar Sustainalytics’ ESG Proxy Voting Overlay team to discuss their insights from the most recent proxy season. Insights from the discussion include: The decline in the number of sustainability-focused resolutions Changes to the regulatory landscape Increasing support for resolutions related to shareholder rights Lower support for proposals related to climate and DEI issues Key Moments 00:00:04 Introduction. 00:02:12 Highlights of the sustainability-related proposals from 2025 proxy season. 00:04:55 Insights on support levels for sustainability-related proposals. 00:08:31 Insights on the changing topic mix in the 2025 proxy season. 00:11:12 Overview of climate proposal trends. 00:14:52 Overview of social proposal trends. 00:19:04 Thoughts on the 2026 proxy season.   Links to Selected Resources Can Big Tech Keep Its Climate Commitments as Data Centers Scale? Investor Views on AI Oversight Voice of the Asset Owner Survey 2025 Qualitative Insights Voice of the Asset Owner Survey 2025 Quantitative Analysis

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Lindsey Stewart, CFA, Director of Investment Stewardship Research, Morningstar Sustainalytics  Guests:  Ruthann Bartello, Senior Director, Global Lead, Stewardship  Kevin Ranney, Senior Director, Sustainable Fixed Income Research  Allocating Funds to Support a Sustainable Future In this episode of ESG in Conversation, Melissa and Lindsey chat about the continued volatility in the sustainable investing market, as well as luxury brands’ focus on ESG and sustainable supply chains. To kick things off, Melissa interviews Kevin Ranney, Senior Director, Sustainable Fixed Income Research. He talks about the evolution of the sustainable fixed income market and shares insights on the latest enhancements to Morningstar Sustainalytics’ second-party opinion assessment framework. Later, Lindsey sits down with Ruthann Bartello, Senior Director, Global Lead, Stewardship, where they discuss Sustainalytics’ involvement in the Pact for the Future and the importance of bringing the investor voice to the conversation about funding the UN Sustainable Development Goals.   Share Your Feedback   Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected].  Key Moments   00:00:24  Introduction  00:06:25  Interview with Kevin Ranney on the evolution of sustainable fixed income investing and Morningstar Sustainalytics second-party opinion framework.  00:24:44  Interview with Ruthann Bartello about efforts to allocate more funding to the Sustainable Development Goals.  00:36:24  Closing remarks    Links to Select Resources Sustainalytics Insight: Second Party Opinions a Primary Focus  Webinar | Enhanced Assessment Framework for Use of Proceeds Second-Party Opinions      Listen to more episodes here.

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Lindsey Stewart, CFA, Director of Investment Stewardship Research, Morningstar Sustainalytics  Guests:  Hortense Bioy, CFA, Head of Sustainable Investing Research  Jackie Cook, Senior Director, Stewardship  Trends in Sustainable Investing and ESG-Focused Proxy Voting Activities  ESG In Conversation welcomes Lindsey Stewart as the new co-host for the podcast. He and Melissa chat about current developments in the sustainable investment space and the uncertainties investors and companies face. This month’s episode includes three compelling interviews with some of Sustainalytics’ experts, including Lindsey. Tune in to hear perspectives on sustainable investing trends and the continuously changing regulatory landscape. The discussions also cover recent research examining patterns in investors’ proxy voting activities, how companies’ share structures can influence vote outcomes and how that plays out for certain ballot items like say on pay.   Share Your Feedback   Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected].  Key Moments   00:00:26  Introduction  00:03:32  Interview with Hortense Bioy on sustainable investing trends, regulatory changes and the impact on the investment funds landscape.  00:14:29  Interview with Jackie Cook covering recent research on the impact of dual class share structures on sustainability-focused shareholder resolutions.  00:28:42  Interview with Lindsey Stewart on the widening gap between European and US investors environmentally and socially focused shareholder resolutions.  00:36:24  Closing remarks    Links to Select Resources Six Sustainable Investing Trends to Watch in 2025 Report  Shareholder Democracy and the Challenge of Dual Class Share Structures  Say on Pay: CEO Compensation and the Long Tail of Shareholder Dissent  Voting on ESG: A Gap Becomes a Gulf  Ad: To learn more about the Morningstar Sustainable Investing Summit and to register visit https://www.morningstar.com/business/events/morningstar-sustainable-investing-summit

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Guest:  Thomas Kuh, Head of ESG Strategy, Morningstar Indexes  Barbara Lambotte, Head of Sustainable Fixed Income Research  Azadeh Sabour, Director of Climate Thought Leadership, North America  Anne Schoemaker, Director, ESG Products  Catalina Secreteanu, Managing Director, ESG Solutions, Europe  Lindsey Stewart, Director of Investment Stewardship Research  2025: A Year of Change in Sustainable Investing  It’s the start of a new year, a time when many focus on setting new goals and ambitions. In this episode of ESG in Conversation, we explore the resolutions investors and issuers might make when it comes to ESG, climate transition and regulatory issues. Experts from Morningstar Sustainalytics weigh in and share their predictions on what financial market participants will, or should, focus on in the year ahead.   Share Your Feedback   Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected] or take this short survey.  Key Moments   00:00:00  Introduction  00:00:35  Thomas Kuh discusses asset owners  00:05:43  Catalina Secreteanu discussion ESG risk and opportunities  00:08:35  Anne Schoemaker discusses regulations  00:12:52  Azadeh Sabour discusses climate transition finance 00:21:58  Lindsey Stewart discusses stewardship  00:26:03  Barbara Lambotte discusses sustainable fixed income  00:30:59  Closing remarks  Links to Select Resources Morningstar Sustainable Investing Index Solutions   Material ESG Issues Resource Center  ESG Regulatory Insights Hub  Climate Solutions Resource Center  Stewardship Services  Corporate Solutions – Sustainable Finance and Lending Solutions

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Guest:  Thomas Kuh, Head of ESG Strategy, Morningstar Indexes  Arthur Carabia, ESG Research Policy Director at Morningstar  Kilian Theil, Associate Director, Intelligent Process Automation, Morningstar Sustainalytics    Andrei Hera, former Senior Manager Data Science, Morningstar Sustainalytics     Aymen Karoui, Director of Methodology and Product Architecture, Morningstar Sustainalytics  2024: A Year in Conversation  This year, ESG in Conversation examined the sustainability and climate issues that were top of mind for asset owners, asset managers, companies and financial market participants globally. Featuring insights from Morningstar Sustainalytics, listeners heard from subject matter experts on ESG, climate and regulatory issues affecting the market. In this episode, we share some key insights from this past season. Check out the full episodes via the links below and subscribe to the show on your favorite podcast app to hear what’s on the horizon in the year to come.   Share Your Feedback   Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected].  Key Moments   00:00:00  Introduction  00:00:30  Asset owners share their voice  00:02:48  The AI revolution comes to ESG  00:07:00  Climate disclosure rules come to the US  00:10:10  Harmonizing sustainability regulations remains a challenge  00:16:36  Insights on leveraging ESG ratings in portfolio construction  00:19:50  Closing remarks  00:20:49  The last word    Links to Select Resources: Featured episodes: Asset Owners Share Their Views on the Changing Investment Landscape The AI Revolution Comes to ESG The SEC’s New Rules on Climate When It Comes to Sustainable Investing, It's A Material World Using ESG Data in Portfolio Construction 2024 Voice of the Asset Owner Survey – Quantitative Analysis

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Guest:  Aymen Karoui, Director of Methodology and Product Architecture, Morningstar Sustainalytics Data as the Foundation for Successful Portfolios  How can ESG ratings help investors identify risk when constructing and maintaining their portfolios? In this episode, we explore the practical answers to this question and more. We also feature research leveraging Sustainalytics’ Low Carbon Transition Ratings and Physical Climate Risk Metrics assessing companies' misalignment with the transition to net zero.   We also discussed COP 16, which is focused on biodiversity and the key role of the private sector in addressing biodiversity loss. A recent article using data from our Biodiversity and Natural Capital Stewardship program found that many companies are at the beginning of their journeys.  Share Your Feedback   Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected].  Key Moments 00:00:00  Introduction  00:01:07  Interview with Aymen Karoui about Morningstar Sustainalytics report series in collaboration with Natixis exploring the ESG Risk Ratings and portfolio risk  00:19:51 Overview of the “Navigating Material Climate Risks in the Global Equities Market” report  00:20:57  Overview of “Mobilizing the Private Sector for COP16: A Critical Juncture for Biodiversity Action”  00:22:29 Highlights of upcoming Morningstar Sustainalytics events   Links to Select Resources Report series with Natixis   ESG Risk Ratings: A 360° Review ESG Risk Ratings: Distilling for Enhanced Performance and Downside Protection ESG Risk Premium: A Further Look Navigating Material Climate Risks in the Global Equities Markets Mobilizing the Private Sector for COP16: A Critical Juncture for Biodiversity Action Morningstar Sustainable Investing Summit 2024  More episodes

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Guest:  Arthur Carabia, ESG Research Policy Director at Morningstar  In Global Financial Markets, ESG Materiality Matters  On the heels of the EU parliamentary elections and ahead of pivotal contests in the U.S., the U.K. and elsewhere, ESG in Conversation met with Director of ESG Policy Research, Arthur Carabia to discuss what a change in political agendas and shifting priorities could mean for ESG and sustainability-focused regulations globally.   We also explore the topic of ESG materiality and what it means to asset owners globally, and we discuss its foundational role in the enhancements to Morningstar Sustainalytics' ESG Risks Ratings and corporate governance assessment framework.   Share Your Feedback   Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected].  Key Moments   00:00:00  Introduction  00:01:34  Interview with Arthur Carabia about EU election outcomes and the state of ESG regulatory landscape  00:25:14  Overview of the Voice of the Asset Owner Survey 2024  00:26:34  Updates on Sustainalytics’ corporate governance assessment framework  00:28:14  Introduction to “Fundamentals of ESG Materiality: An Overview for Investors”    Links to Select Resources Voice of the Asset Owner Survey 2024: Qualitative Insights  On the Materiality of Corporate Governance: Themes, Applications and Best Practices  Fundamentals of ESG Materiality: An Overview for Investors  Webinar | Single, Double or Dynamic? An Exploration of Materiality in ESG Approaches to Investment  More Episodes

Episode Summary Host: Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics Guest: Arthur Carabia, ESG Research Policy Director at Morningstar The SEC’s New Rule Ushers in Climate Transparency and Reporting in the U.S.  In late March, the U.S. Securities and Exchange Commission introduced a climate disclosure rule that applies to its 10,000 registrant companies. In this episode of ESG in Conversation, we welcome back Arthur Carabia to shed light on what this new rule means for companies and their investors. He also shares his take on how the rule compares to other sustainability and climate disclosure regulations globally.  Sticking to the regulatory theme, you’ll learn about the EU’s regulations on deforestation-free products and why the issue of environmental regulation is so significant across industries according to our ESG Risk Ratings.  Finally, we share insight on the troublingly persistent issue of child labor in the cocoa supply chain.   Share Your Feedback Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected] or take this short survey.   Key Moments 00:00:00 Introduction 00:01:38 Interview with Arthur Carabia about the SEC’s new climate disclosure rule 00:12:53 Overview of the EU Regulation on Deforestation-Free Products 00:14:09 Insights from Morningstar Sustainalytics annual Industry Reports 00:15:13 Details on child labor in global cocoa supply chains   Links to Select Resources The SEC’s Climate Disclosure Rule: A Step in the Right Direction EUDR: Navigating the EU Regulation on Deforestation-Free Products The State of ESG Risk Across Industries: Three Key Takeaways From Our Annual Industry Reports Child Labor in Cocoa Supply Chains: Unveiling the Layers of Human Rights Challenges  More Episodes

Episode Summary  Host:  Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics  Guests:  Kilian Theil, Associate Director, Intelligent Process Automation, Morningstar Sustainalytics  Andrei Hera, Senior Manager Data Science, Morningstar Sustainalytics   AI Technology is Reshaping the World of ESG Assessments In recent years the marvels of artificial intelligence have been touted across various sectors. As applications of AI technology proliferate, in this episode of ESG in Conversation we chat about how it’s being used in the ESG research space. Members of Morningstar Sustainalytics data research and development teams discuss how the company has been leveraging AI technologies for the past decade and what’s on the horizon in terms of gathering and analyzing corporate ESG risk data.    You’ll also learn more about ESG risks in global supply chains as we share insights from our recently published ESG Spotlight series. The reports explore the impact of supply chain incidents, with a focus on human rights and biodiversity loss. They also offer investors frameworks for assessing supply chain-related risks among portfolio companies and potential strategies to improve portfolio performance and mitigate losses.    Share Your Thoughts About the Show  Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected] or take this short survey. Key Moments  00:00:00  Introduction  00:01:17  Interview with Kilian Theil and Andrei Hera on how AI is changing the world of ESG research and assessments   00:20:52  Overview of the ESG Spotlight series on ESG risks in supply chains    Links to Select Resources  Artificial Intelligence for ESG Assessments  Supply Chain Incidents: Understanding the Impacts  Unlocking Human Rights in Corporate Supply Chains  Biodiversity in the Balance: Hedging Portfolio Risks

Episode Summary Host: Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics Guest: Thomas Kuh, Head of ESG Strategy, Morningstar Indexes  Survey Says... Asset Owners Are Committed to Sustainable Investing In this episode of ESG in Conversation, Thomas Kuh, Head of ESG Strategy at Morningstar Indexes shares the results from Morningstar Indexes and Morningstar Sustainalytics’ Voice of the Asset Owner Survey. Not surprisingly, asset owners are concerned about the influence of global events on the market. They are confused about ever-changing regulations and are seeking improvements and reliability from ESG service providers. Despite these challenges, asset owners also say they remain committed to sustainability and are putting more resources towards their ESG strategies.   You’ll also learn more about the low-carbon transition risks facing some of the world’s biggest food companies and the steps they can take to get their emissions reductions back on track. Finally, the start of 2024 brings new sustainability-focused regulations. The Corporate Sustainability Reporting Directive (CSRD) came into effect in the European Union on Jan. 1 and will apply to nearly 60,000 companies globally. The directive could be a watershed moment for corporate reporting as well as investors seeking more sustainability data from issuers.   Tell Us What You Think  Please take a moment to share your thoughts on ESG in Conversation. You can email us at [email protected] or take this short survey.    Key Moments 00:00:00  Introduction  00:01:30  Interview with Thomas Kuh discussing asset owners’ views on ESG investing   00:10:52  Insights on the low-carbon transition risks of major food companies and how they can reduce emissions  00:12.33  Details on the Corporate Sustainability Reporting Directive     Links to Select Resources Voice of the Asset Owner 2023: Quantitative Analysis  Big Food’s Broken Promises: The Data Behind the Food Industry’s Rising Emissions  CSRD Reporting: Preparing for Mandatory ESG Disclosure Deadlines  More Episodes