Investment consultants

Engie, a French energy company, will submit its climate plan to a vote by its shareholders at its annual general meeting on April 24

The FIR and ADEME, in association with the Ethos Foundation and the World Benchmarking Alliance, have carried out an analysis to read its climate plan.

In terms of transparency and the level of ambition of its climate strategy, Engie's level is good:

• 70% alignment with FIR recommendations
• A performance score of 58% in ACT assessments

Two major areas for improvement are worth highlighting: 

• Although Engie has announced targets accompanied by a detailed action plan for each action up to 2030, this contribution could be more detailed after 2030 and include, in particular, the planned reduction in fossil gas production and sales
• On CAPEX, the company does disclose its taxonomic alignment for 2025-2027, but the level of alignment is significantly different depending on whether or not maintenance CAPEX is included

Corporate political spending just hit new records, and shareholders aren’t settling for mere transparency anymore—many want real, measurable reductions.  In my latest blog post, I examine how executive donations and employee contributions at companies are reshaping the conversation around corporate influence.  Plus, I spotlight how data-driven tools from Prime Directive Analytics can help investors hold companies accountable. Check it out to see why this shift matters for business, democracy, and your portfolio.

==

Corporate political spending is under a microscope like never before. With investor coalitions demanding more transparency and the public eye on record-breaking contributions, companies are facing mounting pressure to disclose their political activities—and even curb them. In fact, in the 2024 election cycle, political action committees raised over $12.3 billion and spent nearly $11 billion, setting a new record according to FEC.gov.

Increasing Shareholder Action

Over the past two weeks, corporate political spending has once again captured the spotlight. High-profile shareholder proposals at major companies, record-breaking spending on down-ballot elections, and ...

Japan’s Green Transformation (GX) Plan is a bold new strategy aimed at transitioning the world’s fourth largest economy away from fossil fuels and toward cleaner energy sources. Equally ambitious financing should catalyze investments across diverse smart energy solutions, from renewables and smart grids to smart cars and energy-saving equipment.

Summary 

• Plan aims to both energize and decarbonize Japan’s economy
• The near 1 trillion-euro investment rivals the US IRA in size and ambition
• Substantial tailwinds expected for smart energy solutions in Asia and Japan 

The Chocolate Scorecard ranks and grades chocolate companies on key sustainability issues. The Chocolate Scorecard is coordinated by Be Slavery Free, with Universities, consultants, and civil society groups engaging in transforming the chocolate industry.

First Sentier MUFG-SI: Climate Risk & Adaptation in Global Food

1. The purpose of this report is to highlight the major climate change and extreme weather impacts on global food supply chains through to 2050 and propose actions which businesses and investors can take to support food security, food system resilience, and commercial returns.

2. The world is on track for 2.5 degrees global warming by 2050 at the rate of current policies and climate action, with an expected deficit of 15-20 GT CO2e according to Baringa’s modelling. The Intergovernmental Panel on Climate Change (IPCC) has confirmed positive correlations between increased emissions and increased occurrence of extreme weather hazards. This means that both direct and indirect investors across globally integrated supply chains like food will continue to face exponentially increasing climate risks and extreme weather hazards over the next several decades....

OMFIF: Gender Balance Index 2025

... contains:

• 1: Central Banks - Inflection point
• 2: Commercial Banks - Reinforcing the pipeline
• 3: Pension Funds - A pause in progress
• 4: Sovereign Funds: Emerging markets make their mark
• ... and types of roles, databank & methodology

Investors realize that nature loss represents systemic risks for investment portfolios but find it difficult to measure and mitigate. That is the main message from our conversations with asset owners in the past year, including a roundtable held with five investors and the World Wide Fund for Nature – Netherlands.

Summary

• Insight Summary in 100 Words
• Clients confirm materiality of biodiversity, but ask how and why to act now
• Their main challenge is measuring nature risks and impacts in portfolios
  Robeco’s Biodiversity Traffic Light assesses corporate positioning on nature

MSCI ESG: APAC Issuers Webinar - Corporate Governance and timely insights from “Women on Boards"

Date
April 30, 2025
 
Time
9:00 - 10:00 a.m. SGT
 
Location
Virtual Platform
 
Overview
Join our webinar on 30th April, Wednesday, designed for issuers across APAC interested in enhancing their understanding of selected key issues in our Corporate Governance methodology and how it may impact your ESG Rating. 
 
In this session, you will gain a deeper understanding on topics such as: 
- Our rules-based Corporate Governance assessment process and how it impacts  MSCI ESG Ratings 
- Key components of our Corporate Governance methodology, focusing on the Board Key Issue 
- Timely insights from our annual Women on Boards and Beyond Progress Report , including findings specific to APAC issuers 
- How you can engage with us as a rated corporate issuer and provide valuable data feedback. 

By focusing allocations on financing real-world emissions reduction and using engagement to encourage net-zero alignment, investors can help to shift the economy toward a credible decarbonisation pathway, while optimising returns for clients and beneficiaries.

In Brief

• The rising demand for freshwater and the lack of access to safe drinking water for a significant portion of the global population, highlights a critical crisis in water availability and security.
• Across the water value chain, there are substantial investment opportunities due to the urgent need for infrastructure upgrades and the growing markets for water and wastewater treatment solutions.
• Innovative technologies are emerging to address freshwater scarcity, safety, and affordability.

In brief
• Younger generations, such as Millennials and Generation Z, are reshaping consumer preferences, prioritizing health and wellness, seeking value in their purchases, and favoring e-commerce.
• The growing middle class in emerging markets, the massive generational transfer of wealth, and the ongoing digitization of commerce present significant growth opportunities for businesses.
• To appeal to the growing younger consumer base, companies must understand the trends and preferences of these rising consumers and develop strategies to access new markets around the world.

Megatrending 2025 delves into key themes across three major sections:

1 - Society
2 - Environment
3 - Technology

• Innovations in healthcare and biotech, why we should be hopeful about the state of the world, and why anti-obesity drugs matter.
• The shift from fossil fuels to renewable energy, the development of sustainable aviation fuel, and new models to measure biodiversity impacts.
• Advancements in AI, robotics, and semiconductor technology, and how these innovations are transforming industries.

Key findings from this briefing:

• Significantly reducing the deforestation exposure of global agricultural supply chains, and eliminating the risks to companies and investors, will require an enabling environment.  
• Policymakers are key to this, as are the nascent efforts of international financial markets to recognise the value of natural capital contained within forests.
• Investors can use available tools and datasets to consider their exposure to deforestation across the entire value chain for sectors that depend on high-risk agricultural inputs.
• They can work with portfolio companies or borrowers to identify the strategies and systems that best mitigate the physical and regulatory risks of deforestation. 

The victory of Donald Trump in the US presidential election, coupled with a lacklustre COP29 climate conference in Baku, has prompted concerns about the state of the energy transition, with some fearing progress may slow or even reverse.

Such concerns are underscored by the 2024 average global temperature reaching 1.8°C above pre-industrial levels in 2024 – marking it as the first year to surpass the 1.5°C target limit. 

Despite rising global temperatures and the Trump administration withdrawing the US from the Paris Agreement for the second time, we still see opportunity for investors to profit from the prevailing trends underlying....

AP Funds: 

The Council on Ethics for the Swedish National Pension Funds: Proactive work highlights important systemic issues

The Council on Ethics for the Swedish National Pension Funds sums up a year of active engagement. The proactive work addresses important systemic issues, including antimicrobial resistance and the extraction of critical metals and minerals for the green transition. The outcomes during 2024 also show continued progress in the reactive company dialogues.

Key takeaways

"While the Trump administration's policies may weigh on some areas of the sustainable investing universe, opportunities with strong commercial economics still exist.

We recommend a diversified portfolio approach across sustainable equities, bonds, hedge funds, and private markets. ESG leaders' strategies, which are theme and sector agnostic, have demonstrated consistent performance against non-ESG benchmarks and remain attractive options for investors, in our view."

Key Insights:

Not all reported rollbacks in diversity, equity, and inclusion (DEI) initiatives will have the same impact. While some changes may signal material shifts in corporate policy, potentially resulting in increased ESG risks, others are primarily a reframing of DEI discourse.
 
Due to the relatively low weight of DEI in Sustainalytics’ ESG Risk Rating, we do not anticipate significant changes to overall ratings.
 
Despite limited financial materiality, investors may be concerned about broader implications, including societal impacts and potential weakening of other ESG commitments, such as climate risk disclosure.

Key Insights: 

Meta’s social media platforms disseminate large amounts of content including misinformation, disinformation and hate speech; recent content moderation changes are likely to increase the latter’s volume and spread.

Societal risks of false information could rise in the US, resulting in regulatory risks.

Content moderation changes could expose Meta to greater financial materiality risks if they lead to reduced user engagement, brand safety, and advertising spending.  

Major increases in societal and financial materiality risks could prompt a reassessment of Meta’s product governance risks from high to severe.

Key Insights: 

Meta’s social media platforms disseminate large amounts of content including misinformation, disinformation and hate speech; recent content moderation changes are likely to increase the latter’s volume and spread.

Societal risks of false information could rise in the US, resulting in regulatory risks.

Content moderation changes could expose Meta to greater financial materiality risks if they lead to reduced user engagement, brand safety, and advertising spending.  

Major increases in societal and financial materiality risks could prompt a reassessment of Meta’s product governance risks from high to severe.

Key Insights:

EU companies face structural barriers to their decarbonization efforts, including those related to EU subsidies, high interest rates, lack of customer commitment, and lack of manufacturing capacity.
 
Despite these obstacles, the companies engaged with on this trip, such as BASF, Iberdrola, Air Liquide, and Acerinox, have remained committed to their net zero ambitions -- investing in low-carbon technologies and projects, engaging with policymakers, and strategically positioning themselves within low-carbon value chains.
 
Bold and coordinated action from policymakers, industry leaders, and investors is needed to address these challenges, if the goal of a sustainable and resilient energy system in the EU is to be achieved.

Environmental-Focused Goals Receive Majority of Financing, Focused on Few Key Areas

• Out of about 900 bonds rated under Sustainable Fitch’s framework, more than half of the proceeds by US dollar value are allocated towards impacts that align with environmental SDGs.
• The data indicates that bond allocations among financial institutions and corporates are concentrated ina small number of SDGs.

• We’ve lost >50mn tons of ice every hour in the last 30 yrs, yet what’s happening in our cryosphere remains out of sight & out of mind; ice losses threaten water, food, energy & economic security & we need urgent emission cuts to stop the melt, slow down SLR & preserve our freshwater ice banks
• Asia is the most vulnerable region - we can & must act; with>50% of GHG emissions Asia can deliver deep decarb this decade & since we are still developing we have the opportunity to leapfrog ahead on transition & adaptation to match rising risks
• What we do in the next few years will decide our futures; overshooting 2°C will result in huge economic impacts from extensive ice loss; tackling complex challenges start with conversations – so download the Guide & let’s get talking about ice now

CWR with top cryosphere scientists/institutes have produced a series of factsheets on what's happening at the front lines from our poles to mountains and on the human and economic impacts of this.

"Vanishing ice and record low snowfall in the Hindu Kush Himalayas (HKH) are concerning for water supply as these are key components of river flow. The Himalayan Water Towers are the source region for 10 mighty rivers in Asia including the Ganges, Indus, Mekong, Yangtze & Yellow Rivers. Not only do one in two Asians live in these 10 river basins, but these basins are also economic powerhouses with over 280 large cities and 865GW of power assets."

The proxy voting season is upon us, and it looks set to be another lively series of annual general meetings at the companies that Robeco invests in. Support for environmental and social-based resolutions is likely to further dwindle amid a wider backlash against ESG, though governance remains as important as ever.

Summary

• Likely support for E&S resolutions wanes as backlash continues
• Common denominator of corporate governance remains strong
• Bumpy ride expected for 2025 Annual General Meeting season

What are the Most Valuable Innovations?

Abstract

This paper analyzes the market valuation of climate innovations through a detailed examination of patent data. We explore the relationship between Tobin’s Q —a measure of firm valuation— and the stock of patents across various climate technology categories. Our findings indicate that, generally, investors do not value climate innovations. However, our exploratory analysis reveals two notable exceptions. First, patents related to improving the efficiency of carbon-intensive technologies (carbon intensive climate innovation) show a positive correlation with firm valuation. Second, a select group of patents in noncarbon- intensive climate technologies, which contribute to both adaptation and mitigation efforts, are also positively valued. Our results suggest that a one standard deviation increase in the stock of patents relative to R&D expenses, measuring firms’ research efficiency in these climate innovation categories, is associated with an increase between 0.5 % and 1.5 % in Tobin’s Q.

Access to usable fresh water is fundamental to livelihoods, health, ecosystems, and the global economy. Water-related natural hazards such as floods and droughts can have such devastating effects that we believe that water-related risks and opportunities can be financially material factors that need to be increasingly integrated into technology sector decisions and the investment strategies that support them.

Robust water stewardship and risk management are important considerations for almost all sectors and industries in the global economy. This is because water availability, quality, and cost are intrinsically linked to economic outcomes and growth. For sectors with high dependency on water, such as global technology industries, water stewardship and risk management are of heightened importance. These considerations are amplified for industries that are growing rapidly and located in regions of high water stress where any disruption to the manufacturing process can have global consequences.

Semiconductor manufacturing ticks all the boxes here:

...

Policy has shifted to prioritize energy security and industrial competitiveness over climate leadership. This will steer investment to the most economical energy sources, driving continued growth in renewables and fossil fuels—but slower decarbonization.

Across the world’s major economies, policy is shifting to reinforce energy security and industrial competitiveness relative to climate leadership. The United States, under President Trump, is now pursuing an “all of the above” energy strategy that effectively prioritizes fossil fuel production and rolls back existing green subsidies. Europe’s historic commitment to the climate transition is being challenged by the risk of carbon pricing and high electricity prices hurting industrial competitiveness, with additional complications from the energy security threat posed by Russia’s invasion of Ukraine. Meanwhile, China’s industrial policies have given it a commanding lead in many green technologies, but it is simultaneously expanding both the supply of renewables and its domestic coal production amid a deteriorating geopolitical environment and fundamental energy security concerns.

...

What will this new approach to energy policy mean for the future of the world’s energy supply? We highlight two dynamics:

...

The tariffs hikes recently announced by president Trump sent shock waves through global financial markets and lead to growing fears for a recession. Impact investing is our best strategy to navigate the tariff turbulence....

"The world we are living in is changing at a fast pace where a decades-long pro-globalisation stance is being challenged by the vulnerability of supply chains during the COVID pandemic and the energy crisis after that. Furthermore, faced with domestic challenges and the rise of nationalism, the prioritization of domestic agendas has come to the fore in many countries. The most recent development in this regard is the (proposed) new tariffs imposed on imports from several trading partners by the new US administration, along with a rolling back of climate policies.

This opens the door to multiple scenarios of retaliation and the rise of trade wars between the US and its trading partners (see our most recent macro notes on the subject and. These trade conflicts could affect trade flows, growth rates, and transition pathways all over the world. In this note, we revisit the concepts of free trade and the role of its international governing body, the WTO.

We also outline the main channels by which a US invoked trade war affects the transition process in the EU highlighting the main impacts on cost structures and supply chains. We end with a conclusion. This note is the first part of a series analysing the impacts of trade war on the energy transition."

Trump Trade War 2025: Global trade tensions can overwhelm businesses and individuals who struggle to grasp rapidly shifting policies. Many argue these tensions stem from trivial decisions that spark an unrequired global trade conflict. Meanwhile, sustainability efforts risk falling behind as new barriers complicate environmentally friendly practices. In this piece, we investigate historical insights and immediate financial consequences. We also discuss the promising road ahead for a world striving for balanced progress.

What You Will Learn:

• How a damaging trade war can affect clean energy goals and climate technologies.
• Why supply chain disruptions and retaliatory tariffs influence corporate and consumer sustainability choices.
• Possible pathways for preserving renewable energy progress despite a global economic conflict.

NB - By Brian Kahn and Zahra Hirji
3 April 2025 at 12:00 BST
Corrected 4 April 2025 at 18:21 BST

"US President Donald Trump’s tariffs are rippling around the world like a boulder dropped in a pond. He announced on Wednesday blanket tariffs of at least 10% on all countries, with many seeing rates that are much higher.

The exact impacts on the energy transition will take days if not weeks to tease out. But there are some indications of what the tariffs will mean in the US and for the rest of the world. To pick up the signal through the noise, I spoke with BloombergNEF’s head of supply chains and trade Antoine Vagneur-Jones. Here are a few takeaways."

"Ahold Delhaize’s recently issued Sustainability-Linked Bond (SLB) is another milestone on the multinational retailer’s sustainability journey. The new instrument re-uses Ahold's two Scope 3 targets, including those coming from land-use change.

Analysis of the SLBs, however, shows that the bonds have different step-up structures, and the latest bond carries the greatest potential option value due to its higher step-up materiality.

In this note, we also discuss Ahold’s performance trajectory, potential challenges in meeting its 2030 targets, and how investors can leverage this information in their decision-making."

"LG Energy Solution (LGENSO), a leading electric vehicle (EV) battery manufacturer, has issued a $2bn multi-tranche USD bond, including a 10yr green bond.

In this analysis, we unpack the spread dynamics between LGENSO’s green and traditional bonds — what’s known as the “greenium” — and benchmark these against Korean and US automakers.

Greenium can change over time, and there is no obvious pattern. While periods of underperformance in green bonds may represent a shift in demand and supply, they also offer investors an opportunity to align their portfolios with sustainability goals without sacrificing returns."

"In light of escalating investor interest in deforestation risk, we present an exclusive analysis of the deforestation exposure of popular fixed income exchange-traded funds (ETFs). By drawing on AFII’s proprietary Deforestation Debt Universe, the study identifies substantial holdings of deforestation-linked issuers across both ESG-labelled and conventional bond ETFs.

Our findings show a relatively high exposure to deforestation across a suite of ETFs run by State Street, Invesco, and iShares. Across the ESG-labelled funds analysed, exposures average 5.8%. Perhaps surprisingly, most ESG-labelled funds actually exhibited higher exposure to deforestation-risk issuers than non-ESG benchmarks. This may in part be because the underlying ESG indices used to inform allocations rely on broad-based ESG ratings that gloss over deforestation risks."

2024 Fixed Income Engagement Report

Across Morgan Stanley Investment Management’s Fixed Income group,  we view engagement as a marathon, not a sprint. We believe in the importance of conducting value-added engagements and seek to play a part in supporting debt issuers to accelerate their sustainable transition.

This annual Global Opportunity update discusses our approach at a global level incorporating our HELP & ACT framework within the investment process, company engagement examples and the low carbon profile of the portfolios. We also highlight participation in collaborative initiatives and Morgan Stanley Investment Management policies.

Global Opportunity’s investment process integrates analysis of sustainability with respect to disruptive change, financial strength and environmental and social externalities and governance (also referred to as ESG). We view ESG as a component of quality and consider the valuation, sustainability and fundamental risks inherent in every portfolio position.

Lazard’s 2024 review of shareholder activism highlights key trends and data in shareholder activism activity throughout the year.

2024 saw a second consecutive year of record-setting global campaign activity, with a very strong H1 enough to fuel record annual results despite an H2 slowdown. Robust U.S. and APAC campaign volumes were enough to offset y-o-y slowdowns in Europe and Canada.

Wednesday 23 April 2025
12.00pm — 12.45pm

Can the energy transition stay on track? Our next live lunchtime webinar ‘Renewables at a crossroads’ will explore the opportunities and risks within the renewables sector and the effects that current global politics have on the global clean energy transition.

S&P Global: Top Cleantech Trends for 2025

Clean energy technologies to reduce emissions, confront climate change

As we move into 2025, the clean energy sector is witnessing transformative trends that are reshaping the landscape of energy production and consumption.

The global commitment to emissions reduction has spurred unprecedented growth in clean energy investments, leading to a surge in innovative technologies that promise to enhance efficiency, reduce costs and improve energy reliability. 

Additionally, geopolitical tensions, particularly concerning China's dominance in the clean technology supply chain, are influencing global energy strategies and investment decisions. 

JobPost: S&P Global - Associate Director, Global Carbon Markets (multiple locations, close unknown)

JobPost: Natixis - Business Analyst ESG & Green Weighting Factor (Paris)

Principles for Responsible Investment
 
Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · London, UK   
 
Seniority Mid-level
Closing: 8:00pm, 27th Apr 2025 BST

S&P Global - Associate Director, Energy Transition Consulting (Multiple locations | close unknown)

JobPost: SSgA - Sustainability Reporting & Climate Policy Officer (London | Close 30 Apr)

JobPost: Goldman Sachs Alternatives - Sustainability & Impact, ESG Product Design, Senior Analyst (London |  Close unknown)

Jobpost: Merck - Associate Director, Sustainability Strategy & Engagement (US | close 7 Apr)

Senior Specialist Stewardship, Nature

Policy Specialist, Canada (12 Month Fixed Term Contract)

Specialist, Progression & Innovation

Associate, Sustainable Financial System

Digital Marketing Associate

Senior Policy Specialist, Africa

Senior Specialist, Sustainability Initiatives 18 Month Fixed Term Contract, (with possible extension)

Associate, Sustainability Initiatives (18 Month Fixed Term Contract)

Head of Human Rights, Social & Governance Issues

Project Manager, Events & Initiatives (12 Month Fixed Term Contract)

JobPost: Goldman Sachs - Asset & Wealth Management, Private Credit, Global Head of ESG, Vice President (NYC | Close unknown)

Senior Learning & Development Partner - People & Culture Team - Principles for Responsible Investment - Applied

Senior Internal Communications & Engagement Business Partner - Principles for Responsible Investment - Applied

Specialist, CRM Administrator - Solutions & Technology - Principles for Responsible Investment - Applied

Growth Marketing Manager - Principles for Responsible Investment - Applied

Specialist, Stewardship Climate Action 100+ (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

JobPost: PRI - Senior Specialist, Sovereign Engagement (Canada) 2 Year Fixed Term Contract
 

Employment Type Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · Canada    Toronto, Ottawa or Montreal
 
Seniority Senior
Closing: 8:00pm, 6th Apr 2025 CDT

JobPost: Business Analyst, Technology & Infrastructure - PRI (London | Closing: 8:00pm, 2nd Mar 2025 GMT)

JobPosts: 3 @ PRI (1 x Brazil, 2 x London)

Associate, Signatory Operations (Bilingual) - Brazil - Principles for Responsible Investment - Applied

Senior Press Officer, Communications - Principles for Responsible Investment - Applied

People Administrator, People & Culture Team - Principles for Responsible Investment - Applied

People Partner (Projects & Initiatives) - People & Culture Team - Principles for Responsible Investment - Applied

UKSIF – Membership Manager

UKSIF – Media Relations Manager

UKSIF – Committee Members

Senior Analyst, Policy (18 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Specialist, Sustainability Initiatives (18 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Senior Policy Analyst, Japan - Principles for Responsible Investment - Applied

Associate, Responsible Investment Engagement & Innovation (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Engie, a French energy company, will submit its climate plan to a vote by its shareholders at its annual general meeting on April 24

The FIR and ADEME, in association with the Ethos Foundation and the World Benchmarking Alliance, have carried out an analysis to read its climate plan.

In terms of transparency and the level of ambition of its climate strategy, Engie's level is good:

• 70% alignment with FIR recommendations
• A performance score of 58% in ACT assessments

Two major areas for improvement are worth highlighting: 

• Although Engie has announced targets accompanied by a detailed action plan for each action up to 2030, this contribution could be more detailed after 2030 and include, in particular, the planned reduction in fossil gas production and sales
• On CAPEX, the company does disclose its taxonomic alignment for 2025-2027, but the level of alignment is significantly different depending on whether or not maintenance CAPEX is included

Corporate political spending just hit new records, and shareholders aren’t settling for mere transparency anymore—many want real, measurable reductions.  In my latest blog post, I examine how executive donations and employee contributions at companies are reshaping the conversation around corporate influence.  Plus, I spotlight how data-driven tools from Prime Directive Analytics can help investors hold companies accountable. Check it out to see why this shift matters for business, democracy, and your portfolio.

==

Corporate political spending is under a microscope like never before. With investor coalitions demanding more transparency and the public eye on record-breaking contributions, companies are facing mounting pressure to disclose their political activities—and even curb them. In fact, in the 2024 election cycle, political action committees raised over $12.3 billion and spent nearly $11 billion, setting a new record according to FEC.gov.

Increasing Shareholder Action

Over the past two weeks, corporate political spending has once again captured the spotlight. High-profile shareholder proposals at major companies, record-breaking spending on down-ballot elections, and ...

Japan’s Green Transformation (GX) Plan is a bold new strategy aimed at transitioning the world’s fourth largest economy away from fossil fuels and toward cleaner energy sources. Equally ambitious financing should catalyze investments across diverse smart energy solutions, from renewables and smart grids to smart cars and energy-saving equipment.

Summary 

• Plan aims to both energize and decarbonize Japan’s economy
• The near 1 trillion-euro investment rivals the US IRA in size and ambition
• Substantial tailwinds expected for smart energy solutions in Asia and Japan 

The Chocolate Scorecard ranks and grades chocolate companies on key sustainability issues. The Chocolate Scorecard is coordinated by Be Slavery Free, with Universities, consultants, and civil society groups engaging in transforming the chocolate industry.

First Sentier MUFG-SI: Climate Risk & Adaptation in Global Food

1. The purpose of this report is to highlight the major climate change and extreme weather impacts on global food supply chains through to 2050 and propose actions which businesses and investors can take to support food security, food system resilience, and commercial returns.

2. The world is on track for 2.5 degrees global warming by 2050 at the rate of current policies and climate action, with an expected deficit of 15-20 GT CO2e according to Baringa’s modelling. The Intergovernmental Panel on Climate Change (IPCC) has confirmed positive correlations between increased emissions and increased occurrence of extreme weather hazards. This means that both direct and indirect investors across globally integrated supply chains like food will continue to face exponentially increasing climate risks and extreme weather hazards over the next several decades....

OMFIF: Gender Balance Index 2025

... contains:

• 1: Central Banks - Inflection point
• 2: Commercial Banks - Reinforcing the pipeline
• 3: Pension Funds - A pause in progress
• 4: Sovereign Funds: Emerging markets make their mark
• ... and types of roles, databank & methodology

Investors realize that nature loss represents systemic risks for investment portfolios but find it difficult to measure and mitigate. That is the main message from our conversations with asset owners in the past year, including a roundtable held with five investors and the World Wide Fund for Nature – Netherlands.

Summary

• Insight Summary in 100 Words
• Clients confirm materiality of biodiversity, but ask how and why to act now
• Their main challenge is measuring nature risks and impacts in portfolios
  Robeco’s Biodiversity Traffic Light assesses corporate positioning on nature

MSCI ESG: APAC Issuers Webinar - Corporate Governance and timely insights from “Women on Boards"

Date
April 30, 2025
 
Time
9:00 - 10:00 a.m. SGT
 
Location
Virtual Platform
 
Overview
Join our webinar on 30th April, Wednesday, designed for issuers across APAC interested in enhancing their understanding of selected key issues in our Corporate Governance methodology and how it may impact your ESG Rating. 
 
In this session, you will gain a deeper understanding on topics such as: 
- Our rules-based Corporate Governance assessment process and how it impacts  MSCI ESG Ratings 
- Key components of our Corporate Governance methodology, focusing on the Board Key Issue 
- Timely insights from our annual Women on Boards and Beyond Progress Report , including findings specific to APAC issuers 
- How you can engage with us as a rated corporate issuer and provide valuable data feedback. 

By focusing allocations on financing real-world emissions reduction and using engagement to encourage net-zero alignment, investors can help to shift the economy toward a credible decarbonisation pathway, while optimising returns for clients and beneficiaries.

In Brief

• The rising demand for freshwater and the lack of access to safe drinking water for a significant portion of the global population, highlights a critical crisis in water availability and security.
• Across the water value chain, there are substantial investment opportunities due to the urgent need for infrastructure upgrades and the growing markets for water and wastewater treatment solutions.
• Innovative technologies are emerging to address freshwater scarcity, safety, and affordability.

In brief
• Younger generations, such as Millennials and Generation Z, are reshaping consumer preferences, prioritizing health and wellness, seeking value in their purchases, and favoring e-commerce.
• The growing middle class in emerging markets, the massive generational transfer of wealth, and the ongoing digitization of commerce present significant growth opportunities for businesses.
• To appeal to the growing younger consumer base, companies must understand the trends and preferences of these rising consumers and develop strategies to access new markets around the world.

Megatrending 2025 delves into key themes across three major sections:

1 - Society
2 - Environment
3 - Technology

• Innovations in healthcare and biotech, why we should be hopeful about the state of the world, and why anti-obesity drugs matter.
• The shift from fossil fuels to renewable energy, the development of sustainable aviation fuel, and new models to measure biodiversity impacts.
• Advancements in AI, robotics, and semiconductor technology, and how these innovations are transforming industries.

Key findings from this briefing:

• Significantly reducing the deforestation exposure of global agricultural supply chains, and eliminating the risks to companies and investors, will require an enabling environment.  
• Policymakers are key to this, as are the nascent efforts of international financial markets to recognise the value of natural capital contained within forests.
• Investors can use available tools and datasets to consider their exposure to deforestation across the entire value chain for sectors that depend on high-risk agricultural inputs.
• They can work with portfolio companies or borrowers to identify the strategies and systems that best mitigate the physical and regulatory risks of deforestation. 

The victory of Donald Trump in the US presidential election, coupled with a lacklustre COP29 climate conference in Baku, has prompted concerns about the state of the energy transition, with some fearing progress may slow or even reverse.

Such concerns are underscored by the 2024 average global temperature reaching 1.8°C above pre-industrial levels in 2024 – marking it as the first year to surpass the 1.5°C target limit. 

Despite rising global temperatures and the Trump administration withdrawing the US from the Paris Agreement for the second time, we still see opportunity for investors to profit from the prevailing trends underlying....

AP Funds: 

The Council on Ethics for the Swedish National Pension Funds: Proactive work highlights important systemic issues

The Council on Ethics for the Swedish National Pension Funds sums up a year of active engagement. The proactive work addresses important systemic issues, including antimicrobial resistance and the extraction of critical metals and minerals for the green transition. The outcomes during 2024 also show continued progress in the reactive company dialogues.

Key takeaways

"While the Trump administration's policies may weigh on some areas of the sustainable investing universe, opportunities with strong commercial economics still exist.

We recommend a diversified portfolio approach across sustainable equities, bonds, hedge funds, and private markets. ESG leaders' strategies, which are theme and sector agnostic, have demonstrated consistent performance against non-ESG benchmarks and remain attractive options for investors, in our view."

Key Insights:

Not all reported rollbacks in diversity, equity, and inclusion (DEI) initiatives will have the same impact. While some changes may signal material shifts in corporate policy, potentially resulting in increased ESG risks, others are primarily a reframing of DEI discourse.
 
Due to the relatively low weight of DEI in Sustainalytics’ ESG Risk Rating, we do not anticipate significant changes to overall ratings.
 
Despite limited financial materiality, investors may be concerned about broader implications, including societal impacts and potential weakening of other ESG commitments, such as climate risk disclosure.

Key Insights: 

Meta’s social media platforms disseminate large amounts of content including misinformation, disinformation and hate speech; recent content moderation changes are likely to increase the latter’s volume and spread.

Societal risks of false information could rise in the US, resulting in regulatory risks.

Content moderation changes could expose Meta to greater financial materiality risks if they lead to reduced user engagement, brand safety, and advertising spending.  

Major increases in societal and financial materiality risks could prompt a reassessment of Meta’s product governance risks from high to severe.

Key Insights: 

Meta’s social media platforms disseminate large amounts of content including misinformation, disinformation and hate speech; recent content moderation changes are likely to increase the latter’s volume and spread.

Societal risks of false information could rise in the US, resulting in regulatory risks.

Content moderation changes could expose Meta to greater financial materiality risks if they lead to reduced user engagement, brand safety, and advertising spending.  

Major increases in societal and financial materiality risks could prompt a reassessment of Meta’s product governance risks from high to severe.

Key Insights:

EU companies face structural barriers to their decarbonization efforts, including those related to EU subsidies, high interest rates, lack of customer commitment, and lack of manufacturing capacity.
 
Despite these obstacles, the companies engaged with on this trip, such as BASF, Iberdrola, Air Liquide, and Acerinox, have remained committed to their net zero ambitions -- investing in low-carbon technologies and projects, engaging with policymakers, and strategically positioning themselves within low-carbon value chains.
 
Bold and coordinated action from policymakers, industry leaders, and investors is needed to address these challenges, if the goal of a sustainable and resilient energy system in the EU is to be achieved.

Environmental-Focused Goals Receive Majority of Financing, Focused on Few Key Areas

• Out of about 900 bonds rated under Sustainable Fitch’s framework, more than half of the proceeds by US dollar value are allocated towards impacts that align with environmental SDGs.
• The data indicates that bond allocations among financial institutions and corporates are concentrated ina small number of SDGs.

• We’ve lost >50mn tons of ice every hour in the last 30 yrs, yet what’s happening in our cryosphere remains out of sight & out of mind; ice losses threaten water, food, energy & economic security & we need urgent emission cuts to stop the melt, slow down SLR & preserve our freshwater ice banks
• Asia is the most vulnerable region - we can & must act; with>50% of GHG emissions Asia can deliver deep decarb this decade & since we are still developing we have the opportunity to leapfrog ahead on transition & adaptation to match rising risks
• What we do in the next few years will decide our futures; overshooting 2°C will result in huge economic impacts from extensive ice loss; tackling complex challenges start with conversations – so download the Guide & let’s get talking about ice now

CWR with top cryosphere scientists/institutes have produced a series of factsheets on what's happening at the front lines from our poles to mountains and on the human and economic impacts of this.

"Vanishing ice and record low snowfall in the Hindu Kush Himalayas (HKH) are concerning for water supply as these are key components of river flow. The Himalayan Water Towers are the source region for 10 mighty rivers in Asia including the Ganges, Indus, Mekong, Yangtze & Yellow Rivers. Not only do one in two Asians live in these 10 river basins, but these basins are also economic powerhouses with over 280 large cities and 865GW of power assets."

The proxy voting season is upon us, and it looks set to be another lively series of annual general meetings at the companies that Robeco invests in. Support for environmental and social-based resolutions is likely to further dwindle amid a wider backlash against ESG, though governance remains as important as ever.

Summary

• Likely support for E&S resolutions wanes as backlash continues
• Common denominator of corporate governance remains strong
• Bumpy ride expected for 2025 Annual General Meeting season

What are the Most Valuable Innovations?

Abstract

This paper analyzes the market valuation of climate innovations through a detailed examination of patent data. We explore the relationship between Tobin’s Q —a measure of firm valuation— and the stock of patents across various climate technology categories. Our findings indicate that, generally, investors do not value climate innovations. However, our exploratory analysis reveals two notable exceptions. First, patents related to improving the efficiency of carbon-intensive technologies (carbon intensive climate innovation) show a positive correlation with firm valuation. Second, a select group of patents in noncarbon- intensive climate technologies, which contribute to both adaptation and mitigation efforts, are also positively valued. Our results suggest that a one standard deviation increase in the stock of patents relative to R&D expenses, measuring firms’ research efficiency in these climate innovation categories, is associated with an increase between 0.5 % and 1.5 % in Tobin’s Q.

Access to usable fresh water is fundamental to livelihoods, health, ecosystems, and the global economy. Water-related natural hazards such as floods and droughts can have such devastating effects that we believe that water-related risks and opportunities can be financially material factors that need to be increasingly integrated into technology sector decisions and the investment strategies that support them.

Robust water stewardship and risk management are important considerations for almost all sectors and industries in the global economy. This is because water availability, quality, and cost are intrinsically linked to economic outcomes and growth. For sectors with high dependency on water, such as global technology industries, water stewardship and risk management are of heightened importance. These considerations are amplified for industries that are growing rapidly and located in regions of high water stress where any disruption to the manufacturing process can have global consequences.

Semiconductor manufacturing ticks all the boxes here:

...

Policy has shifted to prioritize energy security and industrial competitiveness over climate leadership. This will steer investment to the most economical energy sources, driving continued growth in renewables and fossil fuels—but slower decarbonization.

Across the world’s major economies, policy is shifting to reinforce energy security and industrial competitiveness relative to climate leadership. The United States, under President Trump, is now pursuing an “all of the above” energy strategy that effectively prioritizes fossil fuel production and rolls back existing green subsidies. Europe’s historic commitment to the climate transition is being challenged by the risk of carbon pricing and high electricity prices hurting industrial competitiveness, with additional complications from the energy security threat posed by Russia’s invasion of Ukraine. Meanwhile, China’s industrial policies have given it a commanding lead in many green technologies, but it is simultaneously expanding both the supply of renewables and its domestic coal production amid a deteriorating geopolitical environment and fundamental energy security concerns.

...

What will this new approach to energy policy mean for the future of the world’s energy supply? We highlight two dynamics:

...

The tariffs hikes recently announced by president Trump sent shock waves through global financial markets and lead to growing fears for a recession. Impact investing is our best strategy to navigate the tariff turbulence....

"The world we are living in is changing at a fast pace where a decades-long pro-globalisation stance is being challenged by the vulnerability of supply chains during the COVID pandemic and the energy crisis after that. Furthermore, faced with domestic challenges and the rise of nationalism, the prioritization of domestic agendas has come to the fore in many countries. The most recent development in this regard is the (proposed) new tariffs imposed on imports from several trading partners by the new US administration, along with a rolling back of climate policies.

This opens the door to multiple scenarios of retaliation and the rise of trade wars between the US and its trading partners (see our most recent macro notes on the subject and. These trade conflicts could affect trade flows, growth rates, and transition pathways all over the world. In this note, we revisit the concepts of free trade and the role of its international governing body, the WTO.

We also outline the main channels by which a US invoked trade war affects the transition process in the EU highlighting the main impacts on cost structures and supply chains. We end with a conclusion. This note is the first part of a series analysing the impacts of trade war on the energy transition."

Trump Trade War 2025: Global trade tensions can overwhelm businesses and individuals who struggle to grasp rapidly shifting policies. Many argue these tensions stem from trivial decisions that spark an unrequired global trade conflict. Meanwhile, sustainability efforts risk falling behind as new barriers complicate environmentally friendly practices. In this piece, we investigate historical insights and immediate financial consequences. We also discuss the promising road ahead for a world striving for balanced progress.

What You Will Learn:

• How a damaging trade war can affect clean energy goals and climate technologies.
• Why supply chain disruptions and retaliatory tariffs influence corporate and consumer sustainability choices.
• Possible pathways for preserving renewable energy progress despite a global economic conflict.

NB - By Brian Kahn and Zahra Hirji
3 April 2025 at 12:00 BST
Corrected 4 April 2025 at 18:21 BST

"US President Donald Trump’s tariffs are rippling around the world like a boulder dropped in a pond. He announced on Wednesday blanket tariffs of at least 10% on all countries, with many seeing rates that are much higher.

The exact impacts on the energy transition will take days if not weeks to tease out. But there are some indications of what the tariffs will mean in the US and for the rest of the world. To pick up the signal through the noise, I spoke with BloombergNEF’s head of supply chains and trade Antoine Vagneur-Jones. Here are a few takeaways."

"Ahold Delhaize’s recently issued Sustainability-Linked Bond (SLB) is another milestone on the multinational retailer’s sustainability journey. The new instrument re-uses Ahold's two Scope 3 targets, including those coming from land-use change.

Analysis of the SLBs, however, shows that the bonds have different step-up structures, and the latest bond carries the greatest potential option value due to its higher step-up materiality.

In this note, we also discuss Ahold’s performance trajectory, potential challenges in meeting its 2030 targets, and how investors can leverage this information in their decision-making."

"LG Energy Solution (LGENSO), a leading electric vehicle (EV) battery manufacturer, has issued a $2bn multi-tranche USD bond, including a 10yr green bond.

In this analysis, we unpack the spread dynamics between LGENSO’s green and traditional bonds — what’s known as the “greenium” — and benchmark these against Korean and US automakers.

Greenium can change over time, and there is no obvious pattern. While periods of underperformance in green bonds may represent a shift in demand and supply, they also offer investors an opportunity to align their portfolios with sustainability goals without sacrificing returns."

"In light of escalating investor interest in deforestation risk, we present an exclusive analysis of the deforestation exposure of popular fixed income exchange-traded funds (ETFs). By drawing on AFII’s proprietary Deforestation Debt Universe, the study identifies substantial holdings of deforestation-linked issuers across both ESG-labelled and conventional bond ETFs.

Our findings show a relatively high exposure to deforestation across a suite of ETFs run by State Street, Invesco, and iShares. Across the ESG-labelled funds analysed, exposures average 5.8%. Perhaps surprisingly, most ESG-labelled funds actually exhibited higher exposure to deforestation-risk issuers than non-ESG benchmarks. This may in part be because the underlying ESG indices used to inform allocations rely on broad-based ESG ratings that gloss over deforestation risks."

2024 Fixed Income Engagement Report

Across Morgan Stanley Investment Management’s Fixed Income group,  we view engagement as a marathon, not a sprint. We believe in the importance of conducting value-added engagements and seek to play a part in supporting debt issuers to accelerate their sustainable transition.

This annual Global Opportunity update discusses our approach at a global level incorporating our HELP & ACT framework within the investment process, company engagement examples and the low carbon profile of the portfolios. We also highlight participation in collaborative initiatives and Morgan Stanley Investment Management policies.

Global Opportunity’s investment process integrates analysis of sustainability with respect to disruptive change, financial strength and environmental and social externalities and governance (also referred to as ESG). We view ESG as a component of quality and consider the valuation, sustainability and fundamental risks inherent in every portfolio position.

Lazard’s 2024 review of shareholder activism highlights key trends and data in shareholder activism activity throughout the year.

2024 saw a second consecutive year of record-setting global campaign activity, with a very strong H1 enough to fuel record annual results despite an H2 slowdown. Robust U.S. and APAC campaign volumes were enough to offset y-o-y slowdowns in Europe and Canada.

Wednesday 23 April 2025
12.00pm — 12.45pm

Can the energy transition stay on track? Our next live lunchtime webinar ‘Renewables at a crossroads’ will explore the opportunities and risks within the renewables sector and the effects that current global politics have on the global clean energy transition.

S&P Global: Top Cleantech Trends for 2025

Clean energy technologies to reduce emissions, confront climate change

As we move into 2025, the clean energy sector is witnessing transformative trends that are reshaping the landscape of energy production and consumption.

The global commitment to emissions reduction has spurred unprecedented growth in clean energy investments, leading to a surge in innovative technologies that promise to enhance efficiency, reduce costs and improve energy reliability. 

Additionally, geopolitical tensions, particularly concerning China's dominance in the clean technology supply chain, are influencing global energy strategies and investment decisions. 

JobPost: S&P Global - Associate Director, Global Carbon Markets (multiple locations, close unknown)

JobPost: Natixis - Business Analyst ESG & Green Weighting Factor (Paris)

Principles for Responsible Investment
 
Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · London, UK   
 
Seniority Mid-level
Closing: 8:00pm, 27th Apr 2025 BST

S&P Global - Associate Director, Energy Transition Consulting (Multiple locations | close unknown)

JobPost: SSgA - Sustainability Reporting & Climate Policy Officer (London | Close 30 Apr)

JobPost: Goldman Sachs Alternatives - Sustainability & Impact, ESG Product Design, Senior Analyst (London |  Close unknown)

Jobpost: Merck - Associate Director, Sustainability Strategy & Engagement (US | close 7 Apr)

Senior Specialist Stewardship, Nature

Policy Specialist, Canada (12 Month Fixed Term Contract)

Specialist, Progression & Innovation

Associate, Sustainable Financial System

Digital Marketing Associate

Senior Policy Specialist, Africa

Senior Specialist, Sustainability Initiatives 18 Month Fixed Term Contract, (with possible extension)

Associate, Sustainability Initiatives (18 Month Fixed Term Contract)

Head of Human Rights, Social & Governance Issues

Project Manager, Events & Initiatives (12 Month Fixed Term Contract)

JobPost: Goldman Sachs - Asset & Wealth Management, Private Credit, Global Head of ESG, Vice President (NYC | Close unknown)

Senior Learning & Development Partner - People & Culture Team - Principles for Responsible Investment - Applied

Senior Internal Communications & Engagement Business Partner - Principles for Responsible Investment - Applied

Specialist, CRM Administrator - Solutions & Technology - Principles for Responsible Investment - Applied

Growth Marketing Manager - Principles for Responsible Investment - Applied

Specialist, Stewardship Climate Action 100+ (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

JobPost: PRI - Senior Specialist, Sovereign Engagement (Canada) 2 Year Fixed Term Contract
 

Employment Type Contract Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · Canada    Toronto, Ottawa or Montreal
 
Seniority Senior
Closing: 8:00pm, 6th Apr 2025 CDT

JobPost: Business Analyst, Technology & Infrastructure - PRI (London | Closing: 8:00pm, 2nd Mar 2025 GMT)

JobPosts: 3 @ PRI (1 x Brazil, 2 x London)

Associate, Signatory Operations (Bilingual) - Brazil - Principles for Responsible Investment - Applied

Senior Press Officer, Communications - Principles for Responsible Investment - Applied

People Administrator, People & Culture Team - Principles for Responsible Investment - Applied

People Partner (Projects & Initiatives) - People & Culture Team - Principles for Responsible Investment - Applied

UKSIF – Membership Manager

UKSIF – Media Relations Manager

UKSIF – Committee Members

Senior Analyst, Policy (18 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Specialist, Sustainability Initiatives (18 Month Fixed Term Contract) - Principles for Responsible Investment - Applied

Senior Policy Analyst, Japan - Principles for Responsible Investment - Applied

Associate, Responsible Investment Engagement & Innovation (12 Month Fixed Term Contract) - Principles for Responsible Investment - Applied