The Responsibility of Investing (formerly The Principles for Responsible Investment) is a podcast by the Principles for Responsible Investment (PRI), the world’s largest global body on responsible investment, representing over $128 trillion in assets under management. Each episode features conversations with thought leaders and experts from around the world, exploring how sustainable factors are transforming the investment landscape. Listen for unique insight into how climate, nature and human rights issues are affecting asset classes and responsible investment policies.
The series helps PRI signatories - and the wider investment community - navigate responsible investment with greater precision and confidence, for the benefit of both investors and society. No matter your size, market, nor stage of the responsible investment journey, The Responsibility of Investing will bring you a new perspective every fortnight.
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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 investment The 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 future Anne-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 materiality The 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 growth Examples 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 owners Josselin 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 finance The guests discuss the growing importance of digital resilience, AI, data quality and stronger financial infrastructure in supporting sustainable economic development.
A multidisciplinary future The 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 investment 04:12 – Why responsible investment is now simply good investment 06:43 – Emerging markets and Africa's growing influence 10:27 – Remaining credible in a changing global landscape 16:16 – Financing inclusive growth and resilient economies 19:43 – The role of asset owners and stewardship 24:21 – Technology, innovation and deepening capital markets 27:38 – Partnerships to mobilise sustainable finance 30:27 – Advice for the next generation of investors 33:10 – Final reflections on the next 20 years of responsible investment
The Investor Imperative: Human rights 15 years on from the UNGPs
Season 2 · Episode 25
Tuesday, June 30, 2026 • Duration 44:25
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 evolved The 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 practice The 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 landscape Nathan, Elisabeth and Robert discuss the impact of geopolitical fragmentation, evolving regulation and shifting global supply chains on responsible investment and human rights implementation.
Enabling Policy Environments: How Paragraph 34 Can Catalyse Capital
Season 2 · Episode 16
Tuesday, January 13, 2026 • Duration 45:48
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.
Economic Inequality: Impacts, Drivers, and Investor Responses
Season 2 · Episode 15
Tuesday, December 16, 2025 • Duration 40:12
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 risk
How it undermines growth, resilience and productivity
The implications for diversified investors
The interplay between inequality, climate, nature and social outcomes
How asset owners can use stewardship, integration and policy engagement to address key drivers
Detailed 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.
Reflections on COP30: Risk, Opportunity and Expectation
Season 2 · Episode 14
Tuesday, December 2, 2025 • Duration 46:46
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 investability
reforming multilateral development banks (MDBs)
mobilising catalytic capital for climate and nature
recognising the centrality of the climate-nature nexus
Jan 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 , pushing for greater alignment between investor needs and national transition pathways.
Decommissioning brown assets: turning environmental liabilities into transition opportunities
Season 2 · Episode 13
Tuesday, November 18, 2025 • Duration 41:29
In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, examines what happens to the world’s ageing, high-emitting infrastructure—and why the way we decommission these assets is central to a just and orderly transition. He is joined by Julien Halfon, Head of Corporate and Pensions Solutions at BNP Paribas Asset Management, whose team estimates there are at least US$7.5 trillion in unfunded decommissioning costs embedded in today’s energy and industrial systems. Together, they explore how responsible investors can move from walking away from “brown” assets to actively stewarding them through end of life, clean-up and repurposing.
Overview
The conversation begins with Julien outlining the research behind the US $7.5–8 trillion decommissioning liability estimate, drawing on global studies from regulators, multilateral institutions and sectoral assessments. He explains how decommissioning liabilities emerged from the nuclear sector and is now a critical but underfunded obligation across oil and gas, mining, coal power and even renewables. Only a small fraction—mainly in nuclear—has been pre-funded, leaving governments, taxpayers and future generations exposed.
Nathan and Julien then unpack why responsible investors cannot simply divest from polluting assets and “leave the mess behind”. In a diversified portfolio, the costs of unmanaged decommissioning, stranded infrastructure and damaged communities reverberate across the wider economy. The discussion reframes decommissioning as part of long-term stewardship: engaging through the full lifecycle of assets, recognising decommissioning as a real liability, and using innovative instruments such as transition and decommissioning bonds to convert environmental debts into investable, long-term solutions.
Detailed Coverage
The decommissioning gap
Julien explains BNP Paribas Asset Management’s estimate of roughly US$8 trillion in decommissioning liabilities, of which around US$7.5 trillion remains unfunded once existing nuclear reserves are stripped out. Current corporate provisions fall far short of this figure, leaving a significant hidden risk.
The Climate - Nature Nexus: Why Investors Must Think Systematically
Season 2 · Episode 12
Tuesday, November 4, 2025 • Duration 49:33
In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores the deep interconnection between climate and nature and what it means for investors. Joining him are Laura Bosch, Senior Engagement Specialist at Robeco and member of the Advisory Committee for the PRI’s Spring Initiative, and Graham Stock, Managing Director at RBC BlueBay Asset Management and co-chair of the Investor Policy Dialogue on Deforestation (IPDD). Together, they unpack the financial and systemic risks of biodiversity loss, the emerging opportunities in sustainable investment, and the growing need for investors to act on the climate–nature nexus during COP30 and beyond.
Overview
The conversation begins by defining the climate-nature nexus as more than a conceptual link it’s an integrated system of feedback loops that shape economies, markets, and societies. Graham explains how deforestation and ecosystem degradation feed directly into sovereign credit risk, citing Brazil’s forests as a clear example of natural capital underpinning national economic stability. Laura expands on how biodiversity loss and climate change are mutually reinforcing crises that require investors to tackle transition and physical risks together.
Both guests highlight a shift in the industry: from separate approaches to climate and nature, to joint strategies that embed nature-based metrics within climate targets and net-zero roadmaps.
Detailed Coverage
Risks and Opportunities: Investors must assess both the risks of ecosystem degradation and the opportunities from nature-positive transitions. Integrating climate and nature goals is becoming standard in frameworks such as the Net Zero Investment Framework and GFANZ guidance.
Portfolio Application: Graham outlines how sovereign bond investors now evaluate nature-related risks such as water stress and deforestation alongside traditional macroeconomic indicators, using these insights to shape portfolio exposure and engagement priorities.
Here comes the rain again - mitigating against climate risk
Season 2 · Episode 11
Tuesday, October 21, 2025 • Duration 36:42
Extreme weather events are reshaping the investment landscape. How can investors protect portfolios—and communities—from the rising physical risks of climate change? In this episode, Kate Webber, Chief Solutions and Technology Officer at the PRI, speaks with Dr Calvin Lee Kwan of Link Asset Management and Simon Whistler, PRI’s Head of Real Assets, to explore how investors can turn climate resilience into both risk management and value creation.
Overview
Physical climate risk is no longer theoretical—it’s here. Floods, fires, and black-rain events are increasing in frequency and intensity, with real financial consequences. Simon Whistler outlines how investors are beginning to quantify and address these risks, yet highlights that fewer than one-third of PRI signatories currently report on physical climate risk metrics. Calvin Lee Kwan shares how Link Asset Management has moved from reactive recovery to proactive resilience—reducing insurance premiums by 11.7% and strengthening investor confidence in the process.
Detailed Coverage
Physical climate risk today: More frequent and severe events—from typhoons in Hong Kong to floods in Europe—are causing major financial and operational losses.
Investor action gap: Only 29% of investors report on physical climate risk, compared with 50% in the real-assets space, showing the need for broader engagement.
Value protection and creation: Link’s sustainability strategy is built on two pillars—protecting existing value through resilience and creating new value through efficiency and stakeholder alignment.
From risk to return: Engaging insurers with clear, data-driven resilience metrics translated into measurable financial results, proving sustainability can deliver bottom-line benefits.
Community resilience: Floodwaters don’t stop at property boundaries. Link’s team now collaborates with neighbors, local authorities, and infrastructure managers to build district-level resilience—an approach that benefits whole communities.
Aligned capitalism: Rewiring finance for a sustainable future
Season 2 · Episode 10
Tuesday, October 7, 2025 • Duration 44:51
Is the transition to a sustainable economy happening to us or because of us? Associate Professor Ioannis Ioannou (London Business School) joins host Kate Webber to unpack the recent ESG backlash and why today’s “disorderly transition” must become an orderly one. We explore how investors can push markets toward aligned capitalism - a system that lives within planetary and social boundaries - while unlocking “trapped competencies” and long-term value.
Overview
Ioannou argues we don’t choose whether to transition—the system is already shifting amid climate change, biodiversity loss, and widening social inequalities. The real choice is whether that transition is orderly (policy-led, long-term, and integrated) or disorderly (reactive, crisis-driven). He outlines how investors can re-center long-termism, integrate sustainability into core strategy (not a side product), and restore the original purpose of capital markets: scaling real-economy solutions.
Detailed coverage
Orderly vs. disorderly transition: Planetary boundaries are breached; social stress is rising. An orderly path minimises harm and plans within ecological and social limits.
Aligned capitalism: Capitalism is a human-made system that can be re-ruled to fit reality. Policy, incentives, and investment practices should align with science and society.
From stranded assets to “trapped competencies”: Future-fit capabilities (circularity, regeneration, inclusion) remain undervalued until the system aligns—creating alpha for first movers.
Investor playbook: Reframe metrics beyond short-term profits; deploy patient capital toward companies building system-shifting capabilities; advocate for rules that unlock these competencies.
Integration, not silos: Sustainability must hold authority inside firms; RI can’t be a niche fund while the rest ignores impacts.
Capital markets’ role: Finance the next industrial transformation (energy, transport, food). Prioritise scaling real solutions over purely financial engineering.
Capital currents: Emerging markets & climate action
Season 2 · Episode 9
Tuesday, September 23, 2025 • Duration 27:36
A decade on from the Paris Agreement, COP30 in Brazil is shaping up to be the implementation COP. For investors, this means not only understanding the risks of inaction but also seizing the opportunities that climate and nature-based solutions present. In this episode, Tamsin Ballard, Chief Initiatives Officer at the PRI, speaks with Wendy Walford, Head of Climate and Nature Risk at Legal & General and Policy Track co-lead for the Net Zero Asset Owner Alliance, about why institutional investors are engaging in the UN climate negotiations and what they hope to achieve
Wendy Walford explains how Legal & General integrates climate and nature considerations into decision-making and why COP30 represents a pivotal moment. She highlights the role of private finance in achieving the Baku to Belém Roadmap commitment of mobilising $1.3 trillion for emerging and developing economies. The conversation explores why investors must be at the table, how alliances can amplify their voice, and why policy stability is the linchpin to unlock large-scale capital flows.
Detailed coverage
Why COP30 matters to investors: Climate is a systemic risk that directly affects portfolios. Investors need to understand policy outcomes to align long-term allocations.
The $1.3 trillion roadmap: COP29 in Baku highlighted the necessity of private finance in scaling investment into emerging markets. COP30 will test how barriers to this ambition can be addressed.
Opportunities and risks: Mobilising finance offers huge upside in renewable energy, adaptation, and nature-based solutions, but investors also face volatility: FX risk, and limited data.
Investor expectations for COP30: Calls for stable, long-term policy environments, signals to boost confidence, and frameworks to unlock investable opportunities in climate and nature.
Nature-based solutions: From sovereign debt-for-nature swaps to carbon markets, innovative instruments are emerging but require multistakeholder cooperation and supportive regulation.
Amplifying investor voices: Alliances like the Net Zero Asset Owner Alliance provide a collective voice that ensures investor needs are heard in negotiations.
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Access to remedy and investor responsibility The 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 transition The 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 ahead The 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.
00:00 – Introduction: 15 years of the UN Guiding Principles 04:48 – How human rights due diligence has evolved 11:55 – The challenges of implementation and global policy change 21:37 – Access to remedy: the forgotten pillar 31:40 – Human rights, inequality and economic inclusion 39:12 – The just transition and responsible mining 47:18 – Why long-term thinking matters for investors 53:46 – Celebrating leadership and sharing best practice 57:45 – Looking ahead: priorities for the next five years 01:01:32 – Final reflections
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
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 processes
Sector-level prioritisation
Collective action on labour rights
The emerging TISFD standard
How investors should (and should not) engage in political debates around taxation, labour markets and redistribution
5. Looking ahead
Guests reflect on:
Strengthening investor–manager dialogue
Integrating inequality into capital allocation decisions
Opportunities in areas such as affordable housing
Addressing market concentration and competition issues
The need for aligned, collective advocacy from asset owners
Chapters
(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
action agenda bridging policy and the real economy
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.
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.
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.
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.
Using examples such as abandoned copper mines, he illustrates how poorly managed closures can leave toxic legacies, stranded communities and fiscal burdens for governments—costs that ultimately flow back to diversified investors through sovereign and systemic risk.
From cost centre to opportunity
The episode highlights how active stewardship can unlock value from “end-of-life” assets, from re-mining tailings for valuable metals to repurposing industrial hubs, offshore platforms or nuclear sites into data centres, wind farms and other green infrastructure.
Financing the transition: decommissioning and transition bonds
Julien sets out how decommissioning and transition bonds can pre-fund clean-up and rehabilitation by transforming environmental liabilities into transparent financial ones, while freeing equity capital for redevelopment. Investor appetite has been strong, given the measurable nature of decommissioning activities and the clear brown-to-green trajectory.
Policy, pensions and local communities
Drawing on defined benefit pension frameworks, the discussion explores how tax-advantaged, ring-fenced decommissioning funds and supportive local development policies can help manage liabilities, protect communities and scale new markets for repurposed assets.
Find out more about the PRI’s work on climate and environmental issues at www.unpri.org/responsible-investment/sustainability-issues
Chapters
00:43 – Introduction: why decommissioning matters for responsible investors
01:59 – Julien Halfon on the US$7.5 trillion decommissioning gap
04:31 – Why investors can’t simply divest from “brown” assets
06:43 – Stewardship through end of life: staying engaged with legacy assets
07:51 – From liability to opportunity: repurposing mines, nuclear sites and hubs
11:23 – Transition and decommissioning bonds: funding clean-up and redevelopment
14:45 – Early issuances and investor appetite for decommissioning bonds
17:30 – Risks from short-termism, asset transfers and weak disclosure
23:14 – Real-world examples of repurposing and urban transformation
24:30 – The looming crunch: decommissioning fossil and ageing renewables together
28:40 – What policy and tax frameworks are needed to support decommissioning?
30:18 – Local communities, pension lessons and the North Sea opportunity
33:15 – Signposts for progress and scaling decommissioning markets
37:51 – The responsibility of investing: intergenerational stewardship and systems change
Corporate Action: Laura details Robeco’s approach to assessing corporate transition readiness for both climate and biodiversity, combining financial materiality with forward-looking analytics. Their “traffic light” model identifies leaders and laggards, informing investment decisions and stewardship priorities.
Balancing Trade-offs: The discussion explores how investors can navigate trade-offs between climate and nature goals - for instance, balancing the climate benefits of electric vehicle production with the biodiversity impacts of mining.
Reversing Negative Impacts: Case studies highlight solutions such as regenerative agriculture, silvopasture, and precision farming to restore land and reduce emissions while sustaining productivity.
Collaborative Engagement: Graham and Laura describe the impact of large-scale initiatives such as the IPDD, Nature Action 100, and the PRI’s Spring Initiative—each mobilizing investors to engage with governments and corporations on deforestation and biodiversity loss.
COP30 and Beyond: Both guests underscore the importance of the upcoming COP30 in Brazil, where the Tropical Forest Financing Facility (TFFF) could redefine climate finance by channeling $125 billion to forest protection.
Industry-wide change: Collaboration between investors, insurers, and policymakers is key to building consistent models, pricing resilience into valuations, and driving systemic adaptation.
Communication as a catalyst: For Calvin Lee Kwan, sustainability comes down to translating resilience into stakeholder-specific value—from stable returns for investors to safety and reliability for tenants.
Chapters
00:43 – Welcome and introductions
02:08 – Why investors must act on physical climate risk
05:07 – How far investors have come—and how far to go
07:23 – The cost versus opportunity debate
08:43 – Link Asset Management’s practical approach
11:48 – A watershed moment: floods and recovery
13:34 – Turning resilience into measurable value
15:23 – Black-rain events and extreme weather
16:59 – Challenges for other investors
20:23 – Partnering with insurers to price resilience
25:00 – From property-level to community-level resilience
27:28 – How resilience links to property valuation
30:50 – Final reflections: communication, focus, and leadership
32:44 – What is the responsibility of investing
For more details, visit: https://www.unpri.org/climate-change-for-private-markets/assessing-physical-climate-risk-in-private-markets-a-technical-guide/13135.article
Keywords
responsible investment, physical climate risk, resilience investing, PRI podcast, Link Asset Management, insurance and sustainability, real assets, climate adaptation, community resilience, property valuation, ESG integration, value creation, decarbonisation, stakeholder alignment, risk management, sustainable finance, investor communication
Beyond shareholder primacy: Re-balance to a “team production” model that values natural and human capital alongside financial capital.
Long-termism & multilateralism: Global problems need global collaboration; regionalism can’t substitute. Impacts are already “now,” not just long term.
Why the ESG backlash can help: It forces clearer, evidence-based narrative infrastructure (not just technical standards) that connects with citizens and beneficiaries.
Agency & communication: Engage end-investors better (including with AI-enabled tools); reflect their values in products; compound positive choices over time.
Responsibility redefined: Don’t just align—restore and regenerate ecological and social capital.
Chapters
00:01 – Welcome & series context
00:52 – Guest intro and PRI’s Investment Case database
The responsibility of investing: Long-termism is essential — balancing short-term returns with the duty to build resilient, sustainable portfolios for future beneficiaries.
Chapters
00:43 – Why COP30 matters to investors
02:19 – Legal & General’s role and the Net Zero Asset Owner Alliance
05:23 – Why engage with UN climate negotiations?
06:04 – The Baku to Belém Roadmap and $1.3 trillion finance goal
08:44 – Barriers and risks in emerging markets
11:06 – Opportunities vs. resilience in climate investing
14:37 – Key asks for COP30 outcomes
15:57 – Nature-based solutions and innovative financing
18:18 – Investor expectations for government action
20:10 – Practical advice for engaging with the COP process
Find out more about the NZAOA at https://www.unepfi.org/net-zero-alliance/
Keywords
responsible investment, COP30 Brazil, PRI podcast, Legal & General, Net Zero Asset Owner Alliance, climate finance, systemic risk, Paris Agreement, Baku to Belém Roadmap, emerging markets investment, sustainable investing, adaptation finance, nature-based solutions, sovereign debt-for-nature swaps, carbon markets, fiduciary duty, investor policy engagement, long-term portfolio resilience, ESG integration
Risk Disclaimer
Your capital is at risk. The value of investments can fall as well as rise, and you may get back less than you invested. Past performance is not an indicator of future results.
Disclaimer
This podcast is provided for educational and informational purposes only. It is not investment advice, financial planning guidance, or a recommendation to buy, sell, or hold securities. All discussions are for educational purposes only.
