In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Malea Figgins, Vice President at TCW, and David Klausner, ESG Specialist at PGIM Public & Private Fixed Income, to explore how responsible investment is being applied in securitised debt markets.

Focusing on residential and commercial mortgage-backed securities (RMBS and CMBS), as well as emerging asset classes such as data centres, the discussion draws on insights from the PRI’s Technical guide to Responsible Investment in securitised debt. Together, the guests unpack how environmental, social and governance risks and impacts are assessed in practice, where data gaps remain, and why securitised assets are central to financing the real economy.

Overview

Securitised debt is a core component of global fixed income markets, representing around US$14 trillion in outstanding issuance. By pooling underlying loans, such as home mortgages, commercial property loans or consumer credit, securitisation channels capital into housing, infrastructure and other real-economy assets.

Despite its scale and relevance, securitised debt has historically been underrepresented in responsible investment discussions. This episode explains why environmental, social and governance considerations are not peripheral, but fundamental to credit analysis in this asset class, particularly given its exposure to consumers, real assets and climate risk.

Detailed coverage

Why securitised debt matters for responsible investors

Malea and David explain how securitisation directly touches everyday assets, from homes and cars to student loans and commercial buildings. They argue that social risks such as predatory lending, affordability and loan servicing quality, alongside environmental risks like climate events and insurance availability, are core credit risks in these markets.

Risk versus impact

David outlines the importance of distinguishing between environmental, social & governance risk (financially material factors affecting credit quality) and impact (how investments affect society and the environment). The risks are integrated into bottom-up credit analysis across all portfolios, while impact overlays are applied where client mandates explicitly require them.

Embedding sustainability in RMBS and CMBS analysis

Malea discusses how sustainability considerations already align with credit fundamentals in many cases. In commercial real estate, green building certifications, energy efficiency and lower operating costs can support stronger net operating income and tenant stability. In residential markets, affordability metrics and borrower characteristics play a key role.

Case study: data centres and climate risk

The episode explores the rapid growth of securitised data centre financing, driven by AI and digital infrastructure demand. David shares an example where climate-related insurance coverage and extreme weather risk directly influenced internal credit ratings, illustrating how environmental risks can be central, not secondary, to investment decisions.

Private markets and improving data quality

Both guests highlight how private asset-backed finance allows earlier engagement with issuers, creating opportunities to improve environmental and social data collection. Lessons from private markets may help drive better disclosure and transparency in public securitised markets over time.

Labelled bonds and greenwashing risks

Malea cautions that not all labelled securitised bonds are created equal. The discussion stresses the need for rigorous due diligence on use-of-proceeds and frameworks, with internal guardrails to avoid low-quality or misleading labelled issuance.

Read more in the full technical guide on securitised debt: https://www.unpri.org/deep-dive?id=responsible-investment-in-securitised-debt-a-technical-guide

Chapters

00:00 – Introduction to responsible investment in securitised debt

02:40 – What securitised debt is and why it matters for investors

06:10 – Why sustainability risks are core credit risks in securitised markets

10:15 – Risk vs impact: a practical distinction for fixed income

14:20 – Integrating sustainability into RMBS and CMBS analysis

18:45 – Credit fundamentals and sustainability in commercial real estate

23:30 – Case study: data centres, climate risk and insurance coverage

30:10 – Private markets, early engagement and improving sustainability data

36:05 – Labelled securitised bonds and avoiding greenwashing

41:45 – Key takeaways for responsible investors in securitised debt

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

In this episode, Cambria Allen-Ratzlaff, Interim CEO at the PRI, is joined by Mark Anson, Chair of the Investment Committee, and Hershel Harper, Chief Investment Officer at the UAW Retiree Medical Benefits Trust. A PRI signatory since 2010, the Trust has long been recognised for its leadership in responsible investment, stewardship and manager engagement.

Together, they explore how a large, closed pension plan integrates responsible investment into fiduciary decision-making, covering human capital management, energy transition risks, data centres, manager selection and the role of ESG data.

Overview

Drawing on decades of experience across public pensions, endowments and foundations, Mark and Hershel reflect on how responsible investment has evolved from a niche concern to a core part of managing long-term risk and return.

The conversation highlights how the Trust approaches stewardship not as a values exercise, but as a practical way to strengthen governance, resilience and performance, always grounded in its obligation to deliver healthcare benefits for retirees.

Detailed Coverage

Human capital as a core asset

The guests discuss why workforce practices, board quality and leadership development are material investment issues. From employee training and compensation to board diversity and skills, effective human capital management is framed as fundamental to long-term value creation.

Collective engagement and investor leadership

Mark and Hershel explain why large asset owners must collaborate to drive change. Initiatives such as the Midwest Investors Diversity Initiative demonstrate how coordinated engagement can improve board diversity and corporate sustainability while supporting better business outcomes.

Energy, water and data-centre risk

The discussion turns to energy policy and the growing demand driven by AI and data centres. The guests outline how the Trust evaluates resource efficiency, water use, worker safety and community impact, recognising the need for “all-of-the-above” energy solutions delivered responsibly.

Manager selection and Capital Connect

Hershel introduces Capital Connect, the Trust’s forum designed to broaden access to diverse and emerging managers. Both guests stress that expanding the opportunity set improves risk-adjusted returns, and that investing with diverse managers is not concessionary, but disciplined and performance-driven.

ESG data, fiduciary duty and decision-making

Mark and Hershel reflect on their recent research into fiduciary responsibility and inconsistent ESG data. They explain why ESG ratings vary so widely, and why asset owners must first define their objectives, regulatory constraints and risk priorities before selecting data tools.

Context matters

A recurring theme is that responsible investment is contextual. Different investors (pension funds, endowments, foundations) face different liabilities, regulations and time horizons, shaping how ESG considerations are applied in practice.

For more information about making the case for responsible investment, check out our database: https://public.unpri.org/investment-tools/investment-case-database

Chapters

00:00 - Introduction & Backgrounds

03:29 - Human Capital Management & Board Diversity

08:55 - Midwest Investor Diversity Initiative

11:41 - Energy Policy & Data Centers

18:17 - Water Resources & Community Impact

19:39 - Capital Connect & Diverse Managers

26:40 - Fiduciary Dilemma & ESG Integration

30:42 - ESG Data Challenges & Rating Agencies

37:19 - Investment Outlook & De-risking Strategy

45:48 - Closing Thoughts on Responsible Investing

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores how global policy frameworks are evolving to unlock private capital for sustainable development. He is joined by Helena Viñes Fiestas, Commissioner at the Spanish Financial Markets Authority and Co-Chair of the Taskforce on Net Zero Policy, and Eric Usher, Head of the UN Environment Programme Finance Initiative (UNEP FI) and PRI Board member.

The discussion focuses on the outcomes of the Fourth International Conference on Financing for Development in Seville and the significance of Paragraph 34 of the Seville Commitment, a milestone recognising the role of well-functioning financial markets in delivering the Sustainable Development Goals.

Overview

As public finance comes under pressure, governments are increasingly focused on creating enabling environments that attract long-term private investment, particularly in emerging and developing economies.

Helena and Eric explain why Paragraph 34 marks an important shift: embedding issues such as transparency, disclosures, taxonomies and market integrity into a multilateral development framework. They discuss how this convergence of development, climate and financial policy could help mobilise capital at scale, if implemented effectively.

Detailed coverage

From development aid to market-based solutions

Eric explains how financing for sustainable development has traditionally focused on public finance, debt and governance, but is now recognising the need for private capital and functioning financial markets to deliver long-term outcomes.

Policy momentum beyond Europe and North America

Helena shares findings from the Taskforce on Net Zero Policy, showing that most new sustainable finance policies adopted last year emerged outside Europe and North America, particularly across Asia-Pacific. She highlights why global companies and investors will increasingly need to align with these frameworks.

What’s inside Paragraph 34

The guests outline how Paragraph 34 references a broad set of tools, from sustainability disclosures and taxonomies to market transparency, covering environmental and social objectives across the SDGs.

Development banks, DFIs and private capital

Both guests reflect on the growing role of development finance institutions (DFIs) in de-risking investments and creating pathways for pension funds and asset managers to invest in emerging markets.

Taxonomies and interoperability

With over 50 taxonomies now in development globally, the discussion explores why interoperability, rather than a single global standard, is essential for attracting international capital while reflecting local economic realities.

From policy design to implementation

Helena highlights lessons from Europe’s experience: the need for better engagement with industry, tailored approaches for SMEs, capacity building for supervisors, and a stronger balance between incentives and regulation.

The responsibility of investing

In closing reflections, Eric emphasises dynamic materiality and the role of science in understanding long-term risk, while Helena highlights the growing responsibility of investors, and citizens, to align capital with sustainable outcomes.

For more information on the compromiso de sevilla, see our blog: https://public.unpri.org/pri-blog/the-compromiso-de-sevilla-a-milestone-in-the-growth-of-sustainable-finance-policy/13451.article

Chapters

1. 00:00 - Introduction
2. 01:30 - Paragraph 34 explained
3. 08:20 - Global policy momentum
4. 16:40 - Contents of paragraph 34
5. 24:10 - Implementation challenges
6. 32:20 - Taxonomy interoperability
7. 42:15 - Market expectations
8. 49:40 - Enforcement and lobbying
9. 56:20 - Responsibility of investing

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, 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.

3. Making inequality actionable

Emma discusses a new analysis tool developed with Cambri to map social risks across sectors, revealing under-examined areas such as technology, media and natural-resource-intensive industries.

Delaney explains UPP’s “top-and-bottom guardrails” approach, engaging on excessive executive pay at the top and fundamental labour rights at the bottom.

4. Stewardship, integration and policy

The panel discusses:

• Embedding social risks into investment 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 

(38:55) - Closing Remarks and Future Commitments

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

In this episode, Tamsin Ballard, Chief Investor Initiatives Officer at the PRI, reflects on a pivotal COP30 in Belém and what it means for investors navigating the next phase of the net zero transition. She is joined by Jan Kæraa Rasmussen, Head of ESG and Sustainability at PensionDanmark and member of the UN-convened Net-Zero Asset Owner Alliance Steering Group, and Daniel Gallagher, Senior Lead on Climate at the PRI. Both guests were closely involved in investor engagement around COP30, offering on-the-ground insights from São Paulo and Belém.

Together, they unpack the shift from pledges to implementation, the growing involvement of finance ministries, and the rapidly evolving expectations for investors across mitigation, resilience and nature. They explore what COP30 delivered, and what still needs to happen to unlock the capital required for a global, just and investable transition.

Overview

COP30 marked a step change in how investors were integrated into climate discussions, with strong participation from finance ministries, MDBs, asset owners and global policymakers.

From São Paulo to Belém, conversations were more grounded in real-economy transition needs, with a stronger focus on:

• scaling finance to emerging markets and developing economies (EMDEs)
• strengthening NDC quality and 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 action agenda bridging policy and the real economy, pushing for greater alignment between investor needs and national transition pathways.

Investment flows and the net zero transition

Daniel highlights PRI's latest analysis presented in Sao Paolo on investment flows to the clean energy transition, yet stresses ongoing misalignment between where capital is flowing and where it is most needed, particularly in EMDEs.

📄 Related PRI report:

Investment flows to the net zero transition: Progress and policy needs (Oct 2025)

Mobilising capital for emerging markets

Jan details the growing engagement of finance ministries and MDBs in climate finance discussions. He notes progress on DFI/MDB reform, including more effective concessional capital, better use of equity, and improved currency-hedging mechanisms.

He also calls for clearer investor dialogue on perceived versus real risk in EMDEs, and the need for more peer learning on successful renewable-energy investment models.

📄 Related PRI report:

Who invests and how? Unlocking institutional capital for EMDE transitions (Nov 2025)

The role of national transition plans and NDCs

Daniel highlights improvements in the quality and granularity of NDCs, offering better signals for investors on sector pathways, enabling policies and investment opportunities. Yet, the gap between national ambition and global goals remains wide.

📄 Additional reference:

Investor Agenda – Global State of Investor Climate Action (Nov 2025)

Overshoot, tipping points and adaptation finance

The episode also explores the implications for institutional investors of breaching 1.5°C. Daniel emphasises the need for investors to strengthen physical-risk assessment, integrate non-linear climate impacts, and prepare for higher volatility.

He also notes the COP30 signal to triple adaptation finance, recognising the increasing urgency around physical climate risks and the opportunities in adaptation.

📄 Related PRI briefing:

1.5°C Overshoot Briefing (June 2025)

Chapters

(00:01) - Evolving Sustainable Investment Landscape

(09:55) - Unlocking Climate Investment in Global South

(20:21) - Global Transition and Investor Perspectives

(26:40) - Global Transition and Climate Investment Risks

(34:05) - Investor Responsibility in Climate Transition

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

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.

Why end-of-life stewardship matters

Using examples such as abandoned copper mines, he illustrates how poorly managed closures can leave toxic legacies, stranded communities and fiscal burdens for 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

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores 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.
• 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.

Find out more about the PRI at COP30 by visiting www.unpri.org/responsible-investment/road-to-cop30 

Chapters

00:00 – Introduction: The climate–nature nexus

02:32 – Graham Stock on integrating nature risk into sovereign credit

06:09 – Laura Bosch on connecting biodiversity and climate strategies

11:24 – How nature-based targets are reshaping portfolios

16:46 – Tools to assess transition readiness for climate and nature

21:23 – Reversing nature loss in agriculture and land use

24:09 – Investor engagement and the IPDD

29:52 – Collaborative initiatives: Nature Action 100 and PRI’s Spring

38:32 – Looking ahead to COP30 and the Tropical Forest Financing Facility

45:42 – The responsibility of investing: closing reflections

Disclaimer

This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.