The ESG arms race: How responsible investors are navigating defence
Increasing geopolitical uncertainty and the USA's decreasing reliability as an ally has triggered a massive boost in global defence spending.
As investment managers and asset owners look to capitalise on the new opportunities, this has led to a wave of fund launches and changes to exclusions policies across the market.
In this episode, senior reporter Dominic Webb talks to deputy editor Elza Holmstedt Pell about the latest developments in the market, the regulatory backdrop and how ESG investors are changing their minds on defence.
Recent RI defence-related coverage includes:
French and passive investors make up most Article 9 defence investments
UK government and business call on investors to review defence exclusions
ESG exclusions not preventing European defence investments, say French investors
Pressure grows on UK LGPS funds over Israel divestment
Defence round-up: Sector ‘generally incompatible’ with use-of-proceeds bonds, says Principles chair
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Unpacking the EU's sustainable finance simplification agenda
The past six months have been dominated by EU sustainable finance regulatory developments, following the bloc's push to simplify and roll back several of the rules issued under its 2019 Green Deal.
On this episode, we are joined by Helena Viñes Fiestas, commissioner at Spanish regulator CNMV and former chair of the EU Platform on Sustainable Finance.
Having worked in sustainable finance for more than a decade, she talks us through her thoughts on the ongoing sustainable finance regulatory developments and what outcomes she is hoping for amid efforts to simplify the rules.
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How regulatory developments have shifted the European and UK ESG fund landscape
The UK's fund labelling regime under the Sustainability Disclosure Requirements and the European Securities and Markets Authority's new guidelines on the use of ESG terms in fund names have have sparked a wave of renaming, mergers, closures and portfolio reshuffling.
On this episode, we are joined by Hortense Bioy, head of sustainable investing research at Morningstar Sustainalytics. Bioy walks us through the most recent regulatory changes and what they mean for the EU and UK sustainable fund landscape. She also discusses the major challenges for asset managers looking to comply with the rules instead of renaming.
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Mid-season proxy scorecard: Taking stock of E&S shareholder proposals in 2025
ESG shareholder proposals have come under increasing scrutiny over the past few years, with debates focusing around their alleged prescriptiveness and quality. Support for these proposals also fell sharply from the record levels reached in 2021 before stabilising last year at around 20 percent.
Last year also saw ExxonMobil sue Dutch NGO Follow This and Arjuna Capital over a climate resolution. The lawsuit ended with the case being dismissed but Arjuna Capital had to promise never to file a resolution at the oil major again.
And following the election of Donald Trump, filers predicted that the Securities and Exchange Commission (SEC) would be more likely to side with corporates, increasingly allowing them to block ESG proposals.
So with all of this in mind, how are experts feeling about what we have seen so far this proxy season? How has the SEC's approach to ESG proposals shifted in 2025 – in particular, what has been the impact of Staff Legal Bulletin 14M (SLB14M)? And of the AGMs that have happened so far, what trends are emerging?
To dig into all of this and more, RI's AGM reporter Gina Gambetta sat down with two experts in the space. First up, Lindsey Stewart, director of stewardship research and policy at Morningstar Sustainalytics. And for the second part of the episode, Gina spoke with Damion Rallis, co-founder of ESG research and analytics firm Free Float.
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Climate scenario analysis: Getting to grips with a post-1.5C world
It is now a matter of broad consensus that the world will overshoot its 1.5C temperature goal, but that does not mean there is nothing to be optimistic about, according to climate finance expert Jakob Thomä.
He should know a thing or two about this topic. Thomä led the development of the first climate scenario analysis tool at 2 Degrees Investing Initiative and currently leads a think tank which makes predictions about future climate policy. He is also a professor in practice at SOAS and maintains a column here at RI.
He joins the latest episode of The Responsible Investor Podcast to talk about AI, why continued demand for oil might not translate into emissions, and why modelling social factors is "super crazy difficult".
The Responsible Investor Podcast delves into the latest developments and debates in sustainable investment. Hear our award-winning journalists and influential industry guests share their insights on topics such as net-zero, transition finance, biodiversity and nature, regulation, and ESG data and disclosure.
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