January 2026
30Jan

Scaling Sustainable Investing in Emerging and Developing Economies: Frictions and Opportunities

By Caroline Flammer, Thomas Giroux & Geoffrey M. Heal Mobilizing private capital at scale is critical for financing sustainable development, particularly in emerging and developing economies (EMDEs), where capital is most needed. We conduct a global survey of senior investment decision-makers across a broad spectrum of capital providers, including asset managers, pension and sovereign wealth funds, development finance institutions, philanthropic investors, and others. The survey provides novel evidence on investors’ risk-return expectations, risk perceptions, and investment practices in EMDEs and...

January 30, 2026
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28Jan

Canadian pensions diverging in climate approach: report

An advocacy group says there’s an increasing divergence on how big public pensions in Canada are approaching climate action. The group, called Shift: Action for Pension Wealth and Planet Health, says in its annual ranking that La Caisse is showing the best results yet while CPPIB is falling behind. Shift says it lowered CPPIB’s ranking because the pension giant removed its stated net-zero goal, has a lack of clarity on a climate strategy and continues to invest in fossil fuels. CPPIB, which...

January 28, 2026
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December 2025
19Dec

State of OECD Pension Funds’ Climate Transition: Insights and recommendations from the Net Zero Finance Tracker

By Frederick Fabian, Claris Parenti, Maddy Taylor & Valerio Micale Unlike other institutional investors, which often focus on short-term performance, pension providers have a fiduciary duty to address long-term systemic issues and act in their beneficiaries’ best interests. In many jurisdictions, this obligation includes setting credible climate targets, implementing internal changes to strategy, governance, and process, and actively supporting the decarbonization of the real economy. Pension funds’ role in financing the climate transition is drawing sharper focus as the limits of...

December 19, 2025
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19Dec

Heterogeneous Institutional Investor Response to Firm Environmental Regulatory Risk

By Chunxiao Lu, Yuyang Zhang & Linxiang Ma This paper investigates whether institutional investors incorporate firm-level environmental regulatory risk into their portfolio decisions. We document substantial heterogeneity across investor types in their responses to changes in firm-level environmental regulatory risk. Long-horizon investors, such as banks, insurance companies, and pension funds, tend to tilt their portfolios toward stocks with higher environmental regulatory risk. In contrast, short-horizon investors, including investment advisors and mutual funds, reduce their holdings of these firms. These opposing...

December 19, 2025
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19Dec

TfL Pension Fund raises ESG allocation to 15.9% after exceeding net-zero target

The TfL Pension Fund has surpassed its interim net-zero target and increased its allocation to environmental, social and governance (ESG)-tilted investments to nearly 16 per cent, according to its latest report on sustainable investing. The fund reported a 58 per cent reduction in carbon emissions intensity as of 31 March 2025, relative to a 2016 baseline, exceeding its 55 per cent reduction target for 2030. Its long-term objective remains a 100 per cent reduction by 2045. At the same time, ESG-tilted investments...

December 19, 2025
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16Dec

Big pension funds make progress on climate but much more needed, report shows

Major pension funds are increasingly adopting climate targets and shifting their strategy to respond to global warming, according to a new report on the sector. However, many still invest in fossil fuel companies and more regulation is needed so the industry contributes further to the net zero transition. The proportion of pension funds with at least one climate target jumped to 63% in 2024 from just 9% in 2020, according to the Climate Policy Initiative (CPI) thinktank. The CPI report...

December 16, 2025
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04Dec

UK. Securing our future: Climate risk and the Pension Schemes Bill

The government is undertaking a once-in-a-generation review of the UK pensions system. It is much needed, and they have made some welcome proposals. However, they are missing the single biggest threat to long-term retirement security: climate change and the accelerating destruction of nature. By refusing to confront this reality, they are letting down pension savers and the pensions industry alike. UK pension schemes continue to hold substantial investments in fossil fuels, including new coal, oil and gas projects. These investments drive...

December 4, 2025
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01Dec

UK pension schemes ignoring climate change responsibilities

That vast majority of the UK's largest pension schemes are failing to directly engage with large investee companies on their role tackling climate change. After analysing the 16 largest pension schemes, managing over £34bn in assets, ShareAction found that only Nest and TPT Retirement Solutions directly engage with big companies on climate risks. This is despite new regulations requiring pension funds to publish policies on how they incorporate environmental, social, and governance (ESG) issues in their investments. It was also found that the majority...

December 1, 2025
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November 2025
27Nov

US. NYC comptroller urges city pensions to drop BlackRock, other managers over climate concerns

New York City Comptroller Brad Lander recommended that the city’s three pension funds drop a trio of asset managers for failing to meet the climate expectation of the city’s net-zero implementation plan, Lander’s office said in a Wednesday release. Lander recommended the city’s pensions move on from BlackRock, Fidelity and PanAgora in an update to the trustees of the city’s Teachers’ Retirement System, the New York City Employees’ Retirement System and Board of Education Retirement System. The recommendation for the city’s...

November 27, 2025
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21Nov

UK. Climate change must be included in any pensions review

There has been a call for the government to consider climate change risks in its any review of the pension system. The chief executive of the UK Sustainable Investment and Finance Association, James Alexander, has written to the Pensions Commission. In the letter he warned that climate change risks and the opportunities of the net zero transition “cannot be divorced” from any review into the pension system. He wrote: “As we approach 2050 and beyond, and as global temperatures continue to increase, the...

November 21, 2025
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