April 2026

Asia-Pacific Climate Report 2025: Unlocking Nature for Development

By Asian Development Bank Nature is a core economic asset in Asia and the Pacific, with around 75% of GDP directly or indirectly tied to nature through sectors like agriculture, fisheries, and tourism. Yet, nature remains largely invisible in economic planning. When ecosystems degrade, economies face higher health and disaster costs, reduced productivity, shrinking fiscal revenues, and weakened debt sustainability. The report highlights that ecosystem services—such as pollination, water purification, and climate regulation—provide multiple benefits, underpinning food security, public health, livelihoods...

The ESG Valuation Gap: A Comparative Study of Egyptian and Saudi Listed Companies

By Mawaheb Abdel-Aziz Ismail The study examines the value relevance of Environmental, Social, and Governance (ESG) disclosures and tests for crosscountry differences in its impact on perceived firm value between Egypt and Saudi Arabia. It specifically investigates whether ESG data provides incremental explanatory power beyond traditional accounting measures in determining stock prices in these two distinct MENA markets. The study employs a modified Ohlson (1995) valuation model using panel data from 2021 to 2024. The empirical analysis is conducted using...

El proceso de descarbonización y los retos de la protección social. El papel de la jubilación

Por María Susana Barcelón Cobedo Se parte de la idea de que el camino hacia la neutralidad climática conllevará de forma inevitable la supresión de muchos empleos, así como la expulsión definitiva del mercado de trabajo de determinados trabajadores. Concretamente, los de edad madura y de escasa cualificación, a los que no podrá exigirse, ni tendrán la capacidad para ello, una recualificación profesional para la que carecen de una base mínima de conocimientos. En este contexto los sistemas de protección...

March 2026

XXI Banorte. Reporte de Riesgos y Oportunidades Climáticas 2025

Por XXI Banorte  Este Reporte detalla los resultados del análisis de riesgos y oportunidades en materia de Cambio Climático de Afore XXI Banorte, incluyendo información sobre la gobernanza, la estrategia sobre las operaciones de la enfidad Administradora y el portafolio inversión, los avances en la implementación de nuestra estrategia climática y la senda de descarbonización bajo objetivos basados en ciencia, establecidos para alcanzar las emisiones cero, asi como un desglose de los resultados de desempeño alcanzados en el ejercicio fiscal...

México. Afore XXI Banorte presenta su Reporte TCFD 2025 fortaleciendo estrategia frente al cambio climático

Afore XXI Banorte presentó su Reporte TCFD 2025, el cual fortalece su enfoque de inversión responsable y está alineado con las recomendaciones del Task Force on Climate-related Financial Disclosures (TCFD), estándar internacional que promueve la transparencia sobre riesgos y oportunidades climáticas dentro del sector financiero. En dicho reporte, se integra el análisis del cambio climático en la toma de decisiones financieras, la gestión de riesgos y la administración de portafolios, consolidando el enfoque de la administradora hacia una economía baja en carbono y una mayor resiliencia financiera en...

Universal Owner and Impact of Its Engagement Program: An Analysis of Engagement Records of Japan’s GPIF

By Masahiro Shibata & Kazunori Suzuki This study examines the impact of Japan’s Government Pension Investment Fund (GPIF) engagement program, leveraging a proprietary dataset of 26,792 engagements across 21 externally managed funds from fiscal years 2017 to 2022. As one of the largest universal owners globally, GPIF plays a pivotal role in influencing corporate behavior through structured engagements aimed at improving corporate governance, environmental sustainability, and financial performance. Despite growing global interest in engagement-driven stewardship, empirical evidence on its effectiveness...

UK pension fund to vote against boards backpedaling on climate

UK pension giant Nest will now vote against board chairs where the company they oversee has materially scaled back its climate commitments without explanation. Updating its voting policy, Nest said where adjustments are made to transition strategies, boards are expected to provide clear and evidence-based reasoning to shareholders. It said it will now be more explicit in its voting approach to support constructive dialogue with companies. Nest director of responsible investment Diandra Soobiah said the update builds on the existing approach...

Is ESG investing in the best interests of pension scheme members?

Pension funds can do more to mitigate climate change and should feel empowered to do so, according to Caroline Lucas, former leader of the Green Party. Debating whether environmental, social and governance (ESG) investment strategies have a future, in a session at the Pensions UK Investment Conference in Edinburgh yesterday (11 March), Lucas said that investing in opportunities that build a resilient future is looking after member interests. “Environmental policy and pension policy are still seen too much as separate domains,...

February 2026

UK. Trustees urged to integrate ESG across DB endgame routes as pricing risks evolve

Defined benefit (DB) pension scheme trustees must take a holistic and proactive approach to environmental, social and governance (ESG) risks as endgame strategies evolve, a guide from Isio has stated. In its Endgame Sustainability Guide, the firm noted that discussions around endgame targets were shifting, with trustees now facing greater optionality between insurance, consolidation, and run-on strategies, rather than pursuing a single objective of full funding on a prudent basis. Isio head of sustainable investment, Cadi Thomas, warned that ESG risks were...

CalPERS appeals for ‘strong’ GPs in current political climate

California Public Employees’ Retirement System needs “strong” GPs to endure political opposition to climate and sustainability investments, according to CEO Marcie Frost. “We are getting a little more demanding about the capital, making sure that we have more values alignment,” Frost said during a keynote interview at PEI Group’s NEXUS 2026 in Orlando on Tuesday. “We need our GPs to be strong. We need our GPs to withstand the political pressures that they’re getting in addition to the political pressures that CalPERS continues to...