In this episode, we examine the implications for asset owners of the heavy political weather for sustainable investment in New York and Washington, and look beyond to practical challenges - from Europe’s defence boom to delayed deforestation legislation to nature-related reporting.

Co-hosts: Guy Opperman, the UK’s longest-serving Pensions Minister & Chair of Sustainable Investor's editorial board; and Gemma James, Head of Biodiversity and Nature at specialist consultancy Chronos Sustainability. 

News Round-up: First on our agenda is the UN General Assembly, with Guy’s take on the difficulties posed by the Trump administration’s continued hostility to climate change and ESG, and Gemma’s expectations for the High Seas Treaty’s implications for investors. Chris reviews recent comments by SEC chief Paul Atkins, inviting Guy to comment on the uncertainty caused by the US Court of Appeal’s refusal to rule on the commission’s climate risk disclosure rule. Gemma explains why the Taskforce for Nature-related Disclosures has been a “game-changer” for corporates and investors, while Guy considers the risk-return conundrum posed by Europe’s upsurge in military spending. 

The Three Rs Interview: Caroline Escott, Head of Investor Stewardship and Co-head of Sustainable Ownership at Railpen, explains why UK pension funds are mobilising for the Governance for Growth Investor Campaign, predicting that asset owners will increasingly allocate to jurisdictions that offer corporate access and “meaningful stewardship”. 

Review / Preview: Chris, Guy and Gemma discuss the acute physical risks arising in portfolios from climate change in light of Sustainable Investor’s recent interview with Mirko Cardinale, Head of Investment Strategy at Universities Superannuation Scheme, as well as the challenges of enacting policy and regulatory change to drive the net zero transition, as outlined by Barbara Zvan, CEO of UPP Ontario. Guy explains why he’s looking forward to the Pensions UK conference in Manchester, while Gemma highlights the Global Investor Commission on Mining 2030’s forthcoming consultation on the future expectations of investors and others of the sector. 

Thanks for joining us: If you like what you hear, you can also subscribe to Sustainable Investor, subscribe to this podcast and find further information in the show notes, where you can also find our contact details.  We'd love to hear your ideas as we plan future episodes. 

Links to news items discussed: 

Trump calls climate change a con

https://www.reuters.com/sustainability/cop/trump-tells-un-that-climate-change-is-con-job-2025-09-23/

High Seas Treaty ratification

https://www.ft.com/content/b0248bcc-67ba-4c2e-86e0-8e14eeccf82e

Trump proposal to end quarterly reporting 

https://www.cnbc.com/2025/09/19/sec-to-propose-rule-change-on-trumps-call-to-end-quarterly-earnings-reporting-says-chair-atkins.html

Court of Appeal ruling on SEC Climate Disclosure Rule

Court Orders SEC to Either Defend, Change or Repeal Climate Reporting Rules - ESG Today

SEC chief attacks on IFRS, European sustainability reporting 

https://www.esgdive.com/news/sec-chair-atkins-targets-ifrs-priorities-concerns-eu-csrd-csddd-prescriptive-reporting/760026/

DOL official calls ESG Marxist at OECD

https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/erisa/ebsa-addresses-trump-administration-pension-investing-priorities-at-oecd-event

TPI Centre's State of Corporate Transition report

https://sustainableinvestor.online/investors-left-in-the-dark-on-pace-of-corporate-transition/

UK DESNZ consultation on transition plans / disclosure standards

https://uksif.org/uksif-response-desnz-transition-plan-requirements-consultation/

Taskforce on Nature-related Financial Disclosures 2025 status report

https://sustainableinvestor.online/reporting-is-raising-nature-risk-to-board-attention-nbim/

PwC’s Global Sustainability Reporting Survey 2025

https://www.pwc.com/gx/en/issues/esg/global-sustainability-reporting-survey.html

Nature's Price Tag: The economic cost of nature loss

https://www.ceres.org/resources/reports/natures-price-tag-the-economic-cost-of-nature-loss

Morningstar Voice of the Asset Owner report

https://sustainableinvestor.online/live/esg-factors-aligned-with-fiduciary-duty-say-asset-owners/

Commission loses face over EUDR IT mess-up

https://www.wwf.eu/?19285941/The-dog-ate-my-homework-Commission-loses-face-over-EUDR-IT-mess-up

Are ESG Standards the scapegoat for stalling defence growth? https://www.rusi.org/explore-our-research/publications/insights-papers/are-esg-standards-scapegoat-stalling-defence-growth

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