Risk, Return and Responsibility — the monthly podcast from Sustainable Investor — provides institutional asset owners with the news and views shaping the sustainable investment landscape and our wider economic and social systems.

Recorded in the first week of March 2026, this episode features former UK pensions minister Guy Opperman and Sustainable Investor Editorial Director Chris Hall in conversation with Rob Gardner, CEO and Co-founder of Rebalance Earth. Gardner discusses his own transition from traditional investment consulting to becoming a "natural capital champion”, arguing that restoring nature is a matter of economic self-interest. The discussion delves into how nature-based solutions can outperform engineered alternatives in managing physical climate risks, while also delivering returns to institutional portfolios.

With reference to several of Rebalance Earth’s own projects, it outlines how capital flows for nature protection and restoration can be unlocked through aligning shared commercial interests, but does not shy away from the complexity of working with multiple parties, and the need for greater public-private understanding – and action - common challenges.

The conversation concludes with the analogy of the ‘Fosbury Flop’, with Gardner suggesting that the investment industry needs a similar leap in logic to address climate change. By moving away from viewing nature as an "add-on" and instead integrating it into the core definition of infrastructure, he argues the UK can lead the world in nature restoration. With more pension assets in the UK than total GDP, the shift toward a 70% private-capital funding model for landscape recovery offers a clear path toward both national resilience and institutional alpha.

Risk, Return and Responsibility—the monthly podcast from Sustainable Investor—provides institutional asset owners with the news and views shaping the sustainable investment landscape and our wider economic and social systems.

In this episode, former UK pensions minister Guy Opperman and Sustainable Investor Editorial Director Chris Hall talk to Marisa Hall, Head of the Thinking Ahead Institute (TAI), about the role of asset owners in the evolving landscape of global capital. As a former actuary and now leader of a global not-for-profit investment network, she provides a unique window into how the world’s most influential asset owners are adapting to a "ruptured" global order. From the findings of the TAI’s latest Asset Owner 100 report to the "Moonshot Challenge" of systemic investing, this conversation delves into why traditional investment "buckets" are being broken down in favour of a more dynamic, holistic approach.

● Marisa Hall: Head of the Thinking Ahead Institute

The conversation concludes with a forward-looking assessment of the "Moonshot Challenge"—the idea that investment organisations must understand and address interconnected and systemic risks at source to thrive in an increasingly complex world. Despite a "plateauing" in the announcement of explicit commitments, there is a growing sense of optimism that major asset owners are becoming smarter, more creative, and more resilient in how they integrate sustainability into their investment decisions. By focusing on stewardship, collaboration, and a reset of how we define risk, the leaders of today’s US$30 trillion capital pool are moving into a position to not just navigate the future, but to actively shape it for the generations to come.

Risk, Return and Responsibility—the monthly podcast from Sustainable Investor—provides institutional asset owners with the news and views shaping the sustainable investment landscape and our wider economic and social systems.

In this latest episode, former UK Pensions Minister Guy Opperman and Sustainable Investor Editorial Director Chris Hall are joined by Mike Ambery, Retirement Savings Director at Standard Life, part of the Phoenix Group.

Together, they explore the seismic shifts facing the UK retirement market as it transitions from a legacy of cost-containment toward a future defined by value, scale, and sustainable outcomes.

The discussion unpicks the upcoming Value for Money (VfM) framework and the Pension Schemes Bill, examining how performance metrics will reshape asset allocation and drive

Guests:

Interview Highlights:

● Why is scale critical for the future of sustainable investment? To effectively deploy capital into private markets and sustainable solutions, Ambery suggests firms need significant scale—pointing to Phoenix Group’s £300 billion capacity as an example of what is required to support dedicated research and impact teams. He identifies A$25 billion as a potential minimum threshold for organisations to operate effectively.

Thanks for joining us: If you like what you hear, you can subscribe to Sustainable Investor and this podcast on Apple Podcasts, Spotify, or your preferred platform.

In 2025’s final episode of Risk, Return and Responsibility, the monthly podcast from Sustainable Investor, former UK Pensions Minister Guy Opperman and Editorial Director Chris Hall are joined for an end-of-year reckoning by Dr Anthony Kirby, ex-Head of Regulation and Risk for Asset Management and Capital Markets in Europe at EY. 

Together, they review 2025’s big themes and give their views on the questions that will determine sustainable investment returns and impacts 2026: 

Is the ESG backlash gathering speed or petering out? With Donald Trump returning to the White House, new hurdles hampered investor scrutiny, while the Inflation Reduction Act was dismantled alongside many a diversity, equity and inclusion initiative. Meanwhile Europe took a scythe to sustainable investment regulation, as finance sector net zero commitments withered. Asset owners dug in, further integrating sustainability into their investment processes and doubling down on oversight of material financial risks - but do they need to do a better job of explaining and delivering outcomes? 

Is the divide between asset owners and managers bigger than the Atlantic? Already under huge political and legal pressure, US asset managers faced even greater difficulties in 2025 - with new rules from the Securities and Exchange Commission making it harder to engage with portfolio companies, just as European asset owners underlined their commitment to climate stewardship. The fallout has been measured in lost mandates, but could litigation and retrenchment be on their way in 2026? Effective stewardship of assets could depend on a closing of gaps in both investment horizons and business cultures. 

Can private markets deliver both returns and impact at an attractive cost? Institutional investors are increasingly turning to alternative assets to achieve tangible sustainable outcomes as well as superior returns. In markets such as the UK, governments also expect asset owners to achieve the scale to leverage these channels to drive growth too. In response, managers must deliver clear evidence that sustainable business models are driving value creation at every stage of the investment process. Are their reporting cycles, stewardship capabilities, cost and fund structures up to the job? 

Will supply meet demand for nature-positive investment opportunities? Nature became a critical stewardship priority for asset owners in 2025 against a backdrop of mixed policy outcomes across plastic pollution, deforestation, and ocean protection. COP30 helped to put nature-related investments on the agenda as asset owners looked beyond measuring and managing risk to seeking out opportunities for returns. Will we see dedicated nature funds or rather nature being fully embedded into a wider range of investment decisions, with impact investment solutions remaining niche for now?

Can the upsides of the AI boom survive the downsides of a bust? Hopes for transformative productivity gains from AI innovation have allowed markets to face down all headwinds in 2025. Even so, investors wonder when returns will justify capex and whether ESG risks will be addressed. Despite the rising valuations, careful analysis is needed to invest in AI, its infrastructure and supply chain - and to identify the sectors using the technology to deliver higher returns. 2026 could also see more asset owners and managers deploying AI to deliver new insights into sustainability-related risks and opportunities.

What does financial wellbeing really mean for pension members today?

For the latest episode of Sustainable Investor, Stuart Hall, Managing Director of Sustainable Media Group sat down with Blake Allison, founder and CEO of LifeCents, to look beyond the slogans and into the reality of how people behave with money.

Blake has spent more than twenty years working with major US employers and financial institutions on financial wellbeing programmes. What stood out in our discussion is how often the industry focuses on account balances and contribution rates, while members are dealing with day to day pressures that make long term decisions far harder than we admit.

We talked about:

Blake’s perspective is practical and grounded, and it challenges some of the assumptions we make as an industry.

If you work in pensions, asset management or financial wellbeing, this conversation is worth your time.

In this episode, we explore the likely impacts on asset owners’ climate and nature exposures of reforms to the Sustainable Finance Disclosure Regulation and developments at COP30; also looking forward to the next steps for natural capital accounting and universal ownership.

Risk, Return and Responsibility – the monthly podcast from Sustainable Investor - aims to provide institutional asset owners with news and views shaping both the sustainable investment landscape and our wider economic, environmental and social systems. In each episode, Chris Hall, Editorial Director of Sustainable Investor, will be joined by co-hosts to discuss the biggest recent stories, and to round up some you might have missed. We will also be conducting deeper interviews with influential asset owners and others on the practical challenges of balancing risk, return and responsibility. To wrap up each episode, we will look back at some of the bigger stories covered recently by Sustainable Investor, also looking forward to the most significant upcoming developments, again with expert input from our co-hosts. 

Co-hosts: Guy Opperman, the UK’s longest-serving Pensions Minister & Chair of Sustainable Investor's editorial board; and Hortense Bioy, Head of Sustainable Investing Research, Morningstar Sustainalytics. 

News round-up: Following the release of ‘SFDR 2.0’, Hortense estimates the assets likely to be captured by the new transition fund category and forecasts a potential boost to engagement efforts, while Guy argues that simplification in Brussels should be heeded in Belém and beyond to secure buy-in for essential climate policy shifts. Signs of a greater integration of nature and climate in policy and investment decisions at COP30 are dissected (and broadly welcomed), while the repositioning of the Net Zero Asset Managers initiative - now prioritising transparency, scenario analysis, and engagement frameworks over rigid commitments - are seen as posing challenges for asset owners (Hortense) while reducing legal risk (Guy). 

The Three Rs interview: Mark Gough, CEO of the Capitals Coalition, explains why asset owners should consider natural capital a core determinant of long-term value and shares his experiences and takeaways from COP30, outlining why he expects natural capital to be a bigger part of the policy conversation in future. He also highlights why he sees accounting standards as a critical tool for increasing the visibility of nature on the balance sheet. 

Review / Preview: Finally Guy and Hortense return to dig a little deeper into some recent reports from leading asset owners on the challenges and opportunities of universal ownership, and the pros and cons of a system-level approach to stewardship. Do asset owners have the resources and data to support their ambitions? What kinds of outcomes and interventions will justify this shift of emphasis away from company-focused engagement? 

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: 

Greenwashing Risks Remain Under Europe’s SFDR 2.0

https://sustainableinvestor.online/live/greenwashing-risks-remain-under-europes-sfdr-2-0/

SFDR Expected to Introduce Dedicated Transition Funds

https://sustainableinvestor.online/qa-will-brussels-re-boot-transform-the-transition/

SFDR Challenges Increased by Omnibus Package

https://sustainableinvestor.online/live/omnibus-vote-throws-sfdr-review-into-doubt/

UN Climate Talks Fail to Secure New Fossil Fuel Promises

https://www.bbc.co.uk/news/articles/c75vn7yel73o

COP30 has Racked up an Impressive Scorecard of Real-world Climate Actions 

https://unfccc.int/news/cop30-has-racked-up-an-impressive-scorecard-of-real-world-climate-actions-that-will-also-mean

COP30 Approves Belem Package

https://cop30.br/en/news-about-cop30/cop30-approves-belem-package1#

NZAM: Ready for its Next Chapter

https://www.netzeroassetmanagers.org/nzam-ready-for-its-next-chapter/

NZAM Updates Signatory Requirements and Acknowledges “What has Always Been the Case”

https://www.ropesgray.com/en/insights/viewpoints/102lrmz/nzam-updates-signatory-requirements-and-acknowledges-what-has-always-been-the-ca

Net Zero Sometime: NZAM Scraps 2050 Target

https://www.netzeroinvestor.net/news-and-views/net-zero-sometime-nzam-scraps-2050-target

TFFF “an Arrow in the Quiver, not a Silver Bullet”

https://sustainableinvestor.online/tfff-an-arrow-in-the-quiver-not-a-silver-bullet/

MDBs’ New Approach to Financing Nature https://onestopesg.com/esg-news/mdbs-new-approach-to-financing-nature-1763521846737 ISSB to Lead on Nature Reporting, Plans COP17 Release https://sustainableinvestor.online/live/issb-to-lead-on-nature-reporting-plans-cop17-release/ New Sovereign Debt Nature Assessment Model Open for Consultation https://www.financeforbiodiversity.org/publications/new-sovereign-debt-nature-assessment-model-and-a-call-for-feedback/

Reaching $120 Billion in International Adaptation Finance Is Possible

https://www.wri.org/insights/tripling-adaptation-finance-goal

Universal Ownership: From Theory to Practice

https://sustainableinvestor.online/from-theory-to-practice/

What Does it Look Like for Asset Owners to Lead Right Now

https://issuu.com/wespath/docs/system_level_sustainability_opportunity_and_risk_1

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In this ‘interview-only’ episode, we explore the role of Australia’s superannuation funds in the country’s embrace of clean energy, with Jeremy Cooper and David Bell of the Conexus Institute.

Risk, Return and Responsibility – the monthly podcast from Sustainable Investor – aims to provide institutional asset owners with news and views shaping both the sustainable investment landscape and our wider economic, environmental and social systems. 

In this episode, Guy Opperman, the UK’s longest-serving Pensions Minister & Chair of Sustainable Investor’s editorial board, reports from Sydney, on the barriers facing Australia’s US$2.8 trillion superannuation sector in supporting the country’s net zero transition. 

In discussion with David Bell and Jeremy Cooper of the Conexus Institute, Guy finds out whether regulation and policy are giving supers the right incentives to invest sustainably, why so much capital is flowing into overseas infrastructure, and how Australia’s path to net zero could be different from other developed economies. 

Guests: David Bell, Executive Director, Conexus Institute, a research organisation focused on improving Australia’s superannuation and retirement systems, and a former CIO of Mine Super. Jeremy Cooper, Chair of the Advisory Board, Conexus Institute, former deputy chair of the Australian Securities and Investments Commission (ASIC), Australia’s financial regulator and author of the government’s review of the super system.

Interview highlights:

Thanks for joining us: If you like what you hear, you can also subscribe to Sustainable Investor, subscribe to this podcast, where you can also find our contact details. We’d love to hear your ideas as we plan future episodes. 

For more info or to sponsor contact [email protected]

In this episode, we ask when will investors get the information they need to invest confidently in the net zero transition, following turmoil in Brussels and the banking sector; we also underline Sustainable Investor’s October focus on transition finance by exploring the status of corporate transition planning and the merits of making it mandatory. 

Co-hosts: Guy Opperman, the UK’s longest-serving Pensions Minister & Chair of Sustainable Investor's editorial board; and Richard Gardiner, Interim Head of EU Policy at environmental charity ShareAction. 

News Round-up: Following MEPs’ surprise rejection of a compromise deal on the European Commission’s Sustainability Omnibus, Richard outlines the uncertainties for corporates and knock-on delays facing asset owners and managers, including over the SFDR Review. Guy warns of trouble ahead for UK pensions reforms after minister Torsten Bell dismissed concerns over mandation at the Pensions UK annual conference. Both have global implications, as do the other key topics analysed: the demise of the Net Zero Banking Alliance, the withdrawal of US climate risk guidance for financial institutions, and failure to agree a deal on shipping emissions. 

The Three Rs Interview: David Russell, Chair of the Transition Pathway Initiative, discusses the current value to sustainable investors of corporate transition plans, the information they should include to be more decision-useful, and the role of asset managers in supporting investor scrutiny of firms’ decarbonisation strategies. 

Review / Preview: To wrap up this week’s discussion, Richard looks forward to COP30, expressing hope that governments will reveal climate plans that deliver for people and planet, following the call made by Allianz Board Member Günther Thallinger in his recent interview with Sustainable Investor that nationally determined contributions should serve as blueprints for economic competitiveness. And Guy comments on the UK’s net zero ambitions in light of the release of its ‘carbon budget delivery plan’ - as required by the High Court - and tensions over North Sea oil and gas revenues ahead of the Budget in late November. 

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: 

EU Lawmakers Reject Deal to Simplify Sustainability Rules 

https://www.euractiv.com/news/eu-lawmakers-reject-deal-to-simplify-sustainability-rules-in-major-upset/

Omnibus Vote Throws SFDR Review into Doubt

https://sustainableinvestor.online/live/omnibus-vote-throws-sfdr-review-into-doubt/

Socialists Cave to Centre-right Demands to Slash EU Green Rules

https://www.politico.eu/article/socialists-liberals-epp-eu-green-rules/

UK Minister Brushes off Fiduciary Duty Concerns

https://sustainableinvestor.online/live/uk-minister-brushes-off-fiduciary-duty-concerns/

Britain’s Biggest Pension Funds Back Regional Growth Drive

https://www.gov.uk/government/news/britains-biggest-pension-funds-back-regional-growth-drive

Mp Tables ‘System-Level’ Investment Duty Amendment to Pensions Bill

https://www.ipe.com/news/mp-tables-system-level-investment-duty-amendment-to-pensions-bill/10133274.article

Climate Alliance NZBA Disbands as Banks Vote For Guidance-Only Role

https://www.thebanker.com/content/e2f79306-a596-4375-a33c-e1390cb64c17

GFANZ Transition Role in Question as NZBA Folds

https://sustainableinvestor.online/live/gfanz-transition-role-in-question-as-nzba-folds/

Global Banks Stall on Climate Action Despite Net Zero Promises, Report Finds

https://www.transitionpathwayinitiative.org/publications/141/show_news_article

US Federal Agencies Announce Withdrawal of Principles for Climate-Related Financial Risk Management

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20251016a.htm

Landmark global shipping deal in tatters after US pressure

https://www.bbc.co.uk/news/articles/c3vnl0yxg53o

Investors Left in the Dark on Pace of Corporate Transition

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

Transition Planning Not “An End in Itself”

https://sustainableinvestor.online/transition-planning-not-an-end-in-itself/

Targets, Trade-offs and Transformation 

https://sustainableinvestor.online/targets-trade-offs-and-transformation/

World’s Climate Plans Fall Drastically Short of Action Needed, Analysis Shows

https://www.theguardian.com/environment/2025/oct/28/worlds-climate-plans-fall-drastically-short-of-action-needed-analysis-shows

Climate Plan Captures Clean Energy Benefits and Boosts Investment

https://www.gov.uk/government/news/climate-plan-captures-clean-energy-benefits-and-boosts-investment

UK Should Prepare for at Least 2C of Global Warming by 2050, Says CCC

https://www.edie.net/uk-should-prepare-for-at-least-2c-of-global-warming-by-2050-says-ccc/

Remove Windfall Taxes on North Sea Oil, Bosses Tell Rachel Reeves

https://www.cityam.com/remove-windfall-taxes-on-north-sea-oil-bosses-tell-rachel-reeves/

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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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