The Greener Way

Quant + ESG Without the Black Box: Transparent Sustainable Investing with AXA IM’s Ram Rasaratnam | The Greener Way

In this episode of The Greener Way, host Michelle Baltazar speaks with Ram Rasaratnam, CIO of Equity Quant Investing at AXA IM, part of BNP Paribas, about some of the misconceptions about quant investing, including calling it a ‘black box’.

Describing it instead as “fundamental investing at scale”, Ram explains how sustainability portfolios can be built with clearly defined steps that show both the ESG overlays and the fund manager’s core fundamental decisions.

Asked on the impact of AI, Ram shares how the latest technology has transformed the fund’s investment toolbox - but that the market, despite all the quant analysis in the world, still keeps him on his toes.

01:38 Quant as fundamentals at scale

03:39 Separating ESG and returns

05:27 Machine learning toolbox

07:42 Markets keep changing

08:54 Mindset shift for ESG quants

We record on Gadigal land and we pay our respects to the traditional custodians of country and elders past and present. 

https://www.fssustainability.com.au/

Energy security vs net zero: What Australia’s new “fuel czar” means for investors

This week on The Greener Way, host Michelle Baltazar speaks with economist Nicki Hutley about energy security after the federal government appointed Anthea Harris as a new “fuel czar” to oversee Australia’s fuel supply amid Middle East conflict and rising oil and LNG prices.

Hutley explains how fuel supply risks flow through the whole economy—from transport and manufacturing to agriculture—and why petrol demand is relatively inelastic.

They discuss how short-term fuel security measures should not derail Australia’s net zero reduction targets, arguing governments can address near-term risks while accelerating renewable rollout and planning.

00:13 Energy security returns

01:03 Why a fuel czar?

02:08 Fuel shocks hit economy

04:39 Renewables and net zero

06:38 Keep transition moving

07:55 Investing in energy security

09:36 Uncertainty and budget watch

Links: https://www.nickihutleyeconomics.com.au/

Australia’s mandatory climate reporting (2026): What investors need to know | Dr Mary Stewart (ERM)

This week on The Greener Way, host Michelle Baltazar speaks with Dr Mary Stewart of ERM about Australia’s new mandatory climate disclosure regime introduced in 2024 and what the first wave of calendar‑year reports, due next month, means for investors, boards, and markets.

Dr. Stewart frames climate as a knowable risk with opportunity, urging investors to look for clear, accessible disclosure of what companies know, don’t know, and how they will close gaps on issues like scope 3 and scenario analysis, and argues strong Australian reporting could raise global investor expectations.

01:29 What mandatory reporting is

02:22 Who must report first

03:41 Early report quality check

05:43 Adequate versus gold standard

07:23 CEO And CFO ownership

09:49 Sector risks and market impact

13:16 Investor checklist for disclosures

15:01 Australia sets global expectations

15:52 Wrap up and disclaimer

Gender pay gaps in financial services: What WGEA’s new targets mean for employers & investors

In this episode of The Greener Way, host Michelle Baltazar talks with Mary Wooldridge, CEO of the Workplace Gender Equality Agency (WGEA), about why gender equality in financial services matters and how new national reforms will affect employers, investors and super funds.

Wooldridge explains that WGEA collects yearly gender‑equality data from businesses with more than 100 employees and publishes their gender pay gaps. The latest results show some improvement, with an overall median pay gap of 11.2%, but a much higher 21.4% in financial services, along with ongoing imbalances across pay levels.

She also outlines new rules requiring large organisations to set and meet gender‑equality targets over three years, with public reporting and consequences for those that fall behind.

01:01 How pay gaps are measured

03:01 Key findings and stats

04:42 Financial services reality check

05:55 Reforms and target setting

06:58 Compliance and consequences

08:10 Choosing the right targets

09:44 What works in practice

11:56 Board and C-suite accountability

14:35 On ESG and gender equality

Links: WGEA Data Explorer

Indigenous Cultural Heritage Protection: Investor Risk, Responsibility & First Nations-Led Governance | The Greener Way

This week on The Greener Way, host Michelle Baltazar speaks with Kado Muir, chair of the National Native Title Council ahead of the RIAA Conference in May where Muir is one of the panelists on a session titled, “Indigenous Cultural Heritage Protection: Investor Risk and Responsibility”.

Muir argues that tools already exist to protect indigenous heritage, but incentives and governance are lacking, including too few First Nations people in decision-making roles and boards.

He urges investors and governments to screen risks, work with First Nations governance institutions, and make cultural heritage protection a non-negotiable in boardroom discussions.

02:20 Responsible investment steps

03:46 Scorecards and governance gaps

06:46 Real world liability examples

11:45 Native title and investor risk

15:53 Building a virtuous cycle

17:50 Standardising with First Nations

19:05 Board representation is a blind spot

22:21 Five years after Juukan Gorge

23:40 Progress and podcast wrap

02:20 Responsible investment steps

03:46 Scorecards and governance gaps

06:46 Real world liability examples

11:45 Native title and investor risk

15:53 Building a virtuous cycle

19:05 Board representation blind spot

22:21 Five years after Juukan

23:40 Positive note and wrap

Links:

https://www.kadomuir.com.au/

Podcast: My culture story with Kado Muir

Despite global sustainable funds recording more than US$80 billion in net outflows in 2025, Australia and New Zealand are bucking the trend and continue to attract new capital.

In this episode, Australian Ethical deputy chief investment officer John Woods unpacks how ESG investing is evolving in 2026, explaining why there's still plenty of opportunities out there for sustainable investors, the importance of transparency, and the need for a reliable ESG fund labelling system.

He also breaks down Australian Ethical’s approach to investing in emerging markets, and how it's looking at renewables, climate tech, private credit, and solar‑driven infrastructure.

This week on TGW, host Michelle Baltazar welcomes ESG and responsible investing leader Dr Ian Woods to discuss 'ESG Unlocked', a new book he has co-authored with Josh Dowse, which was written to address the disconnect between how companies and investors understand and apply ESG.

Woods explains that the book’s aim is to demystify ESG by reducing jargon, joining the dots between corporate and investment perspectives, and showing how ESG integration can support both sustainability outcomes and profits and investment returns.

00:42 Meet Dr. Ian Woods + introducing the book 'ESG Unlocked'

02:07 How the book was born: Bridging the company–investor disconnect

03:52 From climate pioneer to ESG mainstream: What changed over time

06:18 Case study: IAG’s investor-aligned climate journey

08:00 Common ESG investing myths: Divestment, materiality and performance

11:50 The ticking clock: Physical climate risk vs transition risk

14:34 Natural, social, human and financial capital: making ESG relevant

16:21 Behind the scenes: Writing during COVID + making ESG readable

19:04 The next decade: No more “ESG teams”?

Links: ESG Unlocked

In this episode of The Greener Way, host Michelle Baltazar from FS Sustainability, discusses the increasing climate-driven risks to data centers with Julia Leske, managing director at ISS Sustainability.

They explore the challenges posed by extreme heat and water stress on data centres globally. Julia shares insights from ISS's report, Actionable Insights: Top Sustainability Themes in 2026, revealing infrastructure vulnerabilities, the urgent need for resilient cooling systems and investment implications.

00:36 Exploring climate risks for data centres

01:06 Data centre resilience

01:44 The biggest climate threats to data centres

02:24 Case Study: Heat waves and water stress

03:47 Global analysis of data centre risks

04:07 Future projections and regional vulnerabilities

06:45 The need for advanced cooling technologies

09:02 Business continuity planning and gaps

Links: https://www.issgovernance.com/sustainability/actionable-insights-top-sustainability-themes-in-2026/

In this episode of The Greener Way, host Michelle Baltazar discusses the critical and complicated role of steel in the transition to a decarbonised future with Fidelity International's Sue-Lyn Stubbs.

They discuss the steel paradox and its essential role in economic growth, green technology development versus its high emissions footprint, the financial and regulatory implications, and the effect of methane emissions on the industry.

02:04 Understanding the steel paradox

04:10 Financial risks and opportunities in the steel value chain

06:35 The importance of methane emissions

07:49 Impact on Australian mining companies

08:33 Future of green steel technologies

10:44 Investor engagement and regulatory developments

16:03 The steel methane investor initiative

Links: The methane blindspot: Why investors are rethinking their steel value chain exposure

Can we really trust the tools measuring biodiversity risk?

This week on TGW, Michelle Baltazar, Executive Director of Media at FS Sustainability, sits down with Dr. Jennifer Willetts of Franklin Templeton to unpack one of the biggest questions facing investors today: how do you actually measure biodiversity risk—and are current tools up to the task?

Dr. Willetts breaks down the challenges, the latest innovations, and the emerging opportunities for investors looking to understand their biodiversity footprint and drive more sustainable outcomes.

00:00 Introduction: Disagreement among biodiversity tools

00:29 Introducing Dr. Jennifer Willett and her research

01:30 The Complexity of biodiversity metrics

04:00 Key Findings from the biodiversity study

07:04 Challenges and solutions for investors

12:29 The Role of regulation in biodiversity risk

14:24 Emerging opportunities for investors