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The Hidden Reason US Pensions Still Back Fossil Fuels
Risk, Return and Responsibility - Episode 10
What if doing the responsible thing with your pension wasn’t about values at all - but about returns, risk, and reality?
Risk, Return and Responsibility, former UK Pensions Minister Guy Opperman and Chris Hall, Editor of Asset Owner Network, sit down with Alex Wright‑Gladstein, Founder and CEO of US fund provider Sphere, to unpack one of the most misunderstood forces in modern finance: why almost all US pensions still fund fossil fuels, and why this is a fiduciary failure, not a moral choice.
Alex explains how a system designed decades ago now traps trillions of dollars into outdated assumptions, why climate‑friendly investing has been framed as “financially irresponsible”, and how lawsuits, not performance - quietly dictate where retirement money flows.
This conversation goes far beyond ESG buzzwords. It’s about risk, power, incentives, and who really decides what “prudent investing” means.
If you’ve ever been told you have to choose between returns and responsibility, this episode challenges that idea entirely.
What You’ll Learn
Stand‑Out Quotes
“You don’t have to choose between doing good and doing well - that choice was manufactured.”
“Most people don’t know what ESG means - but they know they’re worried about their future.”
“The default option quietly decides the fate of trillions of dollars.”
“Climate risk is financial risk. The law just hasn’t caught up yet.”
Why This Episode Matters
Pensions are the largest pool of long‑term capital in the world - and most people never realise where their money ends up.
This episode exposes:
It’s not a debate about politics or ideology.
It’s a conversation about reality, responsibility, and the future we’re accidentally funding.
Who This Episode Is For
View all episodes
By Asset Owner NetworkRisk, Return and Responsibility - Episode 10
What if doing the responsible thing with your pension wasn’t about values at all - but about returns, risk, and reality?
Risk, Return and Responsibility, former UK Pensions Minister Guy Opperman and Chris Hall, Editor of Asset Owner Network, sit down with Alex Wright‑Gladstein, Founder and CEO of US fund provider Sphere, to unpack one of the most misunderstood forces in modern finance: why almost all US pensions still fund fossil fuels, and why this is a fiduciary failure, not a moral choice.
Alex explains how a system designed decades ago now traps trillions of dollars into outdated assumptions, why climate‑friendly investing has been framed as “financially irresponsible”, and how lawsuits, not performance - quietly dictate where retirement money flows.
This conversation goes far beyond ESG buzzwords. It’s about risk, power, incentives, and who really decides what “prudent investing” means.
If you’ve ever been told you have to choose between returns and responsibility, this episode challenges that idea entirely.
What You’ll Learn
Stand‑Out Quotes
“You don’t have to choose between doing good and doing well - that choice was manufactured.”
“Most people don’t know what ESG means - but they know they’re worried about their future.”
“The default option quietly decides the fate of trillions of dollars.”
“Climate risk is financial risk. The law just hasn’t caught up yet.”
Why This Episode Matters
Pensions are the largest pool of long‑term capital in the world - and most people never realise where their money ends up.
This episode exposes:
It’s not a debate about politics or ideology.
It’s a conversation about reality, responsibility, and the future we’re accidentally funding.
Who This Episode Is For