In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, explores how global policy frameworks are evolving to unlock private capital for sustainable development. He is joined by Helena Viñes Fiestas, Commissioner at the Spanish Financial Markets Authority and Co-Chair of the Taskforce on Net Zero Policy, and Eric Usher, Head of the UN Environment Programme Finance Initiative (UNEP FI) and PRI Board member.

The discussion focuses on the outcomes of the Fourth International Conference on Financing for Development in Seville and the significance of Paragraph 34 of the Seville Commitment, a milestone recognising the role of well-functioning financial markets in delivering the Sustainable Development Goals.

As public finance comes under pressure, governments are increasingly focused on creating enabling environments that attract long-term private investment, particularly in emerging and developing economies.

Helena and Eric explain why Paragraph 34 marks an important shift: embedding issues such as transparency, disclosures, taxonomies and market integrity into a multilateral development framework. They discuss how this convergence of development, climate and financial policy could help mobilise capital at scale, if implemented effectively.

From development aid to market-based solutions

Eric explains how financing for sustainable development has traditionally focused on public finance, debt and governance, but is now recognising the need for private capital and functioning financial markets to deliver long-term outcomes.

Policy momentum beyond Europe and North America

Helena shares findings from the Taskforce on Net Zero Policy, showing that most new sustainable finance policies adopted last year emerged outside Europe and North America, particularly across Asia-Pacific. She highlights why global companies and investors will increasingly need to align with these frameworks.

What’s inside Paragraph 34

The guests outline how Paragraph 34 references a broad set of tools, from sustainability disclosures and taxonomies to market transparency, covering environmental and social objectives across the SDGs.

Development banks, DFIs and private capital

Both guests reflect on the growing role of development finance institutions (DFIs) in de-risking investments and creating pathways for pension funds and asset managers to invest in emerging markets.

Taxonomies and interoperability

With over 50 taxonomies now in development globally, the discussion explores why interoperability, rather than a single global standard, is essential for attracting international capital while reflecting local economic realities.

From policy design to implementation

Helena highlights lessons from Europe’s experience: the need for better engagement with industry, tailored approaches for SMEs, capacity building for supervisors, and a stronger balance between incentives and regulation.

The responsibility of investing

In closing reflections, Eric emphasises dynamic materiality and the role of science in understanding long-term risk, while Helena highlights the growing responsibility of investors, and citizens, to align capital with sustainable outcomes.

For more information on the compromiso de sevilla, see our...

In this episode, Nathan Fabian, Chief Sustainable Systems Officer at the PRI, examines rising economic inequality and why it poses a material, systemic risk for long-term investors. He is joined by Delaney Greig (Director of Investor Stewardship, University Pension Plan Ontario), Emma Douglas (Sustainable Investment & Stewardship Lead, Brightwell; BT Pension Scheme), and David Wood (Adjunct Lecturer in Public Policy, Harvard Kennedy School).

Together, they explore how inequality affects economic stability, corporate performance, long-horizon portfolio returns, and what asset owners can do to respond.

Ten years after the adoption of the SDGs, inequality is increasing across major economies. The top 1% now holds over 40% of global wealth, and widening gaps in income, labour rights and access to opportunity are shaping economic and political outcomes.

The guests discuss:

• Why inequality is a non-diversifiable, systemic risk
• How it undermines growth, resilience and productivity
• The implications for diversified investors
• The interplay between inequality, climate, nature and social outcomes
• How asset owners can use stewardship, integration and policy engagement to address key drivers

Delaney and Emma outline why rising inequality threatens long-term returns: weakening demand, increasing volatility, reducing workforce resilience, and fuelling political instability. Both highlight evidence linking excessive pay gaps and poor labour practices to weaker corporate performance.

David summarises major findings from the IMF, OECD and others showing that inequality constrains growth rather than accelerates it. He notes that investors have clearer data and frameworks today than ever before, and that social issues have become central to responsible investment.

Emma discusses a new analysis tool developed with Cambri to map social risks across sectors, revealing under-examined areas such as technology, media and natural-resource-intensive industries.

Delaney explains UPP’s “top-and-bottom guardrails” approach, engaging on excessive executive pay at the top and fundamental labour rights at the bottom.

The panel discusses:

• Embedding social risks into investment processes
• Sector-level prioritisation
• Collective action on labour rights
• The emerging TISFD standard
• How investors should (and should not) engage in political debates around taxation, labour markets and redistribution

Guests reflect on:

• Strengthening investor–manager dialogue
• Integrating inequality into capital allocation decisions
• Opportunities in areas such as affordable housing
• Addressing market concentration and competition issues
• The need for aligned, collective advocacy from asset owners
• 
  

(0:00) - Introduction: Economic Inequality and Investment Risk

(2:29) - Delaney Greg: Why Inequality Matters for Pension Plans

(4:50) - Emma Douglas: Systemic Risk and Investment Opportunities

(7:16) - David Wood: Research on Inequality and Growth

(9:21) - Understanding the Drivers of Economic Inequality

(11:51) - Emma's Approach: Using Data and AI for Social Risk Analysis

(15:01) - Delaney's Strategy: Top-End and Bottom-End Guardrails

(17:55) - Measuring Impact and Defining Success in Inequality Work

(20:16) -...

In this episode, Tamsin Ballard, Chief Investor Initiatives Officer at the PRI, reflects on a pivotal COP30 in Belém and what it means for investors navigating the next phase of the net zero transition. She is joined by Jan Kæraa Rasmussen, Head of ESG and Sustainability at PensionDanmark and member of the UN-convened Net-Zero Asset Owner Alliance Steering Group, and Daniel Gallagher, Senior Lead on Climate at the PRI. Both guests were closely involved in investor engagement around COP30, offering on-the-ground insights from São Paulo and Belém.

Together, they unpack the shift from pledges to implementation, the growing involvement of finance ministries, and the rapidly evolving expectations for investors across mitigation, resilience and nature. They explore what COP30 delivered, and what still needs to happen to unlock the capital required for a global, just and investable transition.

Overview

COP30 marked a step change in how investors were integrated into climate discussions, with strong participation from finance ministries, MDBs, asset owners and global policymakers.

From São Paulo to Belém, conversations were more grounded in real-economy transition needs, with a stronger focus on:

• scaling finance to emerging markets and developing economies (EMDEs)
• strengthening NDC quality and investability
• reforming multilateral development banks (MDBs)
• mobilising catalytic capital for climate and nature
• recognising the centrality of the climate-nature nexus

Jan and Daniel reflect on why investors must remain at the table, how policy signals are evolving, and what COP30 revealed about both the opportunities and risks in a multi-speed global transition.

Detailed Coverage

COP30 reinforced that international negotiations alone cannot deliver the speed or scale required. Brazil’s presidency emphasised an action agenda bridging policy and the real economy, pushing for greater alignment between investor needs and national transition pathways.

Daniel highlights PRI's latest analysis presented in Sao Paolo on investment flows to the clean energy transition, yet stresses ongoing misalignment between where capital is flowing and where it is most needed, particularly in EMDEs.

📄 Related PRI report:

Investment flows to the net zero transition: Progress and policy needs (Oct 2025)

Jan details the growing engagement of finance ministries and MDBs in climate finance discussions. He notes progress on DFI/MDB reform, including more effective concessional capital, better use of equity, and improved currency-hedging mechanisms.

He also calls for clearer investor dialogue on perceived versus real risk in EMDEs, and the need for more peer learning on successful renewable-energy investment models.

📄 Related PRI report:

Who invests and how? Unlocking institutional capital for EMDE transitions (Nov 2025)

Daniel highlights improvements in the quality and granularity of NDCs, offering better signals for investors on sector pathways, enabling policies and investment opportunities. Yet, the gap between national ambition and global goals remains wide.

📄 Additional...