The Responsibility of Investing

In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Malea Figgins, Vice President at TCW, and David Klausner, ESG Specialist at PGIM Public & Private Fixed Income, to explore how responsible investment is being applied in securitised debt markets.
Focusing on residential and commercial mortgage-backed securities (RMBS and CMBS), as well as emerging asset classes such as data centres, the discussion draws on insights from the PRI’s Technical guide to Responsible Investment in securitised debt. Together, the guests unpack how environmental, social and governance risks and impacts are assessed in practice, where data gaps remain, and why securitised assets are central to financing the real economy.
Overview
Securitised debt is a core component of global fixed income markets, representing around US$14 trillion in outstanding issuance. By pooling underlying loans, such as home mortgages, commercial property loans or consumer credit, securitisation channels capital into housing, infrastructure and other real-economy assets.
Despite its scale and relevance, securitised debt has historically been underrepresented in responsible investment discussions. This episode explains why environmental, social and governance considerations are not peripheral, but fundamental to credit analysis in this asset class, particularly given its exposure to consumers, real assets and climate risk.
Detailed coverage
Why securitised debt matters for responsible investors
Malea and David explain how securitisation directly touches everyday assets, from homes and cars to student loans and commercial buildings. They argue that social risks such as predatory lending, affordability and loan servicing quality, alongside environmental risks like climate events and insurance availability, are core credit risks in these markets.
Risk versus impact
David outlines the importance of distinguishing between environmental, social & governance risk (financially material factors affecting credit quality) and impact (how investments affect society and the environment). The risks are integrated into bottom-up credit analysis across all portfolios, while impact overlays are applied where client mandates explicitly require them.
Embedding sustainability in RMBS and CMBS analysis
Malea discusses how sustainability considerations already align with credit fundamentals in many cases. In commercial real estate, green building certifications, energy efficiency and lower operating costs can support stronger net operating income and tenant stability. In residential markets, affordability metrics and borrower characteristics play a key role.
Case study: data centres and climate risk
The episode explores the rapid growth of securitised data centre financing, driven by AI and digital infrastructure demand. David shares an example where climate-related insurance coverage and extreme weather risk directly influenced internal credit ratings, illustrating how environmental risks can be central, not secondary, to investment decisions.
Private markets and improving data quality
Both guests highlight how private asset-backed finance allows earlier engagement with issuers, creating opportunities to improve environmental and social data collection. Lessons from private markets may help drive better disclosure and transparency in public securitised markets over time.
Labelled bonds and greenwashing risks
Malea cautions that not all labelled securitised bonds are created equal. The discussion stresses the need for rigorous due diligence on use-of-proceeds and frameworks, with internal guardrails to avoid low-quality or misleading labelled issuance.
Read more in the full technical guide on securitised debt: https://www.unpri.org/deep-dive?id=responsible-investment-in-securitised-debt-a-technical-guide
Chapters
00:00 – Introduction to responsible investment in securitised debt
02:40 – What securitised debt is and why it matters for investors
06:10 – Why sustainability risks are core credit risks in securitised markets
10:15 – Risk vs impact: a practical distinction for fixed income
14:20 – Integrating sustainability into RMBS and CMBS analysis
18:45 – Credit fundamentals and sustainability in commercial real estate
23:30 – Case study: data centres, climate risk and insurance coverage
30:10 – Private markets, early engagement and improving sustainability data
36:05 – Labelled securitised bonds and avoiding greenwashing
41:45 – Key takeaways for responsible investors in securitised debt
Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

In this episode, Cambria Allen-Ratzlaff, Interim CEO at the PRI, is joined by Mark Anson, Chair of the Investment Committee, and Hershel Harper, Chief Investment Officer at the UAW Retiree Medical Benefits Trust. A PRI signatory since 2010, the Trust has long been recognised for its leadership in responsible investment, stewardship and manager engagement.
Together, they explore how a large, closed pension plan integrates responsible investment into fiduciary decision-making, covering human capital management, energy transition risks, data centres, manager selection and the role of ESG data.
Overview
Drawing on decades of experience across public pensions, endowments and foundations, Mark and Hershel reflect on how responsible investment has evolved from a niche concern to a core part of managing long-term risk and return.
The conversation highlights how the Trust approaches stewardship not as a values exercise, but as a practical way to strengthen governance, resilience and performance, always grounded in its obligation to deliver healthcare benefits for retirees.
Detailed Coverage
Human capital as a core asset
The guests discuss why workforce practices, board quality and leadership development are material investment issues. From employee training and compensation to board diversity and skills, effective human capital management is framed as fundamental to long-term value creation.
Collective engagement and investor leadership
Mark and Hershel explain why large asset owners must collaborate to drive change. Initiatives such as the Midwest Investors Diversity Initiative demonstrate how coordinated engagement can improve board diversity and corporate sustainability while supporting better business outcomes.
Energy, water and data-centre risk
The discussion turns to energy policy and the growing demand driven by AI and data centres. The guests outline how the Trust evaluates resource efficiency, water use, worker safety and community impact, recognising the need for “all-of-the-above” energy solutions delivered responsibly.
Manager selection and Capital Connect
Hershel introduces Capital Connect, the Trust’s forum designed to broaden access to diverse and emerging managers. Both guests stress that expanding the opportunity set improves risk-adjusted returns, and that investing with diverse managers is not concessionary, but disciplined and performance-driven.
ESG data, fiduciary duty and decision-making
Mark and Hershel reflect on their recent research into fiduciary responsibility and inconsistent ESG data. They explain why ESG ratings vary so widely, and why asset owners must first define their objectives, regulatory constraints and risk priorities before selecting data tools.
Context matters
A recurring theme is that responsible investment is contextual. Different investors (pension funds, endowments, foundations) face different liabilities, regulations and time horizons, shaping how ESG considerations are applied in practice.
For more information about making the case for responsible investment, check out our database: https://public.unpri.org/investment-tools/investment-case-database
Chapters
00:00 - Introduction & Backgrounds
03:29 - Human Capital Management & Board Diversity
08:55 - Midwest Investor Diversity Initiative
11:41 - Energy Policy & Data Centers
18:17 - Water Resources & Community Impact
19:39 - Capital Connect & Diverse Managers
26:40 - Fiduciary Dilemma & ESG Integration
30:42 - ESG Data Challenges & Rating Agencies
37:19 - Investment Outlook & De-risking Strategy
45:48 - Closing Thoughts on Responsible Investing
Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

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.
Overview
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.
Detailed coverage
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 blog: https://public.unpri.org/pri-blog/the-compromiso-de-sevilla-a-milestone-in-the-growth-of-sustainable-finance-policy/13451.article
Chapters
00:00 - Introduction
01:30 - Paragraph 34 explained
08:20 - Global policy momentum
16:40 - Contents of paragraph 34
24:10 - Implementation challenges
32:20 - Taxonomy interoperability
42:15 - Market expectations
49:40 - Enforcement and lobbying
56:20 - Responsibility of investing

Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

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.
Overview
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

Detailed Coverage
1. Why inequality matters for investors
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.
2. What the research shows
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.
3. Making inequality actionable
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.
4. Stewardship, integration and policy
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

5. Looking ahead
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

Chapters
(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) - Communicating to Beneficiaries and Avoiding Backlash 
(22:21) - The Financial Industry's Role in Addressing Inequality 
(24:15) - Government Policy and Investor Responsibilities 
(26:33) - Navigating Taxation and Political Considerations 
(29:37) - Policy Advocacy and Transparency for Asset Owners 
(30:57) - Looking Forward: Next Steps for Investors 
(33:27) - David Wood: Where the Investment Community Goes Next 
(36:08) - Panel Reflections: The Responsibility of Investing Today 
(38:55) - Closing Remarks and Future Commitments
Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.

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
From pledges to implementation
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.
Investment flows and the net zero transition
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)
Mobilising capital for emerging markets
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)
The role of national transition plans and NDCs
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 reference:
Investor Agenda – Global State of Investor Climate Action (Nov 2025)
Overshoot, tipping points and adaptation finance
The episode also explores the implications for institutional investors of breaching 1.5°C. Daniel emphasises the need for investors to strengthen physical-risk assessment, integrate non-linear climate impacts, and prepare for higher volatility.
He also notes the COP30 signal to triple adaptation finance, recognising the increasing urgency around physical climate risks and the opportunities in adaptation.
📄 Related PRI briefing:
1.5°C Overshoot Briefing (June 2025)
Chapters
(00:01) - Evolving Sustainable Investment Landscape
(09:55) - Unlocking Climate Investment in Global South
(20:21) - Global Transition and Investor Perspectives
(26:40) - Global Transition and Climate Investment Risks
(34:05) - Investor Responsibility in Climate Transition
Disclaimer
This podcast and material referenced herein is provided for information only. It is not intended to be investment, legal, tax or other advice, nor is it intended to be relied upon in making an investment or other decision. PRI Association is not responsible for any decision made or action taken based on information on this podcast. Listeners retain sole discretion over whether and how to use the information contained herein. PRI Association is not responsible for and does not endorse third parties featured on in this podcast or any third-party comments, content or other resources that may be included or referenced herein. Unless otherwise stated, podcast content does not necessarily represent the views of signatories to the Principles for Responsible Investment. All information is provided “as is” with no guarantee of completeness, accuracy or timeliness, or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied. PRI Association is committed to compliance with all applicable laws. Copyright © PRI Association 2025. All rights reserved. This content may not be reproduced, or used for any other purpose, without the prior written consent of PRI Association.