2025年第八届可持续投资资产所有者调查报告

Asset Owner Survey 2025 Contents Foreword3 About our research14 Foreword Sustainable investment has faced considerable headwinds in recent years.Since the Russia-Ukraine conflict began in 2022, energy security haseclipsed net zero as a priority for policymakers, while issues such as diversity,equity and inclusion have faced growing political pushback. volumes of capital flowing into sustainableinvestment funds levelling off, interest isholding steady at a high level among investorsin integrating sustainability considerations intheir investments.Our eighth annual sustainable investmentsustainability risks continue to grow in priorityfor the investors we surveyed. These trendshave also been broadly consistent acrossregions.What’s shifting are investors’ motivations forpursuing sustainable investment and, to some survey, which was completed by a total of415 asset owners around the world, includingprivate and government-linked pension funds,foundations, and family offices – providinginsights into key capital allocation drivers. commitment to integratingsustainability considerationsremains steady. Against abackdrop of geopoliticalheadwinds, investor concernsregarding climate and broadersustainability risks continueto intensify and the focus onfinancial performance remainsa central priority. extent, how they put those views into practice.Pragmatism is winning out over principles, andthe fundamental drivers of risk and return aretop of mind. asset owner survey reveals these headwindshave not led to any meaningful reversalof sustainable investment practice. Assetowners are applying sustainable investmentconsiderations at similar levels to previous FTSE Russell Sustainable investment has faced continuing pressure over 2025,but most asset owners remain concerned about sustainability factorsand are applying a wide range of strategies to address them. Executive summary and ESG integration arestill the most popularapproaches, althougha diversity of styles andstrategies persistsremains. One in fourasset owners areconsidering sustainableinvestment strategies,with concerns aroundgreenwashing, ESG dataand regulation posingbarriers of assets ownersimplementingsustainable investmentproducts is highat 73%and has been steady fora few years and riskare cited as thekey motivating factors for priority, howeverdiversity and inclusion, and human capital arealso rated as important increasingly concernedabout the risks posedby sustainability issues,particularly climatechange: 85% cited it as amajor concern sustainable investmentby the majority of assetowners Sustainability risks remain highon the asset owner agenda Climate concerns are risingFigure 1: More investors than ever say they areGeopolitical volatility may have impacted the political will to tackle climatechange, but asset owners are increasingly worried about the risks that it andother sustainability factors pose to returns. Despite, or perhaps because of, political pushback to ambitious climate change policyaround the world, investors’ concerns aboutclimate risk have risen over the last 12 months.This year, 85% placed themselves in the ‘mostconcerned’ category when asked about climaterisk concerns (scoring themselves at 7 or above),compared with 76% last year. Figure 3: Investors are increasingly incorporating climateand sustainability considerations into their mainstreamstrategic asset allocation process (% of investors) Figure 2: As well as climate, concerns like diversityand inclusion, and natural-capital issues are rising It is about being a universal investor.A marketplace with advanced climate/sustainability standards will have improved,or more stable, long-term returns45% of concernInvestors are also reporting concerns with other attitudes to sustainable investmentMany asset owners are broadly exposed to financial incorporating climate risk into broaderinvestment processAsset owners are responding to rising concerns about sustainability issues. For example, more than a quarter(28%) stated that diversity and inclusion is a 'priorityfocus' for them, despite political backlash to diversity,equity and inclusion policies. Biodiversity and naturalcapital is a priority concern for a fifth of investors (20%),and environmental issues including resource (16%)and water use (11%) and pollution (14%) were cited by asignificant minority of investors. markets, making it difficult, if not impossible, to diversifyaway from broad, systemic risks such as climate changeand other sustainability challenges. This understandingbest reflects how almost half of respondents think aboutsustainable investment. climate and other sustainability exposures by increasinglyincorporating the risks and opportunities into theirmainstream investment processes. The percentage ofrespondents either considering sustainability or climate,or using related indices, in strategic asset allocation hasrisen consistently since 2021, now standing at 80%. Thishighlights both the increas