核心争议：可持续投资格局有何转变？2026 年将塑造行业的新兴主--Big Debates How has sustainable investing shifted and what emerging themes are likely to shape the landscape in 2026

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on sustainable investing and its evolution in 2025, with implications for 2026. The discussion highlights the impact of policy changes, corporate strategies, and macroeconomic factors on sustainable investment trends [1][7][8]. Core Insights - Shift in Sustainable Investing: Sustainable investing has evolved significantly in 2025, influenced by policy uncertainty and changes in corporate sustainability strategies. The investment focus has broadened to include sectors like Defence, indicating a shift in investor sentiment [7][8][9]. - Emerging Themes for 2026: Key themes identified for 2026 include: - Climate Resilience: Recognizing the need for adaptation solutions alongside mitigation efforts due to heightened climate risks [24]. - AI Risks and Responsible AI: Increased investor interest in the risks associated with AI, including cybersecurity and job displacement [23]. - Cybersecurity: A growing theme as cyber threats increase, with sustainability funds currently underweight in cybersecurity investments [23]. - Resource Efficiency and Energy Security: These are critical from a sustainability perspective, reflecting a broader understanding of security beyond traditional definitions [23]. Corporate Engagement and Analysis - Importance of Corporate Engagement: As corporate targets become less central to sustainability investors, the credibility of corporate sustainability strategies is increasingly important. Investors are focusing on understanding the challenges companies face in executing their strategies [15][16]. - Return to Fundamental Analysis: There is a noted return to fundamental analysis within sustainable investing, emphasizing the importance of capital expenditure allocation and the returns on green investments [17]. Changes in Corporate Strategies - Pragmatic Approach to Decarbonization: Corporates are adopting more realistic and achievable targets for decarbonization, particularly in industrial sectors. Investors express concerns about excessive cuts to targets that could lead to complacency [13][16]. - Long-term Commitments: While near-term climate commitments may be adjusted, long-term commitments to net zero are expected to remain, with two main pathways for decarbonization identified for Europe [10][11]. Market Dynamics - Broader Investment Universe: The easing of exclusion policies related to weapons has expanded the investable landscape, allowing for greater inclusion of companies that are improving their sustainability practices [18]. - Investor Sentiment: The cooling of ESG sentiment has led to a reevaluation of the value of sustainable investing, with a focus on identifying future cash flow risks and avoiding controversy risks [22]. Conclusion - The sustainable investing landscape is undergoing significant changes, driven by macroeconomic factors, policy shifts, and evolving corporate strategies. Investors are increasingly focused on pragmatic approaches, corporate engagement, and emerging themes such as climate resilience and cybersecurity as they navigate this evolving environment [1][7][23][24].