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The Responsibility of Investing

The Responsibility of Investing

By: The PRI
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The Responsibility of Investing (formerly The Principles for Responsible Investment) is a podcast by the Principles for Responsible Investment (PRI), the world’s largest global body on responsible investment, representing over $128 trillion in assets under management. Each episode features conversations with thought leaders and experts from around the world, exploring how sustainable factors are transforming the investment landscape. Listen for unique insight into how climate, nature and human rights issues are affecting asset classes and responsible investment policies. The series helps PRI signatories - and the wider investment community - navigate responsible investment with greater precision and confidence, for the benefit of both investors and society. No matter your size, market, nor stage of the responsible investment journey, The Responsibility of Investing will bring you a new perspective every fortnight.Copyright 2026 The PRI Economics Personal Finance
Episodes
  • Responsible investing in a changing world: purpose and practice

    Responsible investing in a changing world: purpose and practice
    Mar 24 2026
    In this episode, Kate Webber, Chief Solutions & Technology Officer at the PRI, is joined by Aniket Shah, Managing Director at Jefferies, to examine the core purpose of responsible investing and what it truly means in practice.Together, they explore whether the industry has lost sight of its original mission, how investors should think about real-world risks and opportunities, and why long-term thinking remains central to delivering value for beneficiaries.OverviewResponsible investing has evolved significantly over the past two decades, but questions remain around its core purpose. Is it about solving global challenges, or simply about making better investment decisions?This episode reframes responsible investing as fundamentally about improving returns by incorporating factors often overlooked in traditional analysis, particularly externalities and intangible assets.The discussion also highlights the importance of grounding investment decisions in the realities of the real economy, rather than abstract frameworks or idealised outcomes.Detailed coverageRe-centering the purpose of responsible investingAniket argues that responsible investing is, at its core, about enhancing risk-adjusted returns. While impact and broader societal goals matter, the mainstream role of investors is to make better decisions by incorporating a wider set of financially relevant factors.Externalities and intangiblesThe conversation explores how climate change and other externalities are increasingly being priced into markets, alongside intangible factors such as governance and human capital. These elements, while harder to measure, are critical drivers of long-term performance.The real economy and long-term valueInvestors are encouraged to look beyond financial markets and consider how businesses operate in the real world. Understanding how technologies, energy systems and structural shifts evolve over time is key to identifying long-term opportunities.Avoiding dogma and embracing nuanceA key theme is the need for investors to stay informed, avoid overly simplistic frameworks, and continually reassess their assumptions. Engaging with opposing viewpoints is highlighted as a valuable way to strengthen decision-making.Rethinking KPIs and performance metricsRather than focusing solely on traditional ESG metrics, the episode emphasises the importance of human capital - including employee engagement, retention and culture - as leading indicators of resilience and performance.The role of investors todayUltimately, investors’ responsibility is to deliver for their beneficiaries. By incorporating long-term risks and opportunities into their analysis, they can contribute to a more resilient and forward-looking financial system.To learn more, see our Investment case database here: https://public.unpri.org/investment-tools/investment-case-databaseChapters00:00 – Introduction and guest overview01:45 – What is the true purpose of responsible investing?03:30 – Externalities, intangibles and investment decision-making06:30 – Real economy shifts and long-term investing10:45 – How fiduciaries should approach complex risks15:00 – Avoiding dogma and improving decision-making18:30 – The value of debate and diverse perspectives20:45 – Rethinking KPIs: human capital and culture24:30 – Linking performance to long-term resilience26:30 – Final reflections: the responsibility of investorsDisclaimerThis 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.
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    30 mins
  • Climate, policy and value creation: Insights from PRI signatory reporting

    Climate, policy and value creation: Insights from PRI signatory reporting
    Feb 24 2026
    In this episode, Toby Belsom, Director of Guidance and Reporting at the PRI, is joined by James Alexander, CEO of UKSIF and Chair of the Global Sustainable Investment Alliance, and Mette Charles, ESG Research Lead at Aon Investment Consultants.Drawing on insights from the latest PRI reporting cycle, the largest ever, with over 4,200 signatories participating, the conversation explores what the data reveals about investor commitments, implementation challenges and emerging priorities across the responsible investment landscape.Together, they unpack how investors are navigating geopolitical shifts, regulatory divergence and systemic risks while translating sustainability commitments into meaningful action.OverviewThe latest PRI reporting data highlights five key themes:Reporting still matters, even amid political turbulenceClimate remains the dominant focus across signatoriesGlobal agreements such as the Paris Agreement continue to shape frameworksTranslating commitments into action remains challenging“Value creation” is increasingly used to justify sustainability activityThe discussion reflects on how these trends are playing out across regions and what they mean for asset owners and managers.Detailed coverageClimate remains kingClimate continues to dominate investor priorities, driven by financial materiality and systemic risk. Progress is uneven, and asset owners face constraints linked to policy uncertainty and limited investable opportunities.Global agreements and policy divergenceWhile some governments are stepping back from global commitments, many investors remain anchored to frameworks such as the Paris Agreement and standards like the ISSB. The episode explores tensions created by fragmented regulation.From commitments to meaningful actionMoving from commitments to real-world impact remains difficult. Barriers include data gaps, short-term incentives, regulatory inconsistency and limited scalable opportunities.Emerging themes: nature, AI and physical riskNature-related risk is rising up the agenda, though methodologies remain complex. The discussion also touches on AI-related ESG risks and growing physical climate risk.Human rights and social riskModern slavery, working conditions and gig economy risks remain key issues, with supply chain transparency a continuing challenge.Regional contrastsEurope is reassessing regulation, the US is navigating political shifts, while Japan and Australia are advancing disclosure and fiduciary guidance.Asset owner powerAsset owners, as long-term capital providers exposed to systemic risks, are positioned to shape markets and align sustainability with value creation.To find out more about PRI reporting data, visit our blog.Chapters00:00 – Introduction: insights from PRI reporting data01:25 – Five key themes from the latest reporting cycle06:26 – Global agreements, geopolitics and investor confidence10:07 – Climate leadership, ambition and data challenges13:13 – Nature, AI and emerging ESG priorities15:52 – Barriers to turning commitments into action20:28 – Regional divergence and regulatory shifts25:09 – Asset owners vs managers: alignment and tension26:51 – Human rights, modern slavery and social risk29:44 – Reflections and hopes for 2026DisclaimerThis 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.
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    33 mins
  • Assessing climate and social risk in securitised debt

    Assessing climate and social risk in securitised debt
    Feb 11 2026
    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.OverviewSecuritised 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 coverageWhy securitised debt matters for responsible investorsMalea 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 impactDavid 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 analysisMalea 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 riskThe 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 qualityBoth 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 risksMalea 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-guideChapters00:00 – Introduction to responsible investment in securitised debt02:40 – What securitised debt is and why it matters for investors06:10 – Why sustainability risks are core credit risks in securitised markets10:15 – Risk vs impact: a practical distinction for fixed income14:20 – Integrating sustainability into RMBS and CMBS analysis18:45 – Credit fundamentals and sustainability in commercial real estate23:30 – Case study: data centres, climate risk and insurance coverage30:10 – Private markets, early engagement and improving sustainability data36:05 – Labelled securitised bonds and avoiding greenwashing41:45 – Key takeaways for responsible investors in securitised debtDisclaimerThis 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 ...
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    34 mins
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