Investors for Purpose: the investment ecosystem

Geopolitical turmoil in Iran has highlighted so many issues to us on both a human and an investor level, particularly around topics like humanity, safety and compassion. The conflict has also highlighted another important issue: energy security and our reliance on overseas energy.  The conversation around clean energy transition is now not just happening in the context of sustainability and climate risk management – it is seen as a key national security issue. In this episode of the Investors for Purpose Podcast with guest Tom Williams from Downing, we get down to the facts in what energy transition looks like, as well as what kind of resources we have and need. We discuss the politics behind this, how the UK is looking to position itself and what this all means for investors. We focus on what the evidence and data tells us, and how we can use this to bust some of the myths and false narratives out there.

There are many challenges we face in today’s world that pose serious challenges to the future of our economy – issues like climate change, biodiversity loss and social inequality.  Given the scale of these challenges, governments and philanthropy cannot solve them alone – private investors need to be part of the solution too.In this episode of the Investors for Purpose podcast, we speak to Sir Ronald Cohen, a pioneer in social impact investing, about this. We discuss how the landscape for impact investing has evolved, the power of impact accounting and data to align returns (doing well) with positive impact (doing good), and the exciting moment we face as we sit on the cusp of an impact revolution.   

The landscape around sustainable investing is rapidly changing. While some investors, especially in the US, are rolling back their commitments, European and UK investors remain just as committed to tackling sustainability issues, such as climate change. The real question for these investors is – what actions can they take to drive forward real-world outcomes? In this episode of the Investors for Purpose podcast, we speak to Jane Wadia and Edward Lees from BNP Paribas, about the conversation they are having with their clients on this and the actions that can be taken to address climate change. We cover lots of different areas – from the opportunity set in listed markets, to the pros and cons of benchmarks, to how we can make stewardship as effective as possible.

The UK punches above its weight when it comes to unicorns, startup companies valued at over $1 billion. Many of these companies are doing exciting and important work needed to drive forward climate transition. Although there are a number of overseas institutional investors which allocate to this kind of venture capital, a very small number of UK pension funds are currently investing in UK clean technology startups. In this episode of the Investors for Purpose Podcast, we are joined by Beverley Gower-Jones and Lauren Juiiff from the Clean Growth Fund to talk about why that is, bust some myths, and share a message of optimism and hope for the potential for some big win-win-win investments. 

Following on from the last episode, which features the first part of their conversation, Charlotte and Rich cover many pertinent topics in this second instalment. They discuss the benefits of how we can integrate AI into nature conservation, the misconceptions which exist around 'voluntary' carbon credits and what the concept of leadership means to them.Rich also talks about some of the exciting developments in Oxygen Conservation's future, and the myriad ways in which the business has already exceeded his expectations.

How we think defines who we are. Charlotte and Rich begin the episode by diving deeply into how their thought patterns shape their leadership practices and behaviours, and how this in turn impacts systems thinking and communication.In this, the first part of our special double episode, Charlotte and Rich go on to speak about a plethora of topics, including the intrinsic interconnection between people and the natural world, the need to bring the environmental and investment sectors together in order for everyone to be able to access and value nature, and how natural infrastructure can work today.

Biodiversity and Natural Capital is one of our six key Ecosystem Themes at Pensions for Purpose. Nature underpins most of our economy and is a critical to ensuring a sustainable future for beneficiaries to retire into. In this episode of the Pensions for Purpose Podcast, we sit down with Martin Belcher from Palladium, our Ecosystem Partner for our Biodiversity and Natural Capital work.We discuss why we decided to partner together on this, why natural capital is so critical for investors and the wide ranging opportunity set that exists. We also discuss the findings from our soon-to-be launched research, looking at how the investor community is addressing biodiversity and nature.

To kick off Season 3 of the Pensions for Purpose podcast with a bang, we sit down with industry veteran, Sally Bridgeland, to talk all about the purpose of finance and pensions. We discuss quality of life in retirement and how finance can help support this – both through financial planning for individuals, but also more generally, through the impact we can have via what our investments are financing.  We hear from Sally’s extensive experience, in both the private and public sector, about how these two areas can come together to make things better.  And importantly, we talk about the importance of collaboration to drive forward change, and how our behaviour and mindsets are a big part of this.

 As we come to the end of 2025, and the end of season 2 of the Pensions for Purpose podcast, we get together with the other Pensions for Purpose directors to reflect on the year gone by.  2025 has been a mammoth year for pensions policy and there have been lots of initiatives we’ve been part of to help drive forward outcomes for people, planet and pensions.  It has also  been a year of ESG backlash, conflict and instability.  We talk about this and discuss the challenges we’ve faced over the year.  We then look ahead to 2026 – a year likely to be dominated by AI developments, more pensions policy and a continued focus on systems thinking!

Fixed income makes up a huge part of investors’ portfolios, especially in the world of pensions. As such, its crucial we focus on sustainability and impact within the world of fixed income.  In this episode of the Pensions for Purpose podcast we are joined by Bruno Bamberger and Aida Hemery from AXA to get into this important topic.  We discuss labels, regulation, engagement and we address some common myths on this topic. 

How important is COP 30 to investors? In this episode of the Pensions for Purpose podcast we sit down with Michael Schlup and Johnny Brom from SAIL Investments to talk all about COP and the other key events around this.  We hear about how COP has evolved, the role of investors and the other events and announcements that we should look out for.  We also dive into the significance of COP 30 being held in Brazil – home of the Amazon rainforest and many industries that are extremely nature-dependent.  We discuss why we feel optimistic about positive change because of the economic value that nature brings.  We get into some practical examples of what the investment industry can do to drive systemic change and change behaviour and mindsets around nature.   

When we talk about the Energy Transition a lot of discussion is around renewable energy and grid infrastructure.  But to successfully transition, there is so much more we need to think about – from the way we build our houses, to our heating systems and the cars we drive.  All of this will need capital and could pose an exciting opportunity for investors – if structured suitably. In this episode of the Pensions for Purpose podcast we speak to Sam Hollister and Stephen Harkin from LCP Delta about the wider opportunity set for investors when it comes to supporting Energy Transition.  We also dig into the current policy environment in the UK and how this may evolve over time.   

Financial inclusion is key to meeting global sustainability goals, with a huge number of people around the world still lacking access to mainstream financial systems.  Improving financial inclusion is linked to improved human and economic development.  In this episode of the Pensions for Purpose Podcast we speak to Lorna Logan from Stewart Investors about just how important financial inclusion is – and how investors can find some great opportunities in this sector!

The energy transition poses one of the greatest opportunities of our lifetimes – from both an economic and impact perspective.  But in times of such geopolitical uncertainty, it can be unclear exactly what the future looks like. In this episode we are joined by Hilkka Komulainen, Quinbrook’s Global Head of Sustainability and Impac,t to dive into this subject.  We discuss how the cost of action compares with the cost of inaction, how to centre people in the Energy transition and the huge opportunity set that exists for investors!

A significant amount of money is concentrated across a small handful of bulk annuity insurers – and this pot is only growing as more Defined Benefit Pension Schemes go to buyout.  These insurers are long-term asset owners and so are significantly exposed to sustainability-related risks and opportunities.  In this episode we are joined by Tatiana Von Petersdorff and Matt Foley from EY to find out how the pensions industry is coming together to address sustainability and impact in pensions insurance.

The world around us feels quite scary – whether it’s the rollback of sustainability practices, the rise in hate speech and oppression, or the ongoing wars - there are many things that can leave us in despair.As sustainability professionals who are looking to tackle these issues, this landscape can be very challenging to navigating, often leading to burnout.  In this episode, we have an open and honest discussion about how we can tackle burnout and retain hope for a better future, where financial systems support people and planet.

Laasya Shekaran and Richard Giles welcome Geneviève Morin of Fondaction, to the Podcast to discuss how purpose drives their investment approach.   Imagine taking a challenging point in a country’s history – a time where there was severe recession, bankruptcies and high unemployment levels – and turning it into a new financial idea: a labour-sponsored fund set up by the people, for the people. Well, this is exactly what Fondaction has done. In this episode of the Pensions for Purpose Podcast, we speak to Geneviève Morin, CEO of Fondaction about how their purpose drives their investment strategy. We discuss an investment methodology that supports local economies, protects the planet and engages with civil society. We also cover the failures in the existing financial system – and how we can change it to align positive financial returns with positive social and environmental outcomes. 

n addition to its net zero by 2050 target, the UK Government has also set an ambitious target to decarbonise the electricity system by 2035.  In order to reach this target, many different sectors will have to come together – from governments, to corporates, to civil society and, of course, investors. In this episode of the Pensions for Purpose podcast, our hosts Laasya Shekaran and Charlotte O’Leary speak to Raza Ali of AlphaReal about how investors are both needed for and can benefit from the energy transition.  We dive into the role that private markets play in helping investors meet their financial objectives while also delivering impactful outcomes.  

Laasya Shekaran welcomes Lindsay Hooper of the University of Cambridge, to the Podcast to discuss why sustainable finance hasn’t delivered the progress needed.Sustainable Finance has been around for a while, but we still haven’t seen enough progress to tackle the immense systemic issues we face. If we do not address these problems directly, we risk witnessing environmental and social destruction, ultimately leading to total economic collapse.In this episode of the Pensions for Purpose podcast, our hosts Laasya Shekaran and Richard Giles speak to Lindsay Hooper, CEO of the Cambridge Institute for Sustainability Leadership (CISL), about why we haven’t made enough progress and how systems thinking can help tackle today’s most pressing challenges. We discuss the need for ESG and sustainable finance to be more accessible and inclusive, as well as the different actions that market participants can take to drive forward systems change. 

Laasya Shekaran and David Brown welcome Judith Mackenzie of Downing, to the Podcast to discuss investing in the UK.Initiatives like the Mansion House Compact II and an increased focus on place-based investing all point to one clear government objective – channelling more pension capital into investments supporting UK growth. But what does that actually look like in practice? How can pension schemes invest in the UK in a way that delivers positive, impactful and sustainable outcomes for the UK economy?In this episode, our hosts Laasya Shekaran and David Brown are joined by Judith Mackenzie, Partner and Head of Fund Managers at Downing to really dig into what the investible universe looks like in the UK and the pros and cons of investing in the UK against the backdrop of the current geopolitical climate. They discuss the Alternative Investment Market (AIM), the potential for mandating and the focus on different regions within the UK in this timely and topical discussion!

‘ESG’ has become increasingly politicised as a concept, and investors have seen a backlash towards this term.  This has been particularly strong in the US, given recent political developments, which has led investors to ask how they should be engaging with this part of the market.  In this episode, our hosts Laasya Shekaran and Richard Giles are joined by Will Pomroy, Head of Impact Engagement Equities at Federated Hermes to help investors answer these questions. They discuss what has led to the ESG backlash, what we can learn from it and how we can make sure engagement remains effective in this changing world.   Disclaimer:The value of investments and income from them may go down as well as up, and you may not get back the original amount invested.      For professional investors only. This is a marketing communication. The views and opinions contained herein are those of Will Pomroy, Director, Impact Engagement & Sustainability and may not necessarily represent views expressed or reflected in other communications. This communication is solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial securities.Issued and approved by Hermes Investment Management Limited (“HIML”) which is authorised and regulated by the Financial Conduct Authority. Registered address: Sixth Floor, 150 Cheapside, London EC2V 6ET. HIML is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”). Distributed in the EU by Hermes Fund Managers Ireland Limited which is authorised and regulated by the Central Bank of Ireland. Registered address: 7/8 Upper Mount Street, Dublin 2, Ireland, DO2 FT59.

Many investors, corporates and even countries have net zero targets – but how will they achieve these goals?  Carbon markets are inevitably going to part of the answer.   In this episode, our host Laasya Shekaran is joined by Nick Gaskell and Fraser Green, Sustainable Investment Manager and Head of Natural Capital Investment at Aberdeen Investments. In a conversation that ranges from the basics of carbon markets, to understanding local communities and looking to the future, the team bring the discussion around to why asset owners should spend time understanding carbon markets and the opportunity set that exists for them in the UK!

In this episode of the Pensions for Purpose podcast, Laasya Shekaran and David Brown speak to Richard Tomlinson, CIO of LPPI – one of the UK’s local government pension scheme (LGPS) pools.They talk about the many dimensions of diversity and how not all forms are visible. From personal reflections on their own backgrounds – to the importance of recognising class and social mobility as important elements of inclusion, this episode dives into what it means to value people with different perspectives.They also tackle the backlash facing diversity, equity and inclusion (DE&I), exploring how to respond constructively. The team share their views on gender equality and the need for men to be included in these conversations too. The episode closes by bringing the discussion back around to the pensions and investments.

Investment opportunities to support decarbonisation exist across the value chain and are particularly prevalent in private markets. In this episode of the Pensions for Purpose Podcast, Laasya Shekaran and Monique Stephens speak to Lindee Wong, Director of Climate and Biodiversity at Tikehau Capital, about how the just transition and biodiversity should be considered as part of the decarbonisation process, they also examine how the broader ecosystem needs to change to support the transition. 

Laasya Shekaran and Richard Giles welcome Dan Mikulskis of People's Partnership, to the podcast to discuss the realistic influence of asset owners and how acknowledging the limitations can help unlock its full potential impact. In this Pensions for Purpose Podcast, hosts Laasya Shekaran and Richard Giles speak to Dan Mikulskis, CIO of the People’s Pension about how asset owners can best use their influence.  They discuss the changes in dynamics being seen in the pensions market, including how the move to a smaller number of large, sophisticated asset owners could enhance their influence in the investment chain. The episode also covers some of the stories that have hit the headlines recently – including the People’s Pension's decision to change the asset managers they partner with to ensure they work with managers better aligned with the People’s Pension’s stewardship beliefs. Dan explains the importance of firmwide alignment compared to simply product-level alignment, and how this contributed to their decision to move £28bn to different managers. They also discuss private market investing on the back of some of the announcements made by the People’s Pension about plans to increase their allocation to private market investments. 

In this episode of the Pensions for Purpose Podcast, Laasya Shekaran and Monique Stephens speak to Jane Wadia, Head of Sustainability, Core Products and Clients of AXA Investment Managers, about how investors can achieve their net-zero goals across different listed asset classes amid the geopolitical tensions.The discussion begins with stewardship, examining how the focus has moved from quantitative summaries of stewardship activity to a more qualitative understanding of engagement success and escalation policies. They then explore the financial significance of biodiversity – as a critical issue in its own right and its intrinsic link to climate change. Finally, the conversation turns to opportunities for investing in climate solutions within listed markets.

In this episode of the Pensions for Purpose podcast, Laasya Shekaran and David Brown speak to Tegs Harding and Roger Mattingley about how investors can be realistic about climate change.  We take a stocktake of where we are now and how achievable net zero really is for investors, especially given the current global political backdrop.  We discuss where investors can have the most influence and the importance of capital allocation.  We also discuss fiduciary duty and how it’s part of a trustee’s fundamental responsibility to consider climate change, given how financially material climate change is to the economy.

In this episode of the Pensions for Purpose podcast, Laasya Shekaran and Richard Giles speak to Mark Burrows, Managing Director at Quinbrook Infrastructure Partners, about how to invest in the transition to renewable energy.The conversation covers the opportunities across regions and what the energy transition will bring over the next decade. They explore the contentious topic of nuclear energy and discuss how investing in the energy transition fits the broader government policy landscape of pension consolidation and clean energy.

In this episode of the Pensions for Purpose podcast, Laasya Shekaran and David Brown speak to Catherine Howard, Chief Executive at ShareAction, about how the pensions and investment industry can be responsible custodians of capital in a changing landscape. We discuss why stewardship matters, how to do it well, and what changes are being proposed to the UK Stewardship Code. We also discuss how these fit into the broader pensions landscape amongst ongoing changes, and how the pensions industry can come together and collaborate to act in the best interest of pension scheme members.

Charlotte Moore and Richard Giles welcome Ingrid Kukuljan of Federated Hermes Ltd, to the Podcast to discuss COP16.Investors are starting to understand how badly we have degraded our natural environment. In this episode of the Pensions for Purpose Podcast, Charlotte Moore talks to Richard Giles, Senior Director of Pensions for Purpose, and Ingrid Kukuljan, Head of Impact and Sustainable Investing at Federated Hermes Limited, about the outcome of the recent Biological Diversity summit – COP16, and why investors need to put natural capital at the top of their agenda.We discuss the relationship between climate change and biodiversity, as well as the risks and opportunities for investors. Richard shares the latest thinking on natural capital from the PLSA and the work Pensions for Purpose is doing on nature and biodiversity.

Charlotte Moore welcomes Pensions for Purpose Senior Director and Training Lead, David Brown, and Clare Wood, Sustainable Portfolio Specialist at Stewart Investors, to the podcast to discuss medicine.In the latest episode of the Pensions for Purpose podcast, our host Charlotte Moore talks to David Brown, Senior Director & Training Lead at Pensions for Purpose and Clare Wood, Sustainable Portfolio Specialist at Stewart Investors about the organisation Access to Medicines Foundation. This not-for-profit organisation helps sustainable investors like Clare to identify which pharmaceutical and biotech firms are well governed and take their social purpose seriously. It’s such a helpful tool Stewart Investors recently helped the firm to expand its list to generic manufacturers essentially creating universal medicine coverage. This is an important issue for pension schemes to consider as it can help them to achieve their sustainable development goals. Clare and David discuss how investing in healthcare companies helps pension schemes address the sustainable development goals, in particular, SDG 3: 'Good Health and Well-being' – to ensure healthy lives and promote well-being for all at all ages. 

Asset owners and managers have preferred to keep political campaigning on the quiet and not been all that active in influencing policy decisions. But climate change poses such significant systemic risk that this approach needs to change. In this discussion with Karen Shackleton, founder of Pensions for Purpose and Claire Jones, head of responsible investing at LCP, we take a deep dive into why being corporate stewards is no longer enough for pension schemes. Claire explains the five policy asks LCP has produced and why they are important. We talk about the steps both large and small schemes can take as well the role asset managers can play. 

In this episode of the Pensions for Purpose Podcast Karen Shackleton, Chair & Founder, talks with Abbie Llewellyn-Waters, Lead Investment Manager of Jupiter’s Global Sustainable Equities strategy, about how diversity, equity and inclusion (DE&I) help managers to select companies with the best long-term prospects. In a recent Pensions for Purpose Impact Lens report, sponsored by Jupiter Asset Management, the two organisations looked at the importance of DE&I factors across the investment chain. The podcast discusses practical steps pension schemes and asset managers can implement.

The impact of improved funding levels on pensions and the consequent buyout boom, is one of the most significant trends to affect the UK pensions industry in recent years. Last year, around £50bn was transferred from closed corporate defined benefit pension schemes to insurers. It’s estimated to be £60bn this year and with new market entrants, could hit £100bn a year.In this episode, podcast hosts Charlotte Moore and David Brown are joined by Paul Kitson and Ben Grainger from EY, to talk about how insurance companies are investing those assets sustainably. Many insurers have ambitious net-zero targets in place but have tight regulatory constraints about how these annuity assets can be allocated. We discuss how this shapes potential investment as well as possible solutions and opportunities for asset managers to work with insurers.

The auto-enrolled workplace pension scheme is the UK's largest driver of future retirement wealth. According to the Pensions Policy Institute's 'DC Future Book 2023', this market is projected to reach approximately £800bn by 2030. These workplace pension schemes rely heavily on passive equity investments to generate returns.In this episode, podcast hosts Charlotte Moore and Charlotte O'Leary are joined by Keith Guthrie, Head of Sustainability at Cardano UK and NOW:Pensions. They discuss the three key areas schemes must address to enhance the sustainability of their investments, along with the challenges these present for pension funds and asset managers. The conversation covers selecting appropriate benchmarks, the importance of effective stewardship, and whether there's a place for impact investing in a workplace portfolio. 

Truly purpose-driven organisations have coherent management systems and a healthy corporate culture, which create value for all stakeholders, not just shareholders.In this episode our hosts, Charlotte Moore and Karen Shackleton, are joined by Stuart Woollard, Co-Founder of the Maturity Institute, to discuss how to diagnose organisational maturity and how this methodology can be used to measure the impact of the health of a human organisation. Starting with an overview and definition of organisational maturity and why a human context is necessary to understand the value and risk a company brings, they consider how this holistic approach can help a pension scheme become a better steward and finish with a call to action to the pensions industry. 

Charlotte Moore, David Brown and Stephen Levesque discuss all things trees, including the importance of healthy, resilient forests.Each forestry property varies, with a different range of species and its own mosaic of natural areas that can be managed to create as much complexity as possible in the landscape.In the episode, our hosts Charlotte Moore and David Brown are joined by Stephen Levesque, Managing Director of Forest Operations at Campbell Global, a J.P. Morgan company.In a conversation that ranges from biologists and owls to tortoises and Viking ships, the team bring the discussion around to why pension schemes should consider investing in timberland and how forestry management is not all about the environmental 'E' element of ‘ESG’ – the social 'S' factor is important too!

In this episode our hosts Charlotte Moore and Charlotte O'Leary are joined by Tom Williams, Head of Energy and Infrastructure at Downing LLP. They start by discussing the challenges posed by geographies and how different countries are progressing in their switch to renewables, and end with the role pension schemes can play in the transition to sustainable energy, passing through energy distribution, what matters to pension schemes, the electrification of shipping and aviation, and their feelings about the new Government's plans for UK infrastructure, along the way. 

Charlotte Moore talks to Richard Giles, Senior Director and Head of Community at Pensions for Purpose, about his journey to impact investment.How did an actuary, who got involved in community football make the leap to championing impact investment? In this episode, Charlotte Moore talks to Richard Giles about how his involvement in a local football club deepened his concerns about climate change, shaped his values and led to him working with Pensions for Purpose. He also talks about what his role means to him and the power of UK pensions sector when it works together. 

Have you ever wondered if impact investing is a misunderstood concept? In this episode, our hosts Charlotte Moore and Charlotte O'Leary delve into the issue of impact investing today with Pierre Abadie, Group Climate Director at Tikehau Capital. Listen to the wide-ranging discussion covering fiduciary responsibility and double materiality, the distinction between impact and transition, impact frameworks, and how pension schemes can stack capital for positive investments.

Biodiversity and nature are critical for our ecosystem and economy. In this episode, the P4P Podcast team are joined by Robert Gardner of Rebalance Earth, to understand how nature is vital for supporting life. From pollinators to elephants, the 70% reduction in biodiversity since 1970 is a huge concern with major consequences.Listen to our hosts Charlotte Moore and Richard Giles discuss with Rob the scale of the challenge, the importance of allocating a financial value to nature in order to make it an investable asset, and the role pension schemes can play in restoring nature and ensuring a more resilient system.

To open the new Pensions for Purpose Podcast series – ‘How to make pensions a catalyst for positive change' – our host, Charlotte Moore, an experienced investment journalist, is joined by Pension for Purpose’s CEO, Charlotte O'Leary for a conversation about the firm's mission to embed environmental and social impact into institutional investment, through fostering a deeper understanding of systems thinking and resilience.The two Charlotte’s explore how these concepts can reshape the way pension funds operate, emphasising the importance of shifting beliefs and values to drive positive change.