Taking the Pulse of Asset Owners on Climate-Related Investing

We asked +300 EMEA-based asset owners why and how they are integrating climate into their decision-making. Here’s what they said.

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Asset owners around the globe are implementing changes to their investment processes to prepare for the risks related to the climate transition. However, just how they are reconfiguring their strategies differs from region to region.

This report is based on a survey of 330 EMEA-based senior professionals — half from the C-suite — working at asset owners and advisors, including pension funds, insurers, endowments, foundations, central banks, sovereign wealth funds, and consultancies. We carried out the research in April and May 2024. The professionals we surveyed were based in Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Kuwait, Luxembourg, the Netherlands, Norway, Qatar, Saudi Arabia, Sweden, Switzerland, the UAE, and the UK.

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Marketing communication.

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This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.

Please note that any such statements are not guarantees of any future performance, and actual results or developments may differ materially from those projected.

Investing involves risk including the risk of loss of principal.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.

The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the applicable regional regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

The returns on a portfolio of securities which exclude companies that do not meet the portfolio's sustainable strategy criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's sustainable strategy criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole.

A “quality” style of investing emphasizes companies with high returns, stable earnings, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market.”

Actively managed funds do not seek to replicate the performance of a specified index. The Active Fundamental Climate Transition Equity Strategy is actively managed and may underperform its benchmarks. An investment in the Strategy is not appropriate for all investors and is not intended to be a complete investment program. Investing in the Strategy involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.

Estimated and unaudited SSGA Sustainable Investing assets under management as of June 30, 2025 are $866billion as calculated by SSGA for Sustainable Investing Accounts. SSGA defines a “Sustainable Investing Account” as a client account (i.e., fund or separately managed account managed by SSGA) that utilizes an investment strategy that falls into one of the following three categories, which are not mutually exclusive:

Negative Sustainable Investing Screen, as defined below
Positive Sustainable Investing Screen, as defined below
Third-Party ESG/Sustainable Investing Index Investment Strategies, as defined below

Negative Sustainable Investing Screen: A “Negative Sustainable Investing Screen” (also known as an exclusionary screen) is a screen incorporated into the investment strategy utilized for the management of a portfolio that results in the exclusion from the portfolio of securities of issuers that fail to satisfy certain sustainability criteria (e.g., because the issuers comprise part of a sector or industry). Negative Sustainable Investing Screens include but are not limited to SSGA Point of View (“POV”) screens, norms-based screens, Socially Responsible Investing (SRI) screens, and screens provided by other third parties (including client-directed screens). Where a client’s investment agreement and/or investment guidelines specify, or the client otherwise communicates to SSGA that the application of a negative screen is to satisfy a purpose other than sustainable investing (e.g., diversification), such screens do not qualify as a Negative Sustainable Investing Screen.
Note: There are several ways in which a company can be considered to be involved in a particular product or service, and a screening methodology, along with coverage limitations, may result in a negatively screened portfolio having some exposure to the screened criteria.
Positive Sustainable Investing Screen: A “Positive Sustainable Investing Screen” is a screen incorporated into the investment strategy utilized for the management of a portfolio that intentionally includes securities of issuers identified as having positive sustainability characteristics relative to the issuer’s industry or sector peers. Positive Sustainable Investing Screens target an improvement of a portfolio’s sustainability profile as compared to a benchmark or stated investment guideline, measured by a sustainability score or a sustainability metric, or invest only in issuers within an industry or sector that score higher within that industry or sector than the issuer’s peers.
Third-Party ESG/Sustainable Investing Index Investment Strategies: An index-tracking client account qualifies as a Sustainable Investing Account if it tracks a Third-Party ESG/Sustainable Investing Index. An index is deemed to be a “Third-Party ESG/Sustainable Investing Index” if the index methodology incorporates ESG/sustainability factors or characteristics that are utilized by the third-party index provider to determine which securities and/or how much in weight are included as index constituents. A client account that utilizes a Third-Party ESG/Sustainable Investing Index as a reference benchmark for performance or reporting purposes, but does not seek to track such index as an investment strategy, does not qualify as a Sustainable Investing Account unless it meets at least one of the first two prongs of the definition of “Sustainable Investing Account” set forth above.

The methodology used by SSGA to identify Sustainable Investing AUM may differ from the methodology used under certain classification and disclosure regulatory regimes. SSGA makes no representation that an account identified as a “Sustainable Investing Account” satisfies all Sustainable Investing categories under the SSGA Sustainable Investing Account Identification Policy. A Sustainable Investing Account may satisfy only one of the three categories described above, and within that category it may incorporate a single sustainability factor or exposure. SSGA’s Sustainable Investing AUM may include AUM of client accounts for which a negative screen is applied at the request of the client for regulatory or other purposes, which may not be disclosed to SSGA, that SSGA believes results in the exclusion from the client’s portfolio of securities based on sustainability criteria.