Engagement Programmes

Signatories that are interested in future opportunities to participate in the initiative can join our waiting list to be directly contacted about them as and when they arrive.  

For more information, please contact [email protected].  

Australia

In 2022, Australia was chosen as the initial market for engagement, which is now established as a full engagement programme. 27 international investors are now participating in the Australian engagement, collectively responsible for over $10 trillion* in assets under management. 

The strategy and activities of the engagement programme are overseen by the Australian Signatory Advisory Committee, and the Australian Technical Advisory Group provides technical expertise on climate policy and sovereign engagement. 

Each investor is a participant in the Australian Investor Working Group and engages through the initiative as a member of one of three thematic sub-groups focused on different parts of the Australian system: 

• National governments
• National regulators and authorities
• Sub-sovereigns 

In June 2024, the PRI published the first progress report on the initiative’s activities to date, summarising key successes, challenges and lessons, and the positive feedback from participants. It highlighted the outcome of an external review that found that the initiative had provided significant value to participating investors and demonstrated an effective model for collaborative sovereign engagement that could be replicated in additional markets. 

Canada 

In 2025, the PRI communicated an intention to establish a full engagement programme for the Canadian system. It was selected as a focus market after significant research and consultation with signatories. The strategy and activities of the engagement programme are overseen by the Canadian Signatory Advisory Committee, and the Canadian Technical Advisory Group provides technical expertise on climate policy and sovereign engagement. 

25 investors are participating in the Canadian engagement, responsible for US$11.9 trillion* in combined assets under management. They will engage through the initiative as a member of a sub-group that focuses on a specific part of the Canadian system. 

Japan 

The PRI also established a preliminary engagement programme in Japan in 2025. Japan was similarly selected as result of the significant research and consultation with signatories carried out by the PRI. This showed substantial signatory interest in opportunities to engage in the Japanese system and suggested that an engagement programme could provide value in a market with established transition policies that is seeking supportive interactions with capital markets. 

The Japanese engagement will be conducted as a preliminary engagement in the first instance, with a view to assess longer-term viability and value of the initiative in the market to support dialogue that is constructive for both PRI signatories and sovereign entities. 

Ten PRI signatories, responsible for US$5.9 trillion* in assets under management, form the Japanese Advisory and Working Group, which was established to oversee the programme’s strategy and activities and also conduct the day-to-day activities of the engagement.  

Additional market engagements 

Any further market engagement programmes within the initiative will be identified using the established market selection methodology. This involved a quantitative model that the PRI developed with its signatories to provide a first-pass assessment view of the level of investor exposure to climate-related risks and opportunities across markets. This model will provide the basis to apply a series of qualitative overlays to help determine which markets hold prospects for constructive and ongoing engagement. 

Any future expansion of the initiative will be subject to signatory interest, sufficient resourcing and qualified coordination support in place to sustain the engagement. 

The choice of any focus markets should not be interpreted as a reflection of these countries’ climate policies or as an overall negative assessment of their progress to date. The PRI recognises that all countries are navigating a complex transition to net zero from different baselines, governance systems and economic positions. Consistent with the purpose of the initiative, the intention is to enable investors to constructively seek dialogue with sovereigns to assist them with ongoing feedback on evolving capital market practices and views that can help with navigating this transition. 

More information on the PRI’s model for market selection is available in the Market selection overview download below.