Resources aimed at increasing investor education and awareness on climate change have proliferated as the topic has grown in importance in recent years. On this page, we highlight a range, by no means exhaustive, of key resources in this area, produced by both the PRI and external authors. A selection of these resources is contextualised across the investment lifecycle for direct and indirect investors in our guide Incorporating Climate Change in Private Markets.

Discussion papers & Reports

Title Description Organisation Asset Class
A Case for Net Zero in Private Equity This guidance provides an overview of the TCFD recommendations and considerations specific to the PE business model, case studies of PE firms of various sizes making progress towards decarbonisation, and practical tools to drive implementation. iCI / Indefi Private equity
The Alignment Cookbook: A Technical Review of Methodologies Assessing a Portfolio’s Alignment with Low-Carbon Trajectories or Temperature Goal This report explains how methodologies which seek to align portfolio with climate goals (such as the Paris agreement) are developed, and explores some key considerations for investors looking to implement said methodologies. Institut Louis Bachelier
The Inevitable Policy Response The IPR is an initiative commissioned by the PRI to advance the investment industry's knowledge of climate transition (policy) risks, and to support investors' efforts to incorporate climate risks into their portfolio assessments. Outputs from the programme include the IPR Policy Forecast, the IPR 1.5C Scenario, and the IPR Value Drivers - a suite of analysis and tools that allow investors to understand likely policy actions in all regions in response to climate change and their implications for the real economy. PRI Agnostic
Risk and Resilience – Addressing physical climate risks in infrastructure investment This report explains the case for building resilience to physical climate risks into infrastructure investments, and details the CCRI’s mandate and operating framework, including working groups and deliverables. The Coalition for Climate Resilient Investment (CCRI) Infrastructure
Why a just transition is crucial for effective climate action This discussion paper unpacks the just transition into its various elements and explores its implications for the IPR forecast. The paper includes examples and some key principles for sound just transition policy development. Institutional investors are highlighted as playing a key role in the just transition. Vivid Economics Agnostic
Pathways to Net Zero Carbon Emissions in International Real Estate Investment This paper provides an overview of a set of major net zero schemes relevant to the real estate investment industry and the issues surrounding their use and application in transitioning the global real estate sector to NZC emissions. Investment Property Forum Real estate
Breaking Down Real Estate Net-Zero Targets This report outlines an approach to evaluating real estate funds’ and companies’ decarbonization and net-zero commitments and targets. MSCI Real estate

Technical guides

Title Description Organisation Asset Class
TCFD Implementation Considerations for Private Equity This guidance provides an overview of the TCFD recommendations and considerations specific to the PE business model, case studies of PE firms of various sizes making progress towards decarbonisation, and practical tools to drive implementation. iCI / KPMG / BVCA Private equity
A guide on climate change for private equity investors This guide includes two sections: Section 1 summarises the rationale for incorporating climate change concerns in private equity investments; Section 2 presents a framework that Limited Partners (LPs) and General Partners (GPs) can use in due diligence and when engaging with their fund and portfolio company investments. PRI / IIGCC Private equity
Climate change for asset owners This starter guide introduces the topic of climate change to asset owners. It aims to explain the importance and relevance of climate change in the context of the investment process and to outline how asset owners might incorporate this into responsible investment policies, investment processes and stewardship practices. PRI Agnostic
Green House Gas Accounting and reporting for the private equity sector This guidance explains the principles for GHG emissions data collection and the methodologies for calculating emissions at fund level and firm level for reporting to LPs and other stakeholders. iCI/ERM Private Equity
Building Resilience to a Changing Climate: Investor Expectations of Companies on Physical Risks and Opportunities This guide sets out institutional investors' expectations of investee companies regarding the governance, assessment, management, and disclosure of physical climate risks and opportunities. IIGCC Private equity
The changing climate for private equity Outlines the direction of the private equity sector with respect to climate. Explains the drivers supporting climate action, the obstacles, and the emerging solutions. CERES / ERM Private equity
Climate change and the just transition: A guide for investor action This guide sets out how investors can pursue the goal of a just transition as part of their core operating practices, trough five areas for action (Investment strategy; corporate engagement; capital allocation; policy advocacy and partnership; learning and review). London School of Economics and Political Science - Grantham Research Institute on Climate Change and the Environment Agnostic
Changing course: real estate - TCFD pilot project report and investor guide to scenario-based climate risk assessment in real estate portfolios A report exploring how to apply a scenario-based climate risk assessment methodology to a real estate portfolio, and analyse how the resulting quantitative metrics could improve investment decisions. UNEP FI Real estate
Climate change guide This guide provides private equity investors with practical tools and guidelines for integrating climate-related risks and opportunities across the different stages of the investment process. Full guidance available to InvestEurope members only. Invest Europe Private equity
Climate change mitigation and your portfolio: Practical tools for investors This report provides suggested steps for investors to conduct credible scenario analysis in line with 1.5C decarbonisation pathways, and explores high-level implications for investors of such pathways Investor Leadership Network Agnostic
Climate Lens The Climate Lens is an assessment framework developed by Infrastructure Canada in 2018. It helps decision-makers understand the climate change risks and impacts associated with the design, construction and operation of large infrastructure projects in Canada Infrastructure Canada Infrastructure
The ClimateWise Physical Risk Framework The ClimateWise Physical Risk Framework demonstrates how the expertise and tools of the insurance industry can support other parts of the financial system to understand their physical risk exposure. The framework offers real estate investors and lenders a means of understanding the potential physical risks of climate change on their portfolios. Cambridge Institute for Sustainability Leadership - ClimateWise Real estate
The ClimateWise Transition Risk Framework The ClimateWise Transition Risk Framework provides an open-source, step-by-step methodology on how to manage the risks and capture emerging opportunities from the low carbon transition. The framework is designed to help investors assess the breadth of asset types exposed to transition risk at portfolio level, define the potential financial impact of the low carbon transition down to asset level and incorporate transition impacts into asset financial models. Cambridge Institute for Sustainability Leadership - ClimateWise Infrastructure
Developing an Asset Owner Cimate Change Strategy This guide details a recommended a 3-step framework for asset owners to develop an effective climate change strategy. The three steps are Measure (your portfolio exposure); Act (through your investment decisions and stewardship activities); and Review (by monitoring and reporting progress). The guide also includes case studies from signatories on their approach to different climate considerations in their investment strategies. PRI Agnostic
Financial Sector Science-Based Targets Guidance The SBTi framework for financial institutions supports FIs to address climate change by providing resources for SBT setting. The framework includes target setting methods, criteria, a target setting tool, and this guidance document. SBTi Financial instiutions
How to Invest in the Low-Carbon Economy: An Institutional Investors' Guide Focusing largely on investment allocations, this guide outlines some of the key options and strategies available to institutional investors to invest in a low-carbon economy, as well as an introduction to climate risk and opportunity assessment and scenario analysis. PRI Agnostic
How to Set Up Effective Climate Governance on Corporate Boards Guiding principles and questions Practical guidance for organisations to assess their approach to board governance of climate issues. Eight broadly-applicable principles for effective climate governance at the organisation level are introduced. This guidance builds on existing corporate governance frameworks, including the ICGN Global Governance Principles and the TCFD. World Economic Forum Agnostic
Implementing the Task Force on Climate-Related Financial Disclosures (TCFD) Recommendations - A Guide For Asset Owners This guide provides tools and resources for asset owners to implement the recommendations of the Taskforce for Climate-related Financial Disclosures (TCFD), covering each of the four main pillars of the TCFD: Governance, Strategy, Risk Management and Metrics and Targets. The guide also includes consideration of the main drivers for asset owners to take action on climate change, and implement the TCFD recommendations specifically, as well as guidance on conducting climate scenario analysis. PRI Agnostic
Integrating climate change into governance and risk management This guidance developed by CDC provides Financial Institutions (FIs) with practical steps on incorporating climate change considerations into their decision-making. It includes information on how climate change can drive financial risks to an FI, as well as guidance on how to implement the TCFD recommendations. CDC Financial institutions
Net Zero Investment Framework: Implementation guide The Net Zero Investment Framework 1.0 provides a basis on which a broad range of investors can make net-zero commitments and define strategies, measure alignment, and transition portfolios. IIGCC Agnostic
The Oxford Principles for Net-Zero Aligned Carbon Offsetting Illustrates the four key elements to credible net zero aligned offsetting, according to the multidisciplinary team from the University of Oxford University of Oxford Agnostic
Private Equity Sector Science-Based Target Guidance This Guidance supports PE firms’ GPs to set ambitious greenhouse gas (GHG) emissions reduction targets (SBTs) for their operations (scope 1 and 2 emissions) and firm-level portfolio SBTs for their investment and lending activities (scope 3, category 15). Science Based Targets initiative Private equity
Sustainable real estate investment: Implementing the Paris Climate agreement - an action framework This framework sets out the measures and actions needed to support the integration of ESG and climate risks into the business of real estate investment and management. It provides a summary of the key steps in the investment process, must-do actions and recommended resources to guide real estate investors and their advisers throughout the entire lifecycle of a real estate investment portfolio. UNEP FI Real estate
TCFD implementation: Practical Insights and Perspectives from Behind the Scenes for Institutional Investors A report detailing practical examples and experiences of several asset owners and investment managers in implementing the recommendations of the Taskforce for Climate-related Financial Disclosures Investor Leadership Network Agnostic
TCFD for private equity general partners: technical guide This guide provides private equity investors with suggested tools, resources and investor examples to support their implementation of the four pillars of the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD): governance, strategy, risk management and metrics and targets. The guide also includes consideration of the business case for private equity investors to take action on climate change. PRI Private equity
Technical guide: TCFD for real assets investors This guide provides real assets investors with suggested tools, resources and investor examples to support their implementation of the four pillars of the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD): governance, strategy, risk management and metrics and targets. The guide also includes consideration of the business case for real assets investors to take action on climate change. PRI Infrastructure / real estate

Metrics & standards

Title Description Organisation Asset Class
Advancing TCFD guidance on physical climate risks and opportunities This report sets forth recommendations, primarily targeted at corporations, to lay the foundations for a common conceptual framework and a standard set of metrics for reporting physical climate risks and opportunities. This guidance is concerned with standardisation around metrics for physical climate risk management and disclosures; metrics for climate resilience opportunities; and climate intelligence for business strategy and financial planning. PRI / IIGCC Private equity
Climate Resilient Infrastructure - Policy Perspectives This report highlights emerging good practices in climate resilient infrastructure and remaining challenges across OECD and G20 countries. It provides non-prescriptive guidance to countries as they seek to enhance resilience in line with their national circumstances and priorities OECD Infrastructure
SEC Response to Climate and ESG Risks and Opportunities A summary of recent actions and statements by the US Securities and Exchange Commission on its approach to climate-related and ESG risks and opportunities U.S. Securities and Exchange Commission Agnostic
EU Taxonomy The EU taxonomy for sustainable activities is an output of the European Commission’s action plan on financing sustainable growth, published in March 2018. It is a classification system, establishing a list of environmentally sustainable economic activities. European Commission
The Global GHG Accounting and Reporting Standard for the Financial Industry A globally accepted standard for the measurement and disclosure of financed emissions. Partnership for Carbon Accounting Financials (PCAF) Financial instiutions
National Carbon Offset Standard The Australian standard (i) sets minimum requirements for calculating, auditing and offsetting the carbon footprint of an organisation or product to achieve 'carbon neutrality', and (ii) provides guidance on what is genuine, additional voluntary offset. IP Australia Financial instiutions
TCFD recommendations The TCFD provides guidance to financial institutions on how to disclose climate-related financial information through a set of voluntary and consistent recommendations. These are structured around four thematic areas: governance, strategy, risk management, and metrics and targets. Task force on Climate-related Financial Disclosures Agnostic

Frameworks & tools

Title Description Organisation Asset Class
The Global GHG Accounting & Reporting Standard for the Financial Industry A global partnership of financial institutions that is developing a harmonised approach to assess and disclose carbon emissions associated with their loans and investments. Partnership for Carbon Accounting Financials Agnostic
The Paris Agreement Capital Transition Assessment (PACTA) The Paris Agreement Capital Transition Assessment (PACTA) is a free, open-source methodology and tool, which measures financial portfolios' alignment with various climate scenarios consistent with the Paris Agreement. The 2° Investing Initiative (2DII) Listed equity / coporate bonds
PAII Net Zero Investment Framework The framework is an output of the Paris Aligned Investment Initiative (PAII), a collaboration involving over 70 asset owners and asset managers with more than $16 trillion in assets, led by IIGCC. The PAII aims to provide consensus on objectives and a clear, transparent set of best practice approaches and actions to enable Paris-aligned/net-zero investment portfolios relevant for both asset managers and asset owners. IIGCC
The EU Taxonomy The EU taxonomy for sustainable activities is an output of the European Commission’s action plan on financing sustainable growth, published in March 2018. It is a classification system, establishing a list of environmentally sustainable economic activities. European Commission
Carbon Risk Real Estate Monitor (CRREM) Risk Assessment Tool CRREM aims at developing a tool that allows investors and property owners to assess the exposition of their assets to stranding risks based on energy and emission data and the analysis of regulatory requirements. By setting science-based carbon reduction pathways, CRREM faces the challenge to estimate risk and uncertainty associated to commercial real estate de-carbonization, building a methodological body and empirically quantify the different scenarios and their impact on the investor portfolios. Carbon Risk Real Estate Monitor (CRREM) Real estate
SASB Materiality Map SASB’s Materiality Map identifies sustainability issues that are likely to affect the financial condition or operating performance of companies within an industry. One of the issues included in the tool is greenhouse gas emissions. Sustainability Accounting Standards Board (SASB)
PPCA Finance Principles A coalition of national and sub-national governments, businesses and organisations working to advance the transition from unabated coal power generation to clean energy. Its PPCA Declaration commits signatories to work towards phasing out coal-fired power plants in the OECD by 2030, and by 2050 in the rest of the world. The Powering Past Coal Alliance (PPCA)
The TPI Tool An asset-owner led initiative which assesses companies’ preparedness for the transition to a net-zero economy. The TPI data also underpins the CA100+ Net Zero Company Benchmark. Transition Pathway Initiative (TPI) Listed equity
Inaugural 2025 Target Setting Protocol The inaugural protocol, published in final form (following a public consultation) in January 2021, sets out the Alliance’s four-pillar approach to target setting and reporting for the period 2020 to 2025. Net Zero Asset Owner Alliance Agnostic
Investor Climate Action Plans The Investor Climate Action Plans (ICAPs) Expectations Ladder and Guidance provide investors with clear expectations for issuing and implementing comprehensive climate action plans, including steps investors can take to support the goal of a net-zero emissions economy by 2050 or sooner. The Investor Agenda
The Net Zero Carbon Buildings Commitment This initiative was launched by the World Green Building Council (WorldGBC) to push for net zero carbon buildings around the world. By formalising their participation, businesses commit to having all their assets reach net zero carbon in operation by 2030, as well as advocating for net zero carbon buildings by 2050. World Green Buildings Council Real estate
CDP (Various frameworks) The project runs a global environmental disclosure system that allows companies, cities, states, regions and investors to report their environmental impact. CDP
GRESB (Various frameworks) GRESB assesses and benchmarks the Environmental, Social and Governance (ESG) and other related performance of real assets, providing standardised and validated data to the capital markets. GRESB: The global ESG benchmark for financial markets Real estate & Infrastructure
The PRI reporting and assessment framework PRI signatories are required to report on their responsible investment activities annually, using the PRI’s Reporting & Assessment Framework. This online tool comprises five overall modules, and six covering specific asset classes. Principles for Responsible Investment
Greenhouse Gas Protocol Standards (Various) GHG Protocol establishes comprehensive global standardized frameworks to measure and manage greenhouse gas (GHG) emissions from private and public sector operations, value chains and mitigation actions. Greenhouse Gas Protocol Agnostic
The Sustainable Development Goals (SDGs) The Sustainable Development Goals (SDGs) were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. The 17 SDGs are integrated—they recognize that action in one area will affect outcomes in others, and that development must balance social, economic and environmental sustainability. United Nations Agnostic
ILPA ESG Assessment Framework ILPA's ESG Assessment Framework is designed to help limited partners evaluate and benchmark general partner (GP) responses to due diligence efforts, inform goal-setting conversations with GPs and measure ESG integration progress over time. Institutional Limited Partners Association (ILPA) Private equity
Climate Bonds Standard and Certification Scheme The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds and loans. Rigorous scientific criteria ensure that bonds and loans with Certification, are consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change. Climate Bonds Initiative
CDSB Framework The CDSB Framework sets out an approach to reporting environmental information in mainstream reports. Companies reporting according to this TCFD-aligned framework provide investors with decision-useful environmental information. Climate Disclosure Standards Board
ESG indicators - Impact platform Impact is a service provided by the French Secretariat of State for the Social, Solidarity and Responsible Economy and the General Department of Companies. The platform includes a set of 47 ESG indicators which companies can choose to report against. Impact Platform (la plateforme Impact)
The Inevitable Policy Response A pioneering project launched by the PRI, which aims to prepare investors for the risks to their investments posed by an abrupt and disruptive near-term policy response to climate change. PRI Agnostic
The Science Based Targets Initiative (SBTi) A partnership between CDP, the UN Global Compact, the World Resources Institute and the World Wide Fund for Nature. It has, thus far, mostly focused on non-financial corporates, helping companies set emissions targets that are in line with holding global warming to well below 2°C above pre-industrial levels.
Climate Disclosures Standards Board (CDSB) CSDB is an international consortium of business and environmental NGOs committed to enhancing the global mainstream corporate reporting model by advocating for the provision of information about business’ use of and effect on natural capital.
COP26 Private Finance Hub The Private Finance Hub supports Mark Carney in his capacity as the Prime Minister’s Finance Adviser for COP26. Dr Carney launched the Private Finance Strategy to build a framework to ensure that every professional decision takes climate change into account. United Nations
The Taskforce on Climate-related Financial Disclosures (TCFD) The G20’s Financial Stability Board set up the Task Force on Climate-related Financial Disclosures (TCFD) in 2015 to help identify the information needed by investors, lenders and insurers to appropriately assess and price climate risk and opportunity. The Taskforce on Climate-related Financial Disclosures (TCFD) Agnostic

Other

Title Description Organisation Asset Class
TCFD Knowledge Hub A collection of resources about climate-related financial disclosures, including guides, case studies, and research. TCFD Agnostic

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