Policy reports
Policy report
Investor briefing: Institutional investor action on climate risk as the world approaches the 1.5°C limit of the Paris Agreement
Following recent record-breaking climate disruption, this investor briefing examines the latest state of knowledge on how climate change is translating to financial risks and how investors can respond to these risks
Policy report
Policy briefing: Baku to Belém roadmap to US$1.3 trillion – key themes for investors
This briefing outlines high-level themes of relevance to investors on climate finance and specifically the Baku to Belém Roadmap to US$1.3trillion – a key element of a new climate finance agreement reached at COP29 in 2024.
Policy report
Policy briefing: US Securities and Exchange Commission: Staff legal bulletin 14M
This briefing provides a high-level overview of a specific regulatory provision of the US Securities and Exchange Commission (SEC) governing the shareholder proposal process, and particularly the “no-action” process.
Policy report
Policy briefing: Omnibus I European Commission proposal
This position paper details specific recommendations from the responsible investor perspective on the European Commission Omnibus I proposal. It seeks to simplify and improve the coherence of the EU sustainable finance framework while preserving its core principles.
Policy report
Investor brief: The EU Clean Industrial Deal
This investor brief provides an overview of the Clean Industrial Deal (CID) and how its core elements relate to previous PRI policy recommendations.
Policy report
Policy briefing: Schedule 13(D) and 13(G) reporting
US: Read our high-level overview of a specific regulatory provision of the US Securities and Exchange Commission (SEC) governing filings for those investors who hold 5% or more of any class of a company’s outstanding stock.
Policy report
Policy briefing: Addressing EU bioenergy policy and investment risks
This policy report assesses the role of bioenergy for the EU’s renewable energy targets, and how to use biomass most effectively to achieve competing energy, climate, and nature objectives, and contribute to the EU net-zero economy transition.
Policy report
Policy briefing: UN Guiding Principles on Business and Human Rights
This briefing summarises key elements of the United Nations Guiding Principles on Business and Human Rights which establish a global framework for preventing and addressing the risk of adverse human rights impacts linked to business activity.
Policy report
Policy briefing: OECD Guidelines for Multinational Enterprises on Responsible Business Conduct
This briefing summarises the key elements of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct.
Policy report
Policy briefing: Japan’s Financial Instruments and Exchange Act: Integrating ESG into the regulatory framework
This briefing summarises the amendments made to the Financial Instruments and Exchange Act (FIEA) by the Japan Financial Services Agency (FSA) in January 2023, which introduced mandatory sustainability disclosure in statutory annual reports.
Policy report
Policy briefing: China’s sustainability reporting for listed companies
This briefing summarises the new sustainability reporting guidelines for listed companies published by the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and the Beijing Stock Exchange (BSE).
Policy report
Policy briefing: EU Critical Raw Materials Act
This briefing summarises the key elements of the EU Critical Raw Material Act (CRMA) which aims to reduce reliance on imports of critical raw materials (CRMs) through a series of measures, including increasing recycling, increasing domestic production, and requiring in scope companies to undertake supply chain audits.
Policy report
Policy briefing: Australia’s proposed treasury laws amendment bill 2024: Climate-related financial disclosure
This briefing summarises the key elements of the Treasury Laws Amendment Bill 2024: Climate-Related Financial Disclosure which makes changes to the Corporations Act 2001 that requires in scope Australian companies to disclose climate change-related financial risks and opportunities.
Policy report
Policy briefing: UK FCA Sustainability Disclosure Requirements (SDRs)
This briefing summarises key elements of the FCA Sustainability Disclosure Requirements which aim to address greenwashing, introduce sustainability labels, and require asset managers and distributors with sustainable investment products to make sustainability-related disclosures.
Policy report
Policy briefing: UK FCA Enhancing climate-related disclosures
This briefing summarises FCA climate-related disclosure rules which require certain asset managers, life insurers and FCA-regulated pension providers to make climate-related financial disclosures consistent with the TCFD’s recommendations.
Policy report
Policy briefing: Canada’s Bill fighting against forced labour and child labour in supply chains
This briefing summarises the key elements of Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act which requires in scope Canadian companies to undertake a series of actions and disclosures to ensure that their supply chains are free from forced labour and child labour.
Policy report
Discussion paper: The human rights and nature nexus
Policy reform options to address synergies and trade-offs.
Policy report
Policy briefing: Enabling US state-level sustainable financial systems
[Region: US] Five high-level policy recommendations that US state and local officials can consider to support responsible investment practices.
Policy report
Briefing note: National Corporate Sustainability Disclosures roundtable
Key points covered at a roundtable event with Canadian policy makers, regulators and standard setters, international and domestic investors and representatives of Indigenous perspectives.
Policy report
Climate Policy Roadmap 2024/25
Ahead of COP 29, PRI published a Climate Policy Roadmap for 2024/25.
Policy report
Discussion paper: The socioeconomic implications of the transition
A discussion paper exploring how social issues could inform a whole-of-government policy approach to the economic transition.
Policy report
Policy briefing: Priorities for biodiversity at COP16
This briefing represents key policy priorities and recommendations for Parties to the Convention on Biological Diversity (CBD) to operationalise the Kunming-Montreal Global Biodiversity Framework.
Policy report
PRI policy priorities 2024-25
This briefing provides country-based policy recommendations to support responsible and sustainable investment.
Policy report
Policy discussion paper: Investing for the economic transition: Japan
The paper explores how Japanese policymakers can further the progress already made in establishing a whole-of-government approach to the economic transition.
Policy report
Policy briefing: LFI Summary Report launch event synopsis
This briefing is a synopsis of the speeches and panel discussions about the Legal Framework for Impact summary report.
Policy report
Nature Policy Roadmap: Policy recommendations for scaling up investor action for nature
This discussion paper sets out the importance of nature to economic and social systems, its relevance to responsible investors and the PRI’s approach to nature policy.
Policy report
Policy briefing: Signatory responses to state anti-ESG laws
This briefing summarises interviews with US signatories regarding the impact of state anti-ESG laws on their business operations.
Policy report
The role of the G7 in driving the economic transition
A policy paper calling for increased policy action to drive a just, sustainable economic transition to net zero.
Policy report
Investor briefing: EU Corporate Sustainability Due Diligence Directive (CSDDD)
This briefing note summarises the requirements of the CSDDD, with particular focus on how it will affect the investment sector.
Policy report
Consultation on the PRI’s Investor Data Needs Framework
The PRI consulted on its Investor Data Needs (IDN) Framework from June 2023 to March 2024.
Policy report
PRI and IIGCC policy briefing on key sustainable finance policy priorities for the UK
This joint briefing by the PRI and IIGCC identifies areas that the UK Government should prioritise in the short-term in 2024 to accelerate delivery of the building blocks of the UK’s sustainable finance framework and support progress against the UK’s net zero objectives.
Policy report
Implementing a 2040 climate target for a competitive and just European Green Deal
This brief summarises PRI recommendations for an EU 2040 climate target and a strong policy framework to implement a competitive net zero economy, accelerate finance for the transition, and create a prosperous and fair European Green Deal for all.
Policy report
Policy briefing: UK pensions
This brief builds on existing PRI pensions and fiduciary duty work, analysing some of the key UK policy developments since 2019, highlighting areas that require further work and the PRI’s recommendations to help address ongoing issues.
Policy report
PRI’s 2030 EU Policy Roadmap
Six key policy actions to fine-tune and improve the usability and coherence of the existing sustainable finance framework, build on it where necessary, and develop and strengthen the links with broader EU Green Deal policies.
Policy report
EU regulation on ESG ratings
This paper focuses on the EU legislative proposal to regulate ESG rating providers, as discussed in trilogues in January 2024.
Policy report
Policy briefing: Investing for sustainability outcomes workshop
Approximately 50 delegates gathered at a recent investor workshop at PRI in Person to explore how investors are approaching sustainable outcomes in their investments.
Policy report
Policy briefing: Delivering net zero in Japan
Recommendations for Japanese policy makers to create ambitious policies regarding the transition to net zero.
Policy report
Policy briefing: Sustainability outcomes workshop
At the PRI’s Sustainability Outcomes Forum in Australia, October 2023, signatories came together to share their experiences and practices in pursuing sustainability outcomes.
Policy report
Briefing: Summary of the inaugural ISSB Standards
In June 2023 the ISSB released final versions of its first two sustainability reporting standards. This briefing note aims to support signatories by summarising reporting requirements within the standards, including requirements set out in the Appendices to the standards and accompanying guidance.
Policy report
PRI Sustainable Finance Policy Conference summary
On 3 October 2023, the PRI hosted its annual Sustainable Finance Policy Conference in Tokyo, before PRI in Person 2023 (PiP 2023)
Policy report
Policy briefing: PRI in Person policy sessions highlights
Policy highlights from our flagship responsible investment annual conference, PRI in Person 2023.
Policy report
Investing for the economic transition: the case for whole-of-government policy reform
The transition to a sustainable and equitable economy that benefits both economic growth and natural and social systems has become an increasingly urgent policy objective in many countries and within international forums. Governments are introducing policies and regulations to address climate change, biodiversity loss, macroeconomic instability, effects on costs of ...
Policy report
Climate data and net zero: Closing the gap on investors’ data needs
Investors need robust and reliable climate data to deliver and credibly report on their net zero commitments. However, there are gaps in the data currently available. This report explores where those gaps are and looks at what action could be taken by data providers and other stakeholders to build a ...
Policy report
PRI Policy Priorities 2023-24
This brief summarises the key policy topics and developments in core markets where the PRI is conducting policy research and engagement. These priorities reflect the PRI’s strategy and current policy agenda in different markets.
Policy report
Responsible investment and sustainability outcomes in China: Current practice and policy recommendations
Current practice, emerging opportunities and key challenges for investors in China to integrate the consideration of sustainability outcomes into their decision making, as well as a series of recommendations for policy makers.
Policy report
Policy briefing, 118th Congress: Analysis of proposed legislation in the financial services sector
[Region: US] This briefing presents summary and analysis of select proposed bills pending before the US House of Representatives and US Senate.
Policy report
The PRI’s Investor Data Needs Framework
This paper sets out the PRI’s Investor Data Needs Framework, which offers a structure to identify decision-useful corporate sustainability data for responsible investors.
Policy report
Reforming the multilateral financial architecture: why, how and the case for acting now
This briefing focuses on reforming the multilateral financial architecture. It presents a diagnosis of the current multilateral financial architecture and notes its incompatibility to meet present economic and sustainability challenges.
Policy report
Strengthening effective stewardship in Australia: Understanding barriers and opportunities
Building on the findings and recommendations in the reports, A Legal Framework for Impact, Legal Framework for Impact: Australia, and the Stewardship Policy Toolkit, this report sets out the findings of research into how Australian institutional investors conduct stewardship and identifies barriers that limit how effectively they use stewardship to ...
Policy report
Policy briefing: Unlocking the Potential of Shareholder Voting in China
This briefing focuses on shareholder voting in China. It makes policy recommendations to help mobilise institutional investors to exercise their voting rights more effectively and responsibly for the purpose of securing and enhancing overall long-term value for clients or beneficiaries.
Policy report
Legal framework for impact: Briefing for policy makers
Financial investments drive real-world outcomes on issues such as climate change, sustainable development and human rights – whether the impacts are intended or not. Investors increasingly recognise that financial returns depend on the stability of social and environmental systems, especially in the long term. This is driving investors to increasingly ...
Policy report
Adopting a strategic approach to human rights and social issues policy
The role of policy in enabling the respect of human rights from corporates and investors.
Policy report
Policy briefing: The role of the G7 in sustainable finance and economic transition policy reforms
Recommendations to embed sustainability within the international policy dialogue taking place at the G7 in 2023.
Policy report
Investor Briefing: Independent Review of Net Zero
Chris Skidmore’s recently published Net Zero Review captures the transition to a net zero economy as a major pro-business and pro-investment opportunity. It offers policy recommendations centred around backing business, backing local action, delivering energy efficient homes, and using infrastructure to unlock net zero.
Policy report
Does Japan need a sustainable finance taxonomy: results from an investor survey and stakeholder interviews
This briefing sets out the results of a survey and targeted stakeholder interviews regarding the requirements and expectations of investors in relation to a potential sustainable finance taxonomy for Japan. These results are accompanied by an analysis of selected existing sustainable finance policies, regulations and guidance and a set of ...
Policy report
How to make the CSDD directive practicable for the investment industry
The PRI welcomes the EU proposal for a directive on Corporate Sustainability Due Diligence (CSDD). It offers an important opportunity to create a harmonised framework to ensure that economic activities tied to the EU single market are conducted in a responsible manner. However, significant improvements are needed, as set out ...
Policy report
Investor briefing: Signatory comments on SEC proposed rule
Signatory comments on the SEC Proposed Rule, “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices”
Policy report
2022 Policy Roundup
In 2022 there was a strong focus of sustainable finance policy reforms across jurisdictions worldwide. In this briefing we provide a short roundup of policy developments in each of the PRI Policy Team’s key jurisdictions.
Policy report
Powering a Green Recovery: How EU recovery funds can support investors and the European Green Deal
The Institutional Investors Group on Climate Change (IIGCC), the PRI and CDP – under the auspices of The Investor Agenda, a common leadership agenda on the climate crisis that is unifying, comprehensive and focused on accelerating investor action for a net zero emissions economy – commissioned Chronos Sustainability to produce ...
Policy report
Sustainable finance policy roadmap: France
The Principles for Responsible Investment (PRI), in partnership with Finance for Tomorrow and the Forum pour l’Investissement Responsable (FIR), has published a roadmap to further promote the development of sustainable finance policy in France.
Policy report
EU Corporate Sustainability Due Diligence (CSDD) Directive
This position paper builds on PRI’s consultation response, reaction statement, key takeaways from a joint PRI & WBA roundtable on CSDD with policymakers and signatories held on 13th June 2022, and signatory feedback received over August 2022. The PRI welcomes the Commission’s proposal, but a number of improvements will be ...
Policy report
Investing for a just transition: Proposals for a just transition disclosure framework in China
As China moves towards a low-carbon society and increasingly pursues a strategy of high-quality development, there is rich context for a just transition to be applied in China.
Policy report
PRI policy priorities 2022-23
Public policy sets the rules of the game that govern the financial system, and affects the sustainability and stability of financial markets, as well as social, environmental, and economic systems. Public policy also critically affects the ability of long-term investors to generate sustainable returns and create value. Therefore, policy engagement ...
Policy report
Review of trends in ESG reporting requirements for investors
An overview of environmental, social and governance reporting requirements for investors around the world and the trends driving the disclosures
Policy report
Reconciling energy security with net zero commitments (EU)
The war in Ukraine has accentuated the EU’s dependence on fossil fuel imports from Russia and further exacerbated the triple energy policy challenge – energy security, affordability, and addressing climate change – facing governments in Europe and across the globe.
Policy report
Reconciling energy security with net zero commitments (UK)
The war in Ukraine, alongside the unexpected, renewed focus on energy security and related debates on maintaining the focus on net zero commitments have prompted an update of the PRI’s UK climate policy roadmap (published in June 2020), which reflects the release of the UK Government’s British Energy Security Strategy ...
Policy report
Investor briefing: EU sustainable finance taxonomy
This briefing provides an overview of the EU taxonomy, including a proposed delegated act on gas and nuclear energy.
Policy report
Policy briefing: sustainable infrastructure
With these four proposed policy and regulatory recommendations, the PRI hopes to advance the development of infrastructure projects aligned with key global sustainability goals, such as the SDGs and the Paris Agreement.
Policy report
Policy briefing: Japan’s power sector and net zero
Japan’s commitment to net-zero by 2050, announced by the former Prime Minister Yoshihide Suga and enshrined in Japanese law, has profound implications for the country’s power sector.
Policy report
U.S. Signatory Interview Briefing: Human Capital Management
The U.S. Securities and Exchange Commission (SEC) revised its rules in 2020 that required information on “human capital resources” be included in standard financial reporting. This report explains that while these changes are promising, the requirements remain too broad to provide the data needed by investors in their decision-making processes.
Policy report
Scope of the Corporate Sustainability Reporting Directive
[Region: EU] This paper builds on PRI’s extensive work on corporate disclosureand our responseto the European Commission’s consultation on the review of the Non-Financial Reporting Directive. The PRI welcomes the extension of the scope of companies reporting under the CSRD to all large companies and all companies listed on regulated ...
Policy report
EU Regulation on sustainability-related disclosures in the financial services sector
[Region: EU] This updated briefing unpacks the EU regulation on sustainability-related disclosures in the financial services sector, known as the SFDR, which sets out transparency requirements for investors and financial advisers.
Policy report
Draft Position Paper – TRWG prototype climate and general disclosure requirements
[Region: Global] The PRI welcomes the publication of prototypes developed by the Technical Readiness Working Group. To inform further development of the Sustainability Disclosure Standards led by the ISSB, this position paper explains how the current recommendations could be enhanced to better meet the reporting needs of responsible investors.
Policy report
Alternative solutions to include gas-fired power and nuclear energy in the EU sustainable taxonomy
[Region: EU] This position paper explains why gas-fired power and nuclear energy are not aligned with the objectives of the EU Sustainable Taxonomy, and presents alternative options for their inclusion in the framework.
Policy report
Policy briefing: The road to COP26 (US)
[Region: US] A significant acceleration of action is needed to if we are to meet the Paris Agreement goals. This briefing, which is one of a series of climate policy country briefings, presents the PRI’s recommendations for priority climate-related policies for the US that would help leverage investors’ interests in ...
Policy report
Policy briefing: The road to COP26 (China)
[Region: China] A significant acceleration of action is needed to if we are to meet the Paris Agreement goals. This briefing, which is one of a series of climate policy country briefings, presents the PRI’s recommendations for priority climate-related policies for China that would help leverage investors’ interests in supporting ...
Policy report
Private Finance and Green Recovery in the EU – Survey and Roundtable findings
[Region: EU] Throughout 2020, the PRI ran a survey and organised a roundtable to explore investors’ perception of the EU Recovery Package. This paper summarises the key findings. It aims to contribute to the successful implementation of the recovery package and suggests ways to maximise the contribution of private finance.
Policy report
Strengthening Stewardship in the EU
[Region: EU] The 2018 EU Sustainable Finance Action Plan (SFAP) put Europe on the map as a global leader in sustainable finance. It raised the EU’s ambitions, placing strong emphasis on increasing capital allocations to sustainable companies and activities. However, the crucial lever of stewardship was largely absent from the ...
Policy report
Policy briefing: The road to COP26
[Region: Global] A significant acceleration of action is needed to if we are to meet the Paris Agreement goals. This PRI briefing provides recommendations for policymakers to support ambitious commitments and take decisive action at COP26 to deliver the needed emissions cuts this decade and a net-zero economy by 2050.
Policy report
Sustainable Finance Policy: the role of G7 and G20
[Region: Global] The PRI recommends to host governments of G7 and G20 to commit to policy reforms that align financial regulatory frameworks with sustainability goals, and embed sustainable finance discussions at the core of finance ministers meetings.
Policy report
U.S. Policy Briefing: Considerations for U.S. Regulators to Enhance Investors’ Abilities to Identify, Assess and Take Action on ESG-related Risks and Opportunities
[Region: US] This briefing outlines several broad policy objectives and identifies actions federal financial regulators and lawmakers in the United States can take to revise the U.S. regulatory regime to better promote the integration of environmental, social and governance (ESG) factors into investment practice and decision-making.
Policy report
Delivering net zero emissions in Japan
[Region: Japan] This briefing sets out key policy priorities to set Japan on a pathway to achieve a net zero emissions economy; and to do so in a way that is economically, politically and technologically achievable and ultimately beneficial. It is based on research from PRI’s Inevitable Policy Response project.
Policy report
PRI 2021 US Policy Priorities
[Region: US] The PRI’s 2021 policy priorities focus on six areas we see as actionable and achievable to support greater adoption of the Principles and advancement of sustainable finance.
Policy report
PRI discussion paper on TCFD forward-looking metrics consultation
[Region: Global] This paper looks at the TCFD consultation on forward-looking metrics for financial institutions and makes some recommendations for how the Taskforce may look to develop its guidance.
Policy report
Delivering carbon neutrality in China
[Region: China] This briefing sets out key policy priorities to set China on a pathway to deliver carbon neutrality; and to do so in a way that is economically, politically and technologically achievable and ultimately beneficial. It is based on research from PRI’s Inevitable Policy Response project.
Policy report
Sustainable finance policy briefing
[Region: Japan] This briefing presents an overview of Japan’s sustainable finance policy framework, as well as recommendations on further policy reforms on a national sustainable finance strategy, stewardship and corporate governance, ESG and climate disclosures, and asset owner regulations.
Policy report
Delivering net zero emissions in the European Union
[Region: EU] This briefing sets out key priorities to set the EU on a pathway to deliver a net zero emissions economy by 2050; and to do so in a way that is economically, politically and technologically achievable and ultimately beneficial. It is based on research from PRI’s Inevitable Policy ...
Policy report
ESG disclosure investor survey
[Region: China] This briefing presents the results of the investor survey on ESG disclosure in China led in May 2020, as well as the latest analysis on policy and market trends around ESG disclosure
Policy report
Multiannual Financial Framework (MFF) and Next Generation EU
[Region: EU] This position paper sets out recommendations for areas that need to be further defined to ensure the European recovery will be in line with the Paris Agreement objectives, ensure the European Green Deal and its objective of making Europe climate-neutral by 2050 are met, can be measured and ...
Policy report
How government and investors can deliver net-zero in the US
[Region: US] This report sets out priorities for US federal climate policy which are economically feasible, readily implementable, and necessary. Policy reform can also represent a growth opportunity to enhance US competitiveness and retool large sections of the US economy.
Policy report
How government and investors can deliver net zero in the UK
[Region: UK] This briefing sets out the key policy priorities to put the UK on a trajectory to meet net zero emissions by 2050, and the role that investors can play. These priorities are consistent with a green recovery from the COVID-19 crisis.
Policy report
Investor priorities for the EU Green Deal
The PRI’s report sets out recommendations to ensure that investors can scale up their contribution to the EU Green Deal and sustainability goals more broadly.
Policy report
EU Sustainable Finance: Where next?
[Region: EU] This briefing provides an overview on the progress to date on EU Sustainable Finance Policy and presents an outlook of the political implication of the European Green Deal.
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