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.
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.
This investor brief provides an overview of the Clean Industrial Deal (CID) and how its core elements relate to previous PRI policy recommendations.
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.
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.
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.
This briefing summarises the key elements of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct.
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.
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).
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.
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.
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.
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.
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 reform options to address synergies and trade-offs.
[Region: US] Five high-level policy recommendations that US state and local officials can consider to support responsible investment practices.
Key points covered at a roundtable event with Canadian policy makers, regulators and standard setters, international and domestic investors and representatives of Indigenous perspectives.
Ahead of COP 29, PRI published a Climate Policy Roadmap for 2024/25.
A discussion paper exploring how social issues could inform a whole-of-government policy approach to the economic transition.
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.
This briefing provides country-based policy recommendations to support responsible and sustainable investment.
The paper explores how Japanese policymakers can further the progress already made in establishing a whole-of-government approach to the economic transition.
This briefing is a synopsis of the speeches and panel discussions about the Legal Framework for Impact summary report.
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.
This briefing summarises interviews with US signatories regarding the impact of state anti-ESG laws on their business operations.
A policy paper calling for increased policy action to drive a just, sustainable economic transition to net zero.
This briefing note summarises the requirements of the CSDDD, with particular focus on how it will affect the investment sector.
The PRI consulted on its Investor Data Needs (IDN) Framework from June 2023 to March 2024.
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.
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.
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.
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.
This paper focuses on the EU legislative proposal to regulate ESG rating providers, as discussed in trilogues in January 2024.
Approximately 50 delegates gathered at a recent investor workshop at PRI in Person to explore how investors are approaching sustainable outcomes in their investments.
Recommendations for Japanese policy makers to create ambitious policies regarding the transition to net zero.
At the PRI’s Sustainability Outcomes Forum in Australia, October 2023, signatories came together to share their experiences and practices in pursuing sustainability outcomes.
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.
On 3 October 2023, the PRI hosted its annual Sustainable Finance Policy Conference in Tokyo, before PRI in Person 2023 (PiP 2023)
Policy highlights from our flagship responsible investment annual conference, PRI in Person 2023.
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 ...
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 ...
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.
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.
[Region: US] This briefing presents summary and analysis of select proposed bills pending before the US House of Representatives and US Senate.
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.
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.
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 ...
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.
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 ...
The role of policy in enabling the respect of human rights from corporates and investors.
Recommendations to embed sustainability within the international policy dialogue taking place at the G7 in 2023.
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.
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 ...
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 ...
Signatory comments on the SEC Proposed Rule, “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices”
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.
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 ...
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.
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 ...
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.
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 ...
An overview of environmental, social and governance reporting requirements for investors around the world and the trends driving the disclosures
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.
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 ...
This briefing provides an overview of the EU taxonomy, including a proposed delegated act on gas and nuclear energy.
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.
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.
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.
[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 ...
[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.
[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.
[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.
[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 ...
[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 ...
[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.
[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 ...
[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.
[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.
[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.
[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.
[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.
[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.
[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.
[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.
[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 ...
[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
[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 ...
[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.
[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.
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.
[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.