PRI Awards continue to celebrate innovation and impact across six main categories, with over 30 outstanding entries shortlisted for nature, climate, human rights, responsible investment strategy, system stewardship and communication.
This year, we introduced a special category for asset owners, as well as a core award for recognising excellence in communication. This latter award reflects the growing importance of clear, effective messaging amid growing backlash around responsible investment.
Here are those that have been shortlisted for an award in 2025.
- Recognition for Excellence – Communication
- Innovation in Responsible Investment Strategy
- Recognition for Action – Human Rights
- Recognition for Action – Nature
- Innovation in System Stewardship
- Recognition for Action – Climate
The winners will be announced on 23 September during New York Climate Week and online, accompanied by public case studies from each winner.
Recognition for Excellence – Communication
BNP Paribas Asset Management – The ‘Ripple Effect’ campaign
The ‘ripple effect’ presented a series of ‘documentaries’ around systemic risks, energy transition, demographics and the circular economy. This digital-only campaign focused on the impact of investments in a way that was widely accessible. One of the programme’s key messages was “short, sweet and impactful”.
Judges’ comments
“The entry was well put together, with clear aims and detail on background as to how the campaign was built, compelling KPIs and excellent testimonials. Video content was accessible with minimal jargon, straightforward presentation, educational content and an engaging mix of explainers/graphics/talking heads. There was obvious care in the anti-greenwashing controls and it was interesting to hear about the eco-friendly production methods. Impressed by the quality of this entry.” - Dawn Hyams
”This is a great concept. Novel and ambitious in terms of the subject matter. The project shows strong client focus and appears to be very effective at generating engagement. The tracking of the average daily carbon footprint is very innovative and shows the commitment of the organisation as a whole to sustainability. The only area of possible improvement would be to go beyond efficiency KPIs to show real campaign impact and business outcomes in terms of changing attitudes, opinions and behaviours.” - Patrick Ide
Cambridge Innovation Capital – Championing accessible ESG communication through the ESG VC toolkit initiative
Working with a broader collaboration of stakeholders, the company has developed a communications toolkit for the VC industry. The toolkit is open access and focused on early-stage companies.
Judges’ comments
”Novel and ambitious concept with a focus on impact and changing behaviours. Broad spectrum of channels and tools. The only shortfall is in terms of demonstrating the measurability and actual impact of the initiative. Great potential for further impact.” - Patrick Ide
Daphni – Clear by design: Redefining ESG communication through transparency and action
Daphni’s goal was to make responsible investment real, understandable and actionable for LPs, founders and the entire VC ecosystem. The programme involved actions such as the development of an ESG Toolkit’ for businesses. Daphni’s submissions outline where the programme has had an impact on behaviour.
Judges’ comments
”Report does a good job of communicating in an engaging fashion the breadth of the firm’s activities, the wider context, its engagement with the VC ecosystem, its investment approach, engagement with and key metrics relating to portfolio companies. Based on the award submission, it also seems to be part of a thoughtful and targeted approach to increasing ESG focus and action in the VC community. It also took a thoughtful approach to evidence of impact of its comms within this ecosystem.” - Chris Hall
Mackenzie Investments – Mackenzie’s energy transition campaign
Mackenzie’s campaign focused on the energy transition. The campaign was intended to close the educational gap among investors and advisers on the opportunities available to sustainable investors. The campaign outperformed expectations and led to improved understanding of the energy transition and perception of Mackenzie as a sustainable investor.
Judges’ comments
”This appears to be a well-targeted campaign to get the energy transition opportunity across to a notoriously conservative and sceptical audience, i.e. financial advisers, and would appear to do so well, by positioning the opportunity in terms of aligning investments with long-term trends using solid facts and figures. I would say that the approach is comprehensive rather than innovative, but it certainly seems to be using the right channels, language and approach for this market - as reflected in the impact numbers provided.” - Chris Hall
Nippon – Exploring root causes of the ESG paradox: A perspective of systems thinking
This submission focuses on the ‘ESG paradox’ – where companies have developed ESG programmes but see little payoff. This multifaceted and extensive communications effort involved workshops, reports and social/traditional media aimed at improving ESG programmes through education, sharing and research.
Judges’ comments
”A strong multi-channel campaign with real clarity around the purpose, tightly aligned to PRI principles and well executed. The paper was long but well laid out and clearly signposted with helpful appendices. Key themes of the campaign were clearly articulated. Accessibility had been considered with simple presentation and data visualisation. There was also good evidence of impact through shifts in corporate behaviours, global reach and awards for the campaign. A little more innovation in delivery would have seen this hit perfect scores.” - Dawn Hyams
Innovation in Responsible Investment Strategy
ILX fund – The transition to an evergreen structure
ILX Fund I is one of the first emerging market and developing economies evergreen funds in the impact private debt asset class – enabling institutional investors to gain long-term exposure and produce better sustainability outcomes in emerging markets.
Judges’ comments
”This was a strong entry with a clear and innovative structure implemented in the last two years to address specific responsible investment objectives. The reporting would appear to be comprehensive to demonstrate both traditional financial returns and broader outcome objectives.” - Michael Marks
”Creating evergreen funds for impact investing is an absolutely critical development for the industry – so, well done with this initiative. Where this initiative needs to focus, though, is on quantifying impact and not just relying on ESG metrics to suggest that real change is occurring.” - Anne Cabot-Alletzhauser
Multiples – Responsible investment strategy, the Multiples’ way
Multiples is an Indian alternative asset manager. The submission outlines its tiered approach that has developed over the last two years from risk minimisation and value protection to a dynamic strategy that drives long-term transformation. The three tiers of this strategy include value protection, horizontal programmes and vertical themes.
Judges’ comments
“Very good progress! Creating a maturity programme and assessing companies along with 100-day and 180-day action plans is a very effective approach.” - Vipul Arora
Summa Equity – Framework for impact-driven value creation
Summa’s submission outlines its clear approach to investing with impact through its three pillars: intentionality, additionality and measurable outcomes. Among the interesting aspects of this submission, Summa describes its approach to impact accounting with four portfolio companies.
Judges’ comments
“I am not sure how many other private equity managers have started down this route of analysis, but intuitively it seems far more rigorous than any other impact measurement processes I have seen. I have been watching this measurement orientation with keen interest. If Summa can demonstrate that this approach indeed translates into demonstrable value for both the investor and the area targeted for impact, then it would be nice to see this become the standard for impact assessment.” - Anne Cabot-Alletzhauser
”Summa Equity’s submission presents a compelling example of how ESG can be fully integrated into private equity strategy. It meets — and exceeds — the outlined criteria through a systematic, evolving, and research-backed framework. There is quantitative proof of both impact and financial outperformance, and strong transparency and stakeholder alignment mechanisms. It has demonstrated leadership in shaping industry standards and thinking.” - Gabriel Hasson
Summit Africa – An African strategy grounded in stewardship, innovation and value
Summit Africa is a South Africa-based impact-focused private equity firm. The submission clearly outlines its approach to integrating sustainability issues into the investment lifecycle, asset allocation, board-level decisions, a climate action plan and reporting to clients. The submission also outlines the impact delivered in employment, healthcare outcomes and SME financing.
Judges’ comments
”Getting to a place where women represent 54% of senior management nd 70% of the overall workforce across the fund’s portfolio companies is a great feat! Not just that, the metrics you are achieving in other themes speak highly of your impact. Keep going. Look forward to more innovation!” - Vipul Arora
UBS SDIC – Endogenous integration at asset manager: Innovative approach for sustainable fixed income investment
UBS SDIC outlines how it has integrated ESG research into its fixed income analysis, portfolio construction and decision making – UBS SDIC describes it as the ‘endogenous integration’ approach. The submission outlined the recorded benefits in risk-adjusted returns.
Judges’ comments
”I like how you’ve identified the problems posed by traditional investment processes in fixed income and your solutions for addressing them” - Anna Cabot-Alletzhauser
Recognition for Action – Human Rights
CalPERS – Labour principles
Using international standards, CalPERS has set out its labour principles, including a framework of expectations for labour standards for businesses in its portfolio. The programmes involve working with investment managers and companies across public markets.
Judges’ comments
”CalPERS has clearly articulated its objectives regarding the integration of labour principles into investment decision-making. Its communication process across the value chain is transparent and well structured. Given the fund’s scale, its ability to engage a broad network of investment managers seems particularly impactful. One area for improvement would be to clarify whether adherence to labour principles is also expected along the value chains of its investee companies.” - Patricia Moles
Church Commissioners for England – Integrating human rights into responsible investment
With a long record of integrating human rights issues into investment decision-making and working with asset managers, the submission outlined how the Church Commissioners did not shy away from using its voice or voting rights to promote better practice.
Judges’ comments
“The Church Commissioners for England demonstrate bold and effective leadership in embedding human rights across their investment strategy, spanning asset-level engagement, fund manager oversight, proxy voting, and systemic advocacy. Rooted in the UN Guiding Principles on Business and Human Rights (UNGPs), the initiative not only targets corporate conduct but also aims to reform the underlying infrastructure that shapes investor and market behaviour, including ESG data providers and proxy advisers.” - Gabriel Hasson
Schroders – Engaging for just resilience
Working with academics, Schroders has identified material supply chain risks in the apparel supply chain. Based on this information, Schroders designed a programme of engagement with key portfolio holdings based on minimising climate-related risks and promoting the UNGPs on business and human rights.
Judges’ comments
”Schroders’ innovative framing of ‘Just Resilience’ brings a rights-holder lens to climate adaptation — an underexplored dimension of ESG investing. The initiative is ambitious, grounded in international norms, and delivered through credible engagement strategies. Transparency is excellent, and the toolkit sets a benchmark for practitioner use. While currently focused on apparel, the approach has high potential for cross-sectoral influence.” - Hao Liang
Verisk Maplecroft – Asset risk exposure analytics (AREA)
Verisk Maplecroft has developed ‘AREA’, which provides investors with a detailed map of human rights risks across publicly quoted businesses. The map is based on measurements of 30 human rights issues and drills down to the asset level.
Judges’ comments
”AREA is a technically sophisticated tool that allows investors to map human rights risks at the asset level with unprecedented granularity. Its integration of structural, process, and outcome indicators offers strong diagnostic value. Future evidence of investor or company-level action stemming from AREA would enhance its outcome impact.” - Hao Liang
“Verisk Maplecroft’s AREA is a standout contribution to human rights-aligned investing, offering a pioneering solution to a long-standing gap in ESG risk analysis: the lack of asset-level visibility into civil, political, labour, and security-related risks.” - Gabriel Hasson
WBA – Ethical AI collective impact coalition
This is a long-running collaboration between a number of global asset owners and investment managers coordinated by the World Benchmarking Alliance. The purpose is to raise awareness around AI and ethics, increase understanding about best practices and improve standards. Activities include benchmarks, investor statements and working with multiple stakeholders.
Judges’ comments
”This is a standout, system-level initiative tackling the frontier of human rights in the digital economy. WBA has mobilised a global investor coalition, driven corporate AI disclosures, and created open-source benchmarks that enhance accountability and replicability. The clarity of ambition, investor coordination, and transparency are exemplary, with tangible outcomes already achieved in a complex and fast-moving space. A leading model for collective impact.” - Hao Liang
“An absolutely worthy, ambitious, and most relevant initiative for our times, and that is front and centre in promoting and safeguarding human rights. It is comprehensive and ambitious in its investor and company collective engagement; it spreads best practices and provides clear capacity-building and education fora. The supplementary report is quite realistic in identifying key gaps in commercial practices and in asking the right questions on governance and enforcement and grievance. The initiative is very inclusive and leans on other global initiatives. It is also very brave in advocating for AI regulation, which is a very thorny issue. The key to success is in investor impact in getting them to ask the right and difficult questions - this remains to be seen. The numbers of companies are growing, and what they should highlight is the degree and success rate in depth of adoption. Otherwise, a fantastic human rights initiative.” - Tina Mavraki
Recognition for Action – Nature
BTG Pactual – Private capital for nature: Delivering impact at scale
With its partner, Conservation International, BTG has developed a range of nature-based investment strategies. These strategies have resulted in reforestation, sustainable land use and biodiversity conservation. BTG has also worked with other stakeholder groups to promote better industry practice.
Judges’ comments
”BTG Pactual’s scalable approach to deploying finance for land restoration and biodiversity is commendable. Its approach showcases the importance and potential of science and impact-driven strategy combined with the involvement of public and private finance actors - the focus on the suite of instruments, including sustainability-linked instruments, is also commendable. It would be helpful to understand how BTG Pactual is engaging on policy advocacy to accelerate impact.” - Puninda Thind
Climate Asset Management – Natural capital
CAM is a joint venture between HSBC and Pollination, which has launched two flagship funds. These funds have resulted in investments in and the development of regenerative agriculture, sustainable grazing and forestry. CAM’s funds have increased the market for institutional-grade investment in nature-based solutions.
Judges’ comments
” While directing financing towards nature-based outcomes remains relatively nascent, it is encouraging to see these two flagship funds contributing to the development of regenerative agriculture, sustainable grazing, and forestry. Particularly noteworthy is the Nature Based Carbon Fund, which is making a tangible difference in the lives of smallholder farmers by enabling their participation in carbon markets, enhancing pastoralist resilience, as well as providing high-quality nature-based carbon credits to the market.” - Emily Farrimond
EOS at Federated Hermes Limited – Stewardship for nature outcomes
EOS’s nature programme dates to 2012, with engagement on water and deforestation. The programme uses a mix of ambitious targets and detailed engagement programmes with 192 companies in 2024. The submissions outline successful engagements with Carrefour, ABF, Yum!Brands and others using a mix of 1-1 engagements, voting, policy engagement and sharing market practice.
Judges’ comments
” EOS at Federated Hermes has demonstrated a strong commitment through their stewardship practices to advancing nature-based outcomes. The implementation of clear expectations, and then engagement and associated voting on nature and deforestation issues is driving real-world change.” - Emily Farrimond
Illinois State Treasurer – Valuing water finance initiative (VWFI)
The Valuing Water Finance Initiative is a collaborative initiative with 100 investors across 15 countries. It has gone through several stages of development, from identifying risks and has to sharing practices and providing solutions. The submission outlines a series of examples of engagement with companies, including McDonald’s and Domino’s Pizza.
Judges’ comments
“As nature-related shareholder engagement becomes more widespread, investors need timely research and resources to identify which companies to engage with and which metrics to prioritise. The Valuing Water Finance Initiative delivers exactly that in an impressive way.” - Zacharias Sautner
“The Valuing Water Finance Initiative (VWFI) convinces with an integrated approach of data and capacity-building on one of the most important topics facing investors (and society) today: water. As water stress increases due to climate change, we need to start valuing it. VWFI helps investors do just that.” - Jakob Thomä
SAIL – Scaling global private credit to protect nature
SAIL has developed an investment strategy in private credit that uses the UN SDGs as a framework. SAIL connects plans for its borrowers, which include climate and nature-related targets and legally binding covenants. The submission outlines outcomes of these investments and the way SAIL measures and verifies results.
Judges’ comments
“This is a good example of an institution that recognises how the value of its portfolio is connected to biodiversity, ecosystems, and local communities, and how that applies a thoughtful approach to decision-making. SAIL places strong emphasis on integrating multiple nature-related data inputs and indicators to guide choices and measure outcomes, reflecting a holistic understanding of the interconnected challenges and opportunities at ground level.” - Gemma James
Innovation in System Stewardship
AllianceBernstein – AB’s Approach to blended finance
AllianceBernstein has worked with key players to develop debt-for-nature swaps. These financial instruments enable emerging economies to allocate capital to nature programmes and protection rather than debt repayment. These instruments need deep collaboration with financial and non-financial stakeholders, as well as with the governments involved. Initiatives have involved South Africa, Ecuador and Brazil.
Judges’ comments
AllianceBernstein’s submission reflects thoughtful participation in one of the most promising areas of system-level stewardship: sovereign-level environmental finance. While many investors reference outcome bonds, AB has developed a decision-making framework and has shown willingness to engage on structure, monitoring, and replication. The result is credible influence in shaping how emerging market sovereigns fund biodiversity protection and debt restructuring simultaneously. Continued leadership would benefit from clearer articulation of how AB exercises accountability (e.g. escalation), influences other investors, and how it scales its framework across portfolios — not just transaction by transaction.” - William Burckart
Aviva Investors – Engaging holistically on national climate plans
Aviva Investors is a major investor in sovereign credit and has a reputation for climate leadership. Where these overlap, Aviva has developed a programme to work with policy makers in support of credible climate action plans, which is particularly pertinent as governments look to develop nationally determined contributions in 2025.
Judges’ comments
“Aviva is raising the bar for what investor engagement with sovereigns can look like. It connects financial system stability with credible climate governance, using a strategic mix of tools and partnerships. Aviva’s leadership in shaping the NDC narrative globally, while maintaining humility about the complexity of influence, is particularly commendable. Future enhancements could include a more standardised public reporting structure on national engagement outcomes and integration with sovereign bond ratings or ASCOR frameworks.” - William Burckart
British International Investments – Investing with integrity II: How corruption undermines environmental and social outcomes
This submission is a partnership between Swedfund and Transparency International, focused on anti-corruption. The programmes involve education programmes and initiatives, guidance and due diligence. The programme has been developed with a high degree of transparency, with many of the resources being open access.
Judges’ comments
“This is an outstanding example of system stewardship, evidencing focus on ambitious additionality, a clear theory of change, and sustained collaboration.” - Shusheela Peres da Costa
People Partnership – Putting our money where our beliefs are
This submission covered two activities: the foundation of the collaborative Asset Owner Statement on Climate Stewardship and the reallocation of £20 billion AUM to improve climate outcomes. The first programme resulted in the development of a new resource for the sector to outline clear expectations for asset managers on climate. The second programme resulted in People Partnership moving £20bn in AUM to more closely align with its climate commitments and expectations.
Judges’ comments
“Incredibly clear and powerful programme. While the primary focus is on climate stewardship, the knock-on impact of asset owners, whose money it is, reestablishing criteria for asset managers to manage asset owners’ money, may be more impactful over time” - Jon Lukomnik
“The authorship of the letter, and subsequent follow-through with respect to the pension’s own investment, struck an important blow for authentic stewardship. It will be important to monitor and show how the additionality flows in future years.” - Rick Alexander
Permodalan Nasional Berhad – Empowering corporate Malaysia’s transition through shared progress
PNB’s submission outlines a climate stewardship policy that covers ambitious expectations, informed engagements, constructive dialogue, and decisive action. PNB’s focus on impact has led it to help strategic investments and the top portfolio emitters to introduce credible climate action plans.
Judges’ comments
“This is a strong submission and is particularly important due to the applicant’s position in the market and its role within the investment ecosystem. The initiative draws on publicly available standards, making it a useful benchmark for others and it has already delivered results. Collaboration with other investors is noted as well as the systematic efforts to engage with investee companies.” - Clare Hierons
Recognition for Action – Climate
Colchester Global Investors – Assessing sovereign climate-related opportunities and risks (ASCOR) as an industry collaboration and climate-focused stewardship initiative
Colchester, along with a selection of other managers, asset owners and the London School of Economics, developed an open-source platform to enable investors to assess issuers of sovereign debt on their response to climate change. The submission describes examples of how ASCOR is increasingly being utilised by both investors and issuers to inform better decision-making in the sovereign credit asset class.
Judges’ comments
“It’s been great to see ASCOR develop since its inception and mature, with the proof of impact in this submission. The growing use and interest are terrific. It’s very good to see a solution for government debt. The collaboration involved in developing and refining this solution is inspiring.” - Sagarika Chatterjee
EMK Capital – First-mover on climate leadership in private markets
EMK is a growth-focused private equity firm that invests in mid-market businesses. The submission outlines EMK’s approach to integrating climate throughout its process – covering areas including the use of SBTi targets, investing in climate solutions and integrating climate action plans across the investment lifecycle and working on collaboration with investee businesses.
Judges’ comments
”EMK Capital offers a strong alignment with Emerging Climate-Related Imperatives and SBTi with a focus on the Built Environment & Circular Economy. EMK Capital’s move to use absolute emissions reduction for portfolio target-setting is highly aligned with real-world decarbonisation goals, as advocated by SBTi, GFANZ, and TCFD-aligned initiatives. (…) The modular framework across Governance, Strategy, Decarbonisation and Fundamentals, helps structure company engagement and capability-building beyond compliance. The only suggestion would be to incorporate adaptation opportunities by following the same process.” - Constance de Wavrin
Link Asset Management – Rewriting the playbook: Link’s resilience-linked insurance renewal
The insurance industry has an extensive understanding of risk from extreme weather events, post to fixed assets, especially in the real estate sector. Link’s submission outlines how it has connected real estate climate resilience efforts to (and has been rewarded in) insurance terms. Link describes the five areas of action to improve climate resilience.
Judges’ comments
”I really liked this application as it focuses not only on a core topic that is very difficult, but also on the opportunity set for the industry. The white paper and the collaborative industry-wide approach are interesting and a good example of thinking beyond an individual firm level. The quantitative proof points to the economics of action. Appreciated the regional focus.” - Sagarika Chatterjee
MSCI – Using geospatial asset intelligence to help investors reduce and mitigate risk
MSCI’s GeoSpatial Asset Intelligence service uses AI-powered data collection to support investors in understanding and acting on physical climate risk in investment portfolios, loan books and insurance pricing. The submission describes partnerships that support and strengthen this tool, including Swiss Re, WWF and Google Cloud.
Judges’ comments
”The MSCI GeoSpatial Asset Intelligence project is highly relevant and strategically well-structured, given current trends in climate finance, regulatory alignment, and the evolution of physical and nature-related risk assessment. Traditional portfolio-level risk models fall short in a world where climate and nature risks are location-specific. Investors and regulators alike now demand granular, asset-level insights.” - Constance de Wavrin
Solas Capital – Pioneering energy efficiency finance to decarbonize buildings and industry
Solas Capital’s submission describes its approach to providing specialised financing solutions for energy efficiency projects and technologies, especially in the real estate sector. The submission covers working alongside multilateral development institutions, a well-laid-out case study and how it measures impacts.
Judges’ comments
”I really liked this targeted approach focused on a sector and on SMEs. I appreciated that the impact metrics covered avoided emissions, emissions reductions and jobs. I liked the problem-solving approach and the collaborations included in the strategy.” - Sagarika Chatterjee
The PRI Awards 2025
- 1
- 2Currently reading
PRI Awards 2025: Shortlist
- 3
- 4
- 5