2025 was marked by regulatory volatility and simplification efforts in the EU, with the European Commission announcing 10 omnibus packages to reduce regulatory burdens and boost competitiveness. These covered sustainability, chemicals, defence, digital, agriculture, and more.

Corporate labelled bonds are now central to ESG investing. However, the quantity of labels - green, social, sustainability, transition and blue - has made it increasingly important for investors to focus on the real-world impact of these instruments. In our whitepaper, we explore the latest market trends and offer a framework to measure, attribute and manage outcomes at issuer level.

While glimmers of hope existed, COP30 was chiefly marked by a lack of progress. Proposed emissions reductions were estimated to fall well short of requirements, while a fossil fuel phase-out and the finalisation of the deforestation roadmap failed to materialise, possibly reflecting the increased difficulty of negotiating in a more fragmented, multipolar world.