Wildfires in France and Spain have once again put climate change in the spotlight. As the world faces intensifying climate risks, government bonds are emerging as a lever for financing the low-carbon transition. Investors and sovereign issuers can benefit from constructive dialogue and the exchange of best practices to support resilient and sustainable economic development.

In recent years, extreme weather events have become more frequent, more severe, and more costly. The summer of 2026 offers a particularly striking illustration.

Highlighting our key engagement actions and achievements in 2025, our Engagement Activity Report shows how we constructively engage in dialogues with companies, countries and stakeholders, on a range of environmental, social and governance (ESG) issues, to mitigate ESG risks in our portfolios and drive positive change.