The next six months are likely to be set against a backdrop of heightened uncertainty, shaped by ongoing energy crises, volatile policy signals and shifting regulatory landscapes. While short-term volatility persists, the direction of travel for investors is increasingly clear: long-term trends, particularly decarbonisation, the energy transition, digitalisation, and climate adaptation, are more relevant than ever.

The debate around ESG investing in the United States has become increasingly politicised, particularly following policy shifts under the current administration and the growing scrutiny of ESG-related mandates in several states. Yet the picture is more nuanced than a simple backlash narrative suggests. While some states have challenged ESG integration in public pension management, others continue to support climate-related investment frameworks, clean energy deployment and sustainability-linked disclosure requirements. The debate is therefore less about whether sustainability matters and more about how it should be integrated into investment decisions.

September 2025 marked the tenth anniversary of the Sustainable Development Goals (SDGs), a milestone that invites reflection. Conceived as a universal framework to align economic development, social inclusion and environmental protection, the SDGs have become central to policy agendas and investor frameworks. However, according to the United Nations, fewer than 20% of SDG targets are on track to be achieved by 2030, showing that major constraints exist.