Artificial intelligence is widely viewed as a software-led growth theme. In reality, however, it is increasingly becoming an infrastructure-heavy business model with a meaningful environmental footprint. For investors, the key question is no longer simply whether AI demand will remain strong, but if the sector can scale in the context of constraints on power, water and critical materials without creating bottlenecks, delays or social tensions, while also creating opportunities in efficiency and resource management.

As climate risks increasingly materialise, fixed income markets are expanding to finance resilience and industrial change, as the necessity of transition becomes ever more pressing.

Active stewardship continues to gain importance, enabling investors to develop a better understanding of material ESG risks and opportunities, supporting resilient investments and long-term value creation.