European asset manager Amundi presents its "Responsible Investment Views 2026." In it, the company explains how geopolitical realignments and climate and technology trends should reshape investment priorities and allocations.

Last year saw a normalization of responsible investing in the bond sector. In equities, funds were shifted from strategies with restrictive selection criteria to approaches with low tracking error. The recalibration of climate investments led to a strengthening of stewardship. At the same time, companies have focused more on adaptation measures. "Responsible investing is evolving from a vision to reality," explains Elodie Laugel, Chief Responsible Investment Officer at Amundi. He continues: "Expectations of corporate governance, particularly in Europe, are growing. The focus is increasingly on directing capital towards effective climate protection solutions with measurable impact. In 2026, the focus will expand beyond the issue of transition to core issues of resilience and the preservation of natural capital. In view of increasing physical risks and the rapid pace of transformation of energy systems, executives will focus on taking decisive and large-scale action to ensure strategic autonomy and lasting financial resilience."

Six key topics will dominate in 2026:

The challenges of clean energy have shifted from capacity expansion to system integration

Global electricity demand is rising rapidly. The IEA expects growth of 4% and an increase of 3,500 TWh by 2027, with more than 90% of this growth coming from renewable energies (IEA Energy and AI).

The carbon intensity of listed companies worldwide fell by around 8% year-on-year, leaving the peak for energy-related emissions uncertain. As renewable energies become increasingly cost-effective, grids, greater flexibility, storage, and faster connectivity are now crucial factors that need to be promoted through policy measures (permits, connection waiting lists, market rules). For investors, affordability for end consumers is an increasingly important factor, as integration errors or regulatory delays can lead to higher bills and slower adoption.

Strategic autonomy efforts are fragmenting the energy landscape

Governments are shifting key supply chains back to their own countries to strengthen resilience: from clean technologies and critical minerals to parts of the fossil fuel value chain. Europe is prioritizing speed, i.e., rapid grid expansion, flexibility, and domestic clean technologies. The US is focusing on " " incentives and localization, but is sending mixed signals: load growth driven by artificial intelligence and electrification is driving up capacity demand, while volatile gas/LNG markets and export-oriented infrastructure are creating price pressure and carrying the risk of lock-in effects. Asia, led by China, already dominates the manufacture of clean tech products. For many Asian countries, the need for a sustainable energy transition is clear. It offers climate resilience, energy independence, and economic opportunities.

Adapting to climate change is now just as essential for investors as the energy transition.

In view of the increasing impact of climate change, investors are focusing on adaptation measures. 60% of companies expect physical risks to have a significant financial impact over the next five years. To better manage risks while pursuing decarbonization goals, investors need to incorporate climate risk analysis, including supply chain risks, into their due diligence and asset allocation (Morgan Stanley Sustainable Signals 2025 survey). Priority should be given to the development of currently underdeveloped metrics, including for the management of tail risks.

Natural capital is becoming a focus for responsible investors

Global annual financing in natural capital totals US$200 billion, but would need to triple by 2030. Private capital, which currently accounts for only 18% of financial flows, is crucial for scaling up investment (UNEP State of Finance for Nature - Restoration Finance Report). The most direct route for investors is through real assets such as forests, farmland, and water rights, which generate returns through sustainable use (emission credits, timber, agriculture) and are increasingly being integrated into advanced portfolios. To accelerate growth, financial instruments such as green bonds, debt-for-nature swaps, and impact bonds can channel additional capital into these assets. Both channels can offer compelling risk-adjusted returns with impact.

Artificial intelligence is redefining responsible investing

AI improves sustainability analysis, accelerates data collection, and delivers new qualitative insights, but it also carries the risk of widening social disparities and disrupting the world of work, particularly in aging industries. Opportunities are likely to arise in integrated health/care platforms, robotics/automation for labor-intensive services, and age-appropriate digital infrastructure. In 2026, regulatory conflicts in the field of AI, such as ethics and regional differences, will also become apparent, forcing investors to shift their capital to socially and economically meaningful applications.

2026 will open a window of opportunity to better align responsible investments with investor preferences

Strong demand in the retail sector, especially from younger investors, is being held back by unclear product labeling, challenges in advisory services, and complex disclosure requirements. In Europe, 2026 could mark a turning point: The Sustainable Finance Disclosure Regulation 2.0 (SFDR) in conjunction with the technical alignment of the EU's MiFID II financial market directive and the IDD insurance distribution directive could simplify labeling and reduce the complexity of advisory services to enable retail customer engagement, provided that product categorizations ensure a genuine product-market fit.