Altiorem Weekly - 27 September 2026
Research explores the intersection of artificial intelligence and ESG analysis alongside new reports from the CFA Institute on systemic risk and the Rhodium Group on clean tech competition between the US and China. The collection includes updates on the Canadian financial industry’s $500 billion investment pledge and legal developments regarding Indigenous rights in the Amazon. Further analysis examines circular economy implementation in India and the impact of the EU Forced Labour Regulation on global supply chains.
Dear friends and supporters of Altiorem,
Additional revelations of rouge AI agents hacking websites and releasing private files coming the same week that the men who run these companies call for a slow down after warnings the technology could kill us all in a few years.
Cynics point to these companies' actually wanting to slow the hundreds of billions of dollars in capex spend ahead of impending IPOs while shutting out rivals, while those that have warned of the dangers for years are saying they told us so.
I've written previously about the personal dilemma I feel about AI and what that has meant for how Altiorem has approached AI adoption. We have tried to tread a path of safe-AI use by making Altiorem's chat-bot Alma a reliable research partner and curating a growing collection of resources on the ethical use of the technology.
It is no secret that had we not started using the technology to automate processes that were previously performed by our human team members, Altiorem would have been forced to close in July. A library saved by a dangerous technology, with job losses at Altiorem's microscale an indicator of what may happen across the economy. It's a lot to process.
The social licence questions are urgent, complex and many. Unlike incumbent fossil fuels which have built modern society and so must be transitioned away from, AI is still new enough to stop or divert. But while the political debates that will decide those questions continue, we (me, Altiorem and most people I know) will continue to use it, hopefully to achieve positive social outcomes.
With that in mind, I want to invite you to participate in a new project.
Altiorem is conducting research into how AI is changing ESG analysis and investment decision-making across the sustainable finance sector. There is no doubt that there are innovative, value adding applications already happening, but equally, I have heard many stories of poorly considered or applied uses and emerging risks which require good governance to manage.
Through the project we plan to create a Sustainable Finance AI Hub with a continuously updated collection of resources, case studies, live user surveys and other tools to help sustainable finance practitioners navigate this rapidly evolving landscape.
As part of this project, we are running focus groups with professionals to understand how they are experiencing AI adoption in their work. These sessions will shape the direction of our formal research, ensuring we explore topics that reflect real experiences in the sector.
We are also looking for financial, convening and expert partners to join us in the work. You can learn more about the project and express your interest in taking part here: Altiorem AI Research Project
We can't go back and we can't stand still, but we can use the lessons we have (or should have) learned from years of work on just transition and social media to find a better, safer path forward. Join us in an effort to ensure AI adoption is purposeful, deliberate, positive and safe.
Until next week,
Pablo
New in the library
Pablo’s handpicked highlights from Altiorem last week:
| Reframing financial markets as complex systems: Tools for systemic risk analysis, portfolio management, and system-level investing
CFA Institute
This CFA Institute report explores applying complex systems theory to financial markets. It provides practical tools for investors to analyse systemic risks and implement system-level investing strategies that go beyond traditional portfolio management techniques. ESG Integration and analysisFixing financial and economic systems
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| Expanding the investible market for adaptation: The value and path for institutional investors
Investor Group on Climate Change
The Investor Group on Climate Change outlines how institutional investors can support climate adaptation. The report identifies pathways to expand the investible market for adaptation projects, ensuring capital is directed toward building resilient infrastructure and communities. Industry standards and guidanceIssue/sector focused researchStrategy and Organisational change
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| Worlds apart: Contrasting US-China approaches to scaling clean technology manufacturing
Rhodium Group
This Rhodium Group analysis compares the divergent strategies used by the US and China to scale clean technology manufacturing. It examines how differing industrial policies and regulatory frameworks influence the global transition to a low-carbon economy. Issue/sector focused researchLaws and regulations
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| Circular economy practice in India: Three case studies
Confederation of Indian Industry (CII)
This report presents three case studies of circular economy implementation in India. It highlights practical examples of how businesses are integrating resource efficiency and waste reduction into their operations to drive sustainable economic growth. Issue/sector focused researchLaws and regulationsStrategy and Organisational change
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| Employment in the circular economy: Leveraging circularity to create decent work
Circle Economy, International Labour Organisation (ILO), The World Bank
Produced by the ILO and World Bank, this research examines the intersection of circularity and the labour market. It explores how transitioning to a circular economy can create decent work opportunities while addressing environmental challenges. Issue/sector focused research
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| Annual sustainable investment asset owner survey series
FTSE Russell
FTSE Russell’s annual survey tracks the evolving sustainable investment practices of global asset owners. The findings provide insights into how ESG integration, climate objectives, and regulatory requirements are shaping the strategies of the world’s largest investors. ESG Integration and analysisProduct development and trendsSustainable financial advice and consulting
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| Limited impacts of shareholder pressure on climate strategy of fossil firms
University of California, Santa Barbara
This study analyses the effectiveness of shareholder engagement in influencing the climate strategies of fossil fuel companies. The research suggests that current levels of pressure have had limited impact on driving meaningful decarbonisation within the sector. Active ownershipEffective communication and greenwashLaws and regulations
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To see all of the resources added this week visit Altiorem’s website: Altiorem Articles: Insightful Reads & Expert Knowledge
This week in ESG trends
Africa & Middle East
| African and Arab Climate Negotiators Carbon Finance Reform
25 September 2026
Delegates from the African Union and the Arab League launched a joint strategic campaign on September 23, 2026, to intervene in the global architecture of climate finance and carbon market regulations. The regional bodies are coordinating negotiating positions to ensure that carbon finance structures and loss-and-damage fund distributions better serve climate-vulnerable states. This initiative represents a shift toward regional actors actively shaping the international standards and structural frameworks that determine how sustainable finance is mobilised. [Published: 23 Sep 2026] 📖 The ICJ’s advisory opinion on climate change📖 Mainstreaming just transition finance: Lessons from emerging best practice |
Americas (North, Central & South America)
| Canadian Financial Industry $500 Billion Sustainable Investment Commitment
24 September 2026
Prior to the first Canada Investment Summit held on September 15, 2026, the Canadian financial industry pledged $500 billion in new lending and investment to support the domestic economy and its transition to a sustainable, lower-carbon model. This commitment represents a massive allocation of capital by financial institutions to align the Canadian economy with climate objectives and address the investment gap needed for net-zero targets, particularly in the clean energy and critical minerals sectors. [Published: 23 Sep 2026] 📖 Reconsidering supply chains and industrial policy from the economic security perspective📖 Greenwashing, net-zero, and the oil sands in Canada: The case of Pathways Alliance |
| Indigenous Rights International Court Hearing
24 September 2026
The Inter-American Court of Human Rights is conducting a public hearing on September 24 and 25, 2026, in Montevideo, Uruguay, regarding a landmark case against the Peruvian government for violating the rights of the Mashco Piro Indigenous people. The complaint, brought by the Native Federation of the Madre de Dios River and Tributaries and EarthRights International, alleges that the state endangered the lives of this isolated group by authorising logging and extractive activities within their ancestral territory in the Amazon. This is the first time an international court has reviewed a case concerning the protection of Indigenous peoples in voluntary isolation, and the outcome is expected to set a significant legal precedent for land rights and the principle of non-contact across South America. [Published: 27 Aug 2026] 📖 Financial crimes and land conversion: Uncovering risk for financial institutions📖 Respecting Indigenous rights: An actionable due diligence toolkit for institutional investors |
Asia
| Transboundary Environmental Accountability Event
21 September 2026
On September 15, 2026, a severe transboundary haze crisis in Southeast Asia led to an emergency declaration in Serian, Sarawak, after the Air Pollution Index reached hazardous levels. The smoke originated from forest and land fires in Indonesia’s Kalimantan region, affecting over 12.5 million people and causing more than 113,000 respiratory illnesses. The event has triggered calls for the enforcement of transboundary environmental harm regulations against companies in the palm oil and pulp sectors. [Published: 15 Sep 2026] 📖 Global Forest Review📖 Connecting planetary boundaries and planetary health: A resilient and stable earth system is crucial for human health |
UK/Europe
| Fastned fast-charging network bond issue
23 September 2026
On September 22, 2026, Fastned opened a subscription period for a new tranche of bonds to finance the expansion of its electric vehicle charging network. The proceeds are designated for the development of high-power charging stations powered by 100% renewable energy across nine European countries. This issuance is the third bond tranche launched by the company in 2026. [Published: 22 Sep 2026] 📖 Global EV Outlook series📖 Global Innovation Lab for Climate Finance: Portfolio |
| Swedish Government Climate Litigation
23 September 2026
On September 21, 2026, climate activist Greta Thunberg and the organisation Aurora filed a second lawsuit against the Swedish government in the Stockholm District Court, alleging that the state is failing its legal obligation to protect citizens from the climate crisis. The group argues that Sweden is not on track to meet its 2045 net-zero target and is using accounting methods that exclude significant emissions sources, such as imported biomass. This legal action follows a February 2025 Supreme Court dismissal and tests whether national courts can compel governments to align policy with international climate commitments. [Published: 22 Sep 2026] 📖 The ICJ’s advisory opinion on climate change📖 Global trends in climate change litigation series |
To see all of the daily trends follow us on LinkedIn: Altiorem on LinkedIn
Webinars and events
| Before the Concrete Sets: Powering Growth with Low-Carbon Cement
World Resources Institute · 29 September 2026 · Online · webinar
A webinar focused on industrial decarbonisation strategies within the cement sector. Issue/sector focused research
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| Demystifying This Historic El Niño & What It Means for Global Communities
Climate Central · 29 September 2026 · Online · webinar
A webinar exploring the intensifying El Niño event, its projected global impacts, and the intersection between historic weather patterns and long-term climate change. Issue/sector focused research
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| The Big Fix: Lessons from Two Large-Scale Restoration Projects
Post Carbon Institute · 30 September 2026 · Online · webinar
An online conversation exploring large-scale environmental repair projects, focusing on ecosystem restoration and community impact. Issue/sector focused research
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| The EU Forced Labour Regulation: what the new Commission Guidelines mean for your business
Ethical Trading Initiative (ETI) · 29 September 2026 · Online · webinar
A webinar exploring the implications of the EU Forced Labour Regulation (EUFLR) and new Commission Guidelines for business due diligence and supply chain management. Laws and regulations
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For the full list of sustainable finance events visit our events page
From the community
| EU announces climate insurance alliance to close growing protection gap
Green Central Banking
News coverage of the European Commission’s plan to establish a Climate Insurance Alliance to address the financial stability risks of uninsurable climate catastrophes. Laws and regulations
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| Asset owner body calls on private market managers to adopt net zero strategies
IPE
The Net-Zero Asset Owner Alliance is urging private market managers to implement concrete transition plans and align incentives with climate goals. Active ownership
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| Banks give higher credit risk ratings to lower emitters
Sustainable Views
Commentary on research showing that banks’ internal risk models may penalise low-carbon companies due to their financial profiles compared to established high-emitters. ESG Integration and analysis
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| Analysis: China’s new carbon metric leaves Germany-sized gap in its emissions
carbonbrief.org
This analysis by CREA and Carbon Brief explores a major change in China’s carbon intensity calculation methodology that effectively halves its reported emissions growth. Issue/sector focused research
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| Universal Ownership: A Model for Systemic Risk Assessment
Ellen Quigley, Chris Higson, Dirk Schoenmaker
Analysis of how universal owners can assess and manage systemic risks, such as environmental externalities, across their portfolios. Fixing financial and economic systems
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| Corporate Management Primacy
impinvalliance.org
This resource by the U.S. Impact Investing Alliance explores the consolidation of power among corporate boards and C-suite executives at the expense of stakeholder accountability. Governance and directors’ duties
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| Forestry slash and directors’ duties: when environmental risk becomes personal
Chapter Zero New Zealand
An analysis of a Gisborne forestry case highlighting the personal liability risks for directors regarding environmental compliance failures. Governance and directors’ duties
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| PRI initiative aims to align owners and managers on system-level risks
Principles for Responsible Investment
The PRI is developing a new initiative focused on aligning asset owners and managers regarding system-level risks. Strategy and Organisational change
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| ESG Attribution Analysis: What Traditional Attribution Doesn’t Explain About Values-Based Portfolios
Advisor Perspectives
Technical commentary on how to measure the performance impact of ESG factors in investment portfolios. ESG Integration and analysis
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