Altiorem Weekly - 11 October 2026
Critical tipping points for the Amazon rainforest are examined amidst Brazil’s presidential election and rising deforestation rates. This update features an analysis of the SEC investigation into Climate Action 100+ and the launch of a new organisation to recognise sustainability competencies in Malaysia. It also details Nest’s £3.5 billion shift to an active emerging markets ESG strategy. Additional coverage includes the launch of SBTN 2.0 and a review of South Korea’s mandatory ESG disclosure framework alongside FAO research on the financial returns of One Health.
Dear friends and supporters of Altiorem,
Could we lose the Amazon? The great forest, long one of the world’s most important carbon sinks was already under enormous pressure, nearing tipping points that would propel it into a new state and begin the release of its monster store of greenhouse gas emissions.
The Amazon is about 5.3 million km², or 1.6 times the size of India, with 62% of it lying in Brazil. It is home to about 50 million people, including over 410 Indigenous peoples, about 80 of whom live in voluntary isolation. The Amazon holds around 10% of Earth’s terrestrial biodiversity and recycles 16–22% of Earth’s freshwater. Its carbon sequestration service, together with Indonesia’s peatlands, is estimated to be 20 years worth of current CO₂ emissions. Its importance to the global climate and our collective future cannot be overstated.
Last week, Flávio Bolsonaro, the son of former president Jair Bolsonaro (who is serving a 27-year sentence), won the first round of Brazil’s presidential election and is the favourite as he heads into the runoff on 25 October. While claiming to be a defender of the environment and pledging to end illegal deforestation, Flávio Bolsonaro shares his father’s pro-agriculture positions, which saw deforestation surge during his presidency.
 |
However, as the chart shows, that increase is not the largest in recent years. In 2024, an El Niño-driven drought combined with fires started largely for agricultural clearing saw a staggering increase in forest loss. While primary forest loss in Brazil rose 32% from the year before Jair Bolsonaro took office to his last year in office, 2024 saw losses 59% higher than when he left the presidency.
The combination of the current El Niño, which has pushed Pacific sea surface temperatures to record levels and is still strengthening, and a new president who looks ready to follow in his father’s footsteps is concerning enough, but it comes at a time when the Amazon is already under enormous strain with more than three-quarters of the rainforest losing resilience since the early 2000s.
Amazon forest dieback is one of 16 biosphere tipping points identified in the Global Tipping Points report. While climate change alone is unlikely to cause a basin-wide dieback, combined with forest degradation (17% of the basin) and deforestation (18%) it could trigger regime shifts in parts of the rainforest, and breach local and regional tipping points.
 |
Human pressures, primarily from agriculture and in particular cattle, have seen pasture in the Brazilian Amazon grow from ~335,000 km² in 2000 to ~560,000 km² in 2024. That is 13% of the biome, more than 9,400 Manhattans or 356 times the size of Greater London. Across the whole Amazon, 1.16 million km² (19%) is in crops and pasture combined. Not all of this can be attributed to companies, but monitoring groups have linked companies including Bunge, Cargill, JBS and Marfrig to over 2,700 km² of deforestation in Brazil. Cargill confirmed trading links to 14 of 35 cases between 2019 and 2022, totalling about 298 km².
These links show the failure of corporate and investor efforts to date with one notable exception. The Amazon Soy Moratorium, launched in 2006, prevented at least 18,000 km² of forest loss. While it now faces substantial backlash following a court appeal by commercial farmers it remains one the most successful protection measure to date. What was notable about the moratorium’s success was its multistakeholder approach, which will be vital through the challenging period to come. It is on this basis that future successful agreements will be built, and with around half of the Amazon sitting within protected areas and Indigenous territories, support for First Nations peoples in leading this work is vital.
| View our interactive timeline and stakeholder map |
Never has it been more important for the financial sector and corporates to engage on this issue. IIGCC has its Deforestation Investor Group, the PRI has its Spring initiative focused on biodiversity loss, and the Storebrand-led Investor Policy Dialogue on Deforestation (IPDD) (86 investors, about US$13.5 trillion) are all promising vehicles for investors, but the work is immense and they need greater ambition, urgency and support. While Finance for Biodiversity’s overview of initiatives for financial institutions includes initiatives relevant to banks and insurers, more needs to be done on preventing the financing of deforestation, and corporates need to learn the lessons of the commitments they have previously missed and regroup to drive greater supply chain accountability and more effective advocacy.
The combination of the impending election result and the El Niño which is already wreaking havoc around the world is yet another wake-up call. The long-predicted consequences of climate disruption have arrived and the time of excuses and half measures must end. One way or another everyone of us with agency and voice will be forced to respond. Let’s make it count.
Until next week,
Pablo
New in the library
Pablo’s handpicked highlights from Altiorem last week:
|
★ Featured
Collaboration in action: How to collectively work towards systems change Impact Europe
Fixing financial and economic systemsImpact measurement and verificationStakeholder engagement and advocacyStrategy and Organisational change
|
| Taskforce on official standards and the Green Bond Principles. Phase 1: Comparison of the Green Bond Principles and the European Green Bond Standard
International Capital Market Association
Effective communication and greenwashIndustry standards and guidanceLaws and regulationsProduct development and trends
|
| Financial and economic returns to investing in One Health: Evidence and future directions
Food and Agriculture Organization (FAO) of the United Nations, World Organisation for Animal Health, World Health Organization (WHO)
Fixing financial and economic systemsIssue/sector focused research
|
| Carbon Impacts Tracer
Impact measurement and verificationIssue/sector focused research
|
| Guidebook: Mobilising private sector finance for climate change adaptation
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
Industry standards and guidanceIssue/sector focused researchProduct development and trends
|
To see all of the resources added this week visit Altiorem’s website: Altiorem Articles: Insightful Reads & Expert Knowledge
This week in ESG trends
|
★ Featured
Regulator Shareholder Disclosure Investigation 8 October 2026
The United States Securities and Exchange Commission (SEC) disclosed in a formal report on October 7, 2026, that it had concluded an investigation into the climate advocacy group Climate Action 100+ regarding its coordination during a May 2021 shareholder meeting of ExxonMobil. While the regulator chose not to pursue charges, it issued a formal warning to large institutional investors—including S&P 500 mainstays BlackRock, Vanguard, and State Street—stating that they must clearly understand their regulatory disclosure obligations ahead of the 2027 proxy season. The investigation focused on whether the group’s collaborative efforts to influence the energy transition strategy of the Texas-based oil giant constituted a violation of securities laws regarding "acting in concert" without proper disclosure. [Published: 07 Oct 2026] 📖 Limited impacts of shareholder pressure on climate strategy of fossil firms📖 LobbyMap |
Asia
| Malaysia Association of Sustainability Professionals Announcement
5 October 2026
At the JC3 Journey to Zero Conference 2026, the Securities Commission Malaysia (SC) announced the creation of the Association of Sustainability Professionals (ASP), an industry body incubated by the SC. The association intends to recognise and accredit sustainability competencies while raising standards and capabilities for professionals to meet evolving regulatory and reporting expectations under the National Sustainability Reporting Framework (NSRF). [Published: 30 Sep 2026] 📖 Starting and transitioning into sustainable finance careers📖 Australian Sustainable Finance Capability Framework: Updated pilot version |
UK/Europe
| Nest £3.5bn Emerging Markets ESG Allocation
7 October 2026
Nest, the United Kingdom’s largest workplace pension scheme, appointed Wellington Management on October 1, 2026, to manage its £3.5 billion emerging markets equity strategy. This strategic shift moves the mandate from a passive, systematic approach that held approximately 1,000 stocks to an active, fundamental, discretionary strategy expected to hold between 100 and 150 stocks. The move is intended to strengthen ESG risk evaluation and stewardship by allowing for more selective investment in companies with robust sustainability practices and strong growth potential. [Published: 01 Oct 2026] 📖 Annual sustainable investment asset owner survey series📖 Trillions or billions: Reassessing the potential for european institutional investment in emerging markets and developing economies |
| FCA Whistleblower Handling Investigation
7 October 2026
The Financial Conduct Authority announced an investigation into its handling of whistleblower reports during its annual public meeting on October 6, 2026. The move follows criticism regarding the regulator’s failure to protect Simon Andriesz, who reported alleged financial irregularities at BGC Partners. Whistleblowing reports to the FCA have reportedly surged by 20% to approximately 1,300 in the past year. [Published: 06 Oct 2026] 📖 Monitoring internal whistleblowing systems: A framework for collecting data and reporting on performance and impact📖 The business case for “speaking up”: How internal reporting mechanisms strengthen private-sector organisations |
To see all of the daily trends follow us on LinkedIn: Altiorem on LinkedIn
Webinars and events
|
★ Featured
Investor Site Visit: RespectFarms FAIRR · 12 October 2026 · Amsterdam, Netherlands · in_person
An immersive site visit for investors to explore how diversified protein production and food technologies support food system resilience. Issue/sector focused research
|
| Science-Based Targets for Nature 2.0 Launch Webinar
Science Based Targets Network · 13 October 2026 · Online · webinar
Launch event for SBTN 2.0, introducing updated methods for nature-related assessment, target-setting, and implementation alongside TNFD and NPI. Industry standards and guidance
|
| The Reality of Everything – Tāmaki Makaurau
Sustainable Business Network · 14 October 2026 · Auckland, New Zealand · in_person
A panel discussion and interactive exercise on how businesses can respond to overlapping crises including climate and inequality. Strategy and Organisational change
|
| SOCAP 2026
SOCAP (Social Capital Markets) · 12 October 2026 · Chicago · in_person
A major annual gathering for impact investors and sustainable finance practitioners. ESG Integration and analysis
|
| Building a sustainable finance ecosystem in Asia-Pacific and beyond
International Capital Market Association (ICMA) · 14 October 2026 · Bangkok, Thailand · in_person
A high-level workshop exploring practical solutions for sustainable finance, including ESG reporting, data readiness, and digital innovations like RegTech. Industry standards and guidance
|
| The Politicisation of Responsible Investment
Investors for Purpose · 15 October 2026 · Online · webinar
A webinar exploring the political backlash against ESG and responsible investment in the US and Europe and what it means for long-term asset allocators. ESG Integration and analysis
|
For the full list of sustainable finance events visit our events page
From the community
|
★ Featured
Carbon Majors: Quantifying Corporate Climate Liability influencemap.org
AI summary: This research examines the financial exposure of major fossil fuel companies to emerging legal accountability mechanisms and climate attribution science. Issue/sector focused research
|
| Factcheck: UK Conservatives double the ‘cost of net-zero’ after spreadsheet blunder
Carbon Brief
Investigation into a UK Conservative party policy document that appears to have doubled the projected cost of reaching net-zero due to a spreadsheet calculation error. Effective communication and greenwash
|
| Can Resource-Rich Countries Collect a Fair Share of Financial Benefits in the Critical Minerals Boom?
International Institute for Sustainable Development
An analysis of tax base erosion, profit shifting, and revenue losses in the mining sector within the Global South during the transition to critical minerals. Issue/sector focused research
|
| Governing AI: Corporate Oversight and Shareholder Engagement
Harvard Law School Forum on Corporate Governance
A blog post examining the intersection of artificial intelligence governance and investor engagement strategies. Governance and directors’ duties
|
| South Korea’s ESG disclosure framework: A welcome mandate, but lacking urgency
Institute for Energy Economics and Financial Analysis
Commentary on South Korea’s mandatory ESG disclosure timeline starting FY2027, highlighting gaps in Scope 3 guidelines and reporting safe harbors. Laws and regulations
|
|
Support Altiorem If this newsletter is useful to you, please consider becoming a paying subscriber. Your support keeps the library growing.
|
