Overview

This report, published by the World Business Council for Sustainable Development (WBCSD) in collaboration with SRI-Connect, builds upon the 2021 edition of Show Me The (Sustainable) Money. It identifies asset managers actively allocating capital to sustainability transitions and thematic investment strategies focused on environmental, social and economic issues, including alignment with the United Nations Sustainable Development Goals (UN SDGs). The research was conducted between January and September 2025 and profiles over 40 investment firms globally.

Contextual notes

Since the original report, the sustainable investment landscape has evolved significantly. New regulations, particularly regarding fund naming and greenwashing, have prompted asset managers to clarify the objectives of sustainability-labelled funds. However, some have removed sustainability labels due to administrative burdens. Politically, increased scrutiny has led some firms to reduce the visibility of their ESG-related activities. These trends have made it harder for sustainability-focused companies to identify investors committed to transition-oriented strategies.

The report highlights the need for companies to proactively engage with asset managers and individual analysts allocating capital to sustainability transitions. It also stresses the importance of relationship-building with investors through clear sustainability narratives and engagement strategies.

Actions for companies

• Companies aiming to attract sustainability-oriented investors are advised to:
• Use this guide to identify relevant investors.
• Consult WBCSD’s Demystifying Investor Sustainability Information Needs and Use to understand investor expectations.
• Integrate sustainability into their equity story using WBCSD’s guidance.
• Use SRI-Connect, investor relations systems or broker services to locate relevant analysts and portfolio managers.
• Organise virtual or in-person investor roadshows to present sustainability transition cases, as detailed in WBCSD’s How to Organise an ESG Investor Roadshow.

Actions for investors

Asset managers wishing to be profiled or update existing entries should contact WBCSD or SRI-Connect. Analysts and portfolio managers interested in sustainability themes should ensure their interests are visible on SRI-Connect and shared through investor relations networks.

Sustainability solutions or transitions strategies

The report profiles major global asset managers including abrdn, Aegon, Allianz, Amundi, Aviva, AXA, BlackRock, Baillie Gifford, Fidelity, Impax, Schroders, UBS and Wellington Management, among others. Each firm’s sustainability thematic and transition-oriented strategies are outlined across environmental, social, economic and SDG-aligned dimensions.

Common environmental themes include climate transition, clean energy, biodiversity, circular economy, water management, and natural capital. Socially oriented funds focus on human rights, inclusive growth, healthcare, education, diversity, and social equity. Economic themes—less common—cover digital transformation, financial inclusion and sustainable infrastructure. Many funds explicitly align with or map their investment strategies to the UN SDGs, demonstrating varied degrees of measurable impact integration.

Examples include:

• Aviva Investors’ Natural Capital and Social Transition funds supporting climate, biodiversity and social inclusion.
• Federated Hermes’ SDG Engagement Equity Fund aligning with nine SDGs across environmental and social themes.
• WHEB Asset Management’s funds addressing nine sustainability themes across cleaner energy, transport, health, safety and education.
• AXA Investment Managers’ ACT fund range investing in strategies under “People and Planet”.
• BlackRock’s thematic funds targeting megatrends such as AI, low-carbon transition, and demographic change.

These case studies demonstrate the scale and diversity of investor approaches, from thematic equity and bond funds to multi-asset and private market strategies.

Acknowledgements

The report was prepared by Mike Tyrrell of SRI-Connect for the WBCSD. It draws upon public information from asset manager websites and disclosures, supported by WBCSD’s research framework. WBCSD emphasises that the report is for informational use by listed companies seeking to identify sustainability-focused investors. It does not constitute investment advice or endorsement of any fund or strategy.

The WBCSD, representing over 225 global businesses, continues to drive sustainable finance and system transformation through collaborative engagement, knowledge sharing, and advocacy for lower-cost capital supporting sustainable leadership.