As we embark on the new year, the responsible investment landscape is increasingly shaped by geopolitical shifts. These uncertainties are prompting investors to reassess market dynamics and reposition their portfolios. To clarify these dynamics, we present the 3rd edition of our Responsible Investment Views, which provides our insights and perspectives for 2026. edition of our Responsible Investment Views, which provides our insights and perspectives for 2026.
In 2025, we saw a normalization trend in responsible investment led by fixed income, while equity demand moved from restrictive screens toward low‑tracking‑error strategies. Recalibration of climate coalitions intensified stewardship rather than retreat and corporates prioritized adaptation.
Looking at 2026, we see that clean energy bottlenecks are shifting from capacity additions to system integration as clean tech scales up, climate adaptation is becoming equally important as transition, while industrial policy is driving the new “Electrostate vs Petrostate” dynamic. Natural capital preservation, AI’s impact on ESG data and its role in ageing economies, and clearer product pathways to meet young investors’ preferences round out the priorities for 2026.
Read more about the key responsible investment trends and their implications for investors in the Amundi Responsible Investment Views 2026
- Positive inflows led by fixed income in a context of continued normalisation
- Asset owners double down on stewardship
- Climate adaptation is now a tangible imperative for investors
- Energy system integration and strategic‑autonomy fragmentation
- Natural capital is the new market darlings, for good reasons
- AI is redefining responsible investing, from data to labour markets
- 2026: A window to align responsible investment products with investor preferences
The responsible‑investment market continued to normalise in 2025 with €108bn net inflows in Europe in the first three quarters (>95% of RI inflows), and fixed income led inflows — accounting for 63% of RI AuM in Q3.
Recalibration of climate coalitions (e.g., NZAM, NZBA) did not prompt a retreat from sustainability. Instead, asset owners' stewardship expectations are intensifying, and some are materially reallocating mandates that are misaligned.
Investors are prioritising adaptation as climate impacts mount. Physical climate risk is now observable in operations — 57% of companies reported impacts last year — while SBTi commitments rose 23% YoY and adaptation spending accelerated, making resilience a core strategic priority.
As renewables become cost‑competitive, the bottleneck has shifted to grids, flexibility, storage and permitting; at the same time reshoring and geopolitics are splitting markets into diverging “Electrostate vs Petrostate” dynamics with policy choices shaping winners.
Natural‑capital investment must roughly triple by 2030, and both real asset strategies and market instruments like green bonds and debt‑for‑nature swaps are needed for private-capital scaling.
AI is improving ESG analysis but creating labour risks. 2026 will also crystallize AI regulatory fault lines, such as ethics and regional divergence, forcing investors to shift capital toward socially and economically useful use cases.
2026 regulatory alignment (SFDR 2.0, MiFID II, IDD) could unlock strong retail demand now held back by advisory frictions, unclear product labels and complex disclosure.
Responsible investment is moving from aspiration to execution. Expectations for stewardship, especially in Europe, continue to intensify, and there is a growing emphasis on directing capital toward climate solutions that deliver measurable, real world impact.
In 2026, the focus will extend beyond transition plans to core issues of resilience and natural capital preservation. As physical risks rise and energy systems transform at unprecedented speed, what will set leaders apart is not ambition, but the ability to act decisively and at scale to secure strategic autonomy and lasting financial resilience.
