TBLI Weekly is out- Nest Pension to penalize climate backtrackers.


 



Tuesday, March 17,  2026

 

 

 

Author: Robert Rubinstein

The Global Voice of Impact Investing

TBLI Radical Truth Podcast

How does a 350-year-old bank align centuries of wealth with the world's most urgent challenges?

In this TBLI Talk, Rennie Hoare — Partner and Head of Philanthropy at C. Hoare & Co., the UK's oldest private bank — shares the 20-year journey to total portfolio impact: 100% of reserves invested to deliver positive social and environmental outcomes alongside financial returns.

Since 1985, the Golden Bottle Trust (which donates 10% of the bank's annual profits) has made over 10,000 grants aligned with the UN's 17 Sustainable Development Goals. But Rennie recognised that grants alone weren't enough. The investment portfolio had to align too.

In this episode:

  • How to move from a single VC impact fund to 100% SDG-aligned investing
  • Using donor-advised funds (DAFs) as tools for values-led philanthropy
  • Why most philanthropic capital funds the very problems grants try to solve — and how total portfolio impact fixes that
  • Practical lessons from transforming a legacy institution over two decades
  • How family offices and foundations can align investment strategy with mission

The key insight: Most philanthropic capital sits in traditional investments funding fossil fuels and extractive industries, while grants attempt to solve the problems those investments create. Total portfolio impact eliminates that contradiction.

This episode is essential listening for family offices, foundation trustees, wealth managers, ESG professionals, and anyone serious about making capital work for people and planet.


ABOUT TBLI RADICAL TRUTH Real experience. Real results. No greenwashing. TBLI Group is the world's leading ESG and impact investing network — educating, advising, and connecting investors for 25 years.

🌐 tbligroup.com
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Listen to the podcast

 

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CC Forum "Investment in Sustainable Development" is returning to London on 19-21 March with its XIII global edition and will convene investors, business leaders, founders, dignitaries and visionaries committed to accelerating the transition towards a sustainable inclusive economy. www.cc-forum.com.
TBLI has arranged several guest passes
You can book your passes to attend CC Forum London by here:

Use the following discount codes:

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Nest to Vote Against Companies that Have Scaled Back Climate Commitments

  

Nest, the largest workplace pension scheme in the UK by membership, announced that it has strengthened its voting policy in order to address backtracking on corporate climate commitments, stating that it may now vote against board chairs at companies that have materially scaled back their climate strategies.

According to Nest, the update aligns with its climate change policy, which includes goals to align transition its portfolio to the 1.5C global warming limit, channel more investments to renewables and green technology, and to use stewardship to hold companies accountable on their net zero commitments and push them to transition their business model in line with the goals of the Paris Agreement to protect investments against climate risks.

Diandra Soobiah, Director of Responsible Investment at Nest, said:

“This policy update builds on our existing approach. We have engaged — and where necessary, voted against — companies that weaken their climate plans and do not provide adequate transparency to shareholders.  We also expect companies to put material changes to their climate strategy or transition plan to a shareholder vote.”

Under the new policy, Nest said that in cases in which a company has materially scaled back its climate strategy, or part of its strategy, without adequate explanation, it may vote against the chair of the board, and where adjustments are made, the pension scheme expects boards to provide clear and evidence-based justification to shareholders.

For investments in carbon intensive sectors, Nest has a policy to vote against transition plans if they do meet criteria including a commitment to net zero by 2050, short, medium and long-term emissions reduction targets and disclosure of capital expenditures towards carbon-intensive business activities and climate solutions, with the update stating that Nest may vote against the chair of the sustainability committee if the plan is materially scaled back without adequate explanation.

Soobiah added:

“We believe being explicit about how we evaluate these issues supports constructive dialogue with companies. Clearer guidance gives boards greater certainty about how we will approach our voting decisions.

“Our priority remains safeguarding our members’ long-term interests by encouraging responsible management of climate-related risks.”

Read Full Article


 

 

4 ways Trump is sabotaging climate action around the world

In just the last year, the Trump administration has derailed an international carbon tax, boosted forecasts for oil and gas, and sought to silence an island nation’s climate campaign.

Samuel Corum / Getty Images

President Trump has spent much of his second term trying to reshape global politics, first through a series of tariffs and trade deals that began on what he termed “Liberation Day” last April. This year, he’s focused on changing the world through military force: After abducting the leader of Venezuela and blockading Cuba, last month the president launched an attack on Iran that has now spiraled into a regional war involving most of the Middle East.

Among many profound consequences, Trump’s military strikes could have dramatic effects on the world’s energy trajectory and climate change, though what those effects are remains to be seen. But well before Trump’s attention was consumed by deposing foreign leaders, the president devoted much of his foreign policy to much more directly undermining international progress on global warming: Top diplomats in the Trump administration have pressured other countries to sabotage major treaties on plastic production and shipping emissions, and they have fought to drop even the mention of climate change at international institutions like the United Nations and the International Energy Agency.

“It’s the greatest con job ever perpetrated on the world,” Trump said of climate change, speaking to world leaders at the United Nations General Assembly in September. “The entire globalist concept of asking successful industrialized nations to inflict pain on themselves and radically disrupt their entire societies must be rejected completely and totally, and it must be immediate.”

This bully-pulpit effort has already succeeded in stalling international agreements and shifting international focus away from the warming world. Even so, it’s far from clear that the administration will be able to alter the world’s energy transition in its preferred direction, cultivating dependence on American fossil fuels as the global standard. The United States might be able to sit out decarbonization, but other countries have strong economic and political incentives to act on climate change. Even a voice as loud as Trump’s may not deter them indefinitely. Just as the president’s efforts to kill renewable energy in the United States have faltered, his overseas efforts may have little staying power as well.

Here are the biggest changes Trump has tried to make to global climate action.

Killing a carbon tax

The Trump administration’s first major diplomatic action against climate change came last year, when it tried to derail a global carbon tax on the shipping industry, which accounts for about 3 percent of the world’s emissions. At the time, dozens of countries and industry representatives had coalesced around a framework that would require shippers to pay a fee per ton of greenhouse gas emissions. But the U.S. abruptly withdrew from the negotiations in April. It then threatened countries with retaliatory measures if they continued supporting the tax. Trump’s handpicked heads of the federal departments of State, Transportation, and Energy issued a joint statement warning that the U.S. would impose additional tariffs, visa restrictions, port fees, and sanctions on officials from countries that voted for the framework.

The coercion worked. In October, 57 countries effectively voted to delay a decision on the framework — even though just weeks earlier it seemed poised to pass unanimously. According to recent reporting from Politico, the Trump administration now appears to be preparing to sink the effort altogether. A State Department cable reviewed by the news organization says the U.S. is “strongly opposed” to a carbon fee on shipping, and “will not tolerate” the creation of a fund that uses tax revenue to reduce the industry’s emissions. 

“The most appropriate path forward is to end consideration of the [net-zero framework] prior to moving to a new discussion,” the draft cable states. 

Alisa Kreynes, a director of the ports and shipping program at C40, a global network of mayors taking climate action, said that countries will ultimately need to decide their vote based on their shared commitments to the United Nations charter, and “not in response to unfounded claims or intimidation tactics from individual member states.” Without a global carbon fee for shipping, the industry will need to navigate a patchwork of regulations. “This is why we need the adoption of the [net-zero] framework,” she said.

 




 
 

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