A decade on from the Paris Agreement, COP30 in Brazil is shaping up to be the implementation COP. For investors, this means not only understanding the risks of inaction but also seizing the opportunities that climate and nature-based solutions present. In this episode, Tamsin Ballard, Chief Initiatives Officer at the PRI, speaks with Wendy Walford, Head of Climate and Nature Risk at Legal & General and Policy Track co-lead for the Net Zero Asset Owner Alliance, about why institutional investors are engaging in the UN climate negotiations and what they hope to achieve
Wendy Walford explains how Legal & General integrates climate and nature considerations into decision-making and why COP30 represents a pivotal moment. She highlights the role of private finance in achieving the Baku to Belém Roadmap commitment of mobilising $1.3 trillion for emerging and developing economies. The conversation explores why investors must be at the table, how alliances can amplify their voice, and why policy stability is the linchpin to unlock large-scale capital flows.
Detailed coverage
- Why COP30 matters to investors: Climate is a systemic risk that directly affects portfolios. Investors need to understand policy outcomes to align long-term allocations.
- The $1.3 trillion roadmap: COP29 in Baku highlighted the necessity of private finance in scaling investment into emerging markets. COP30 will test how barriers to this ambition can be addressed.
- Opportunities and risks: Mobilising finance offers huge upside in renewable energy, adaptation, and nature-based solutions, but investors also face volatility: FX risk, and limited data.
- Investor expectations for COP30: Calls for stable, long-term policy environments, signals to boost confidence, and frameworks to unlock investable opportunities in climate and nature.
- Nature-based solutions: From sovereign debt-for-nature swaps to carbon markets, innovative instruments are emerging but require multistakeholder cooperation and supportive regulation.
- Amplifying investor voices: Alliances like the Net Zero Asset Owner Alliance provide a collective voice that ensures investor needs are heard in negotiations.
- The responsibility of investing: Long-termism is essential — balancing short-term returns with the duty to build resilient, sustainable portfolios for future beneficiaries.
Chapters
- 00:43 – Why COP30 matters to investors
- 02:19 – Legal & General’s role and the Net Zero Asset Owner Alliance
- 05:23 – Why engage with UN climate negotiations?
- 06:04 – The Baku to Belém Roadmap and $1.3 trillion finance goal
- 08:44 – Barriers and risks in emerging markets
- 11:06 – Opportunities vs. resilience in climate investing
- 14:37 – Key asks for COP30 outcomes
- 15:57 – Nature-based solutions and innovative financing
- 18:18 – Investor expectations for government action
- 20:10 – Practical advice for engaging with the COP process
- 23:49 – What is the responsibility of investing?
Read more about the PRI’s Road to COP30 programme and buy your tickets to PRI in Person at https://www.unpri.org/sustainability-issues/climate-change/the-road-to-cop30
Find out more about the NZAOA at https://www.unepfi.org/net-zero-alliance/
Keywords
responsible investment, COP30 Brazil, PRI podcast, Legal & General, Net Zero Asset Owner Alliance, climate finance, systemic risk, Paris Agreement, Baku to Belém Roadmap, emerging...
