The update was flagged by the manager of the $94 billion fund following a verdict finding two of its policy documents were not formulated in accordance with the relevant statutory requirements.

The updated Statement of Investment Policies, Standards and Procedures (SIPSP), which establishes the framework for the governance and investment of the fund, including the integration of ESG considerations into its investment decisions and the ongoing monitoring of portfolio under ESG issues.

The new policy also processes for engagement with investee companies and, in certain circumstances, excluding securities from the portfolio to reduce exposure to investments with significant ESG risk, Guardians said.

Guardians said it also applies those procedures against the backdrop of "its statutory independence from the Crown, its status as an autonomous Crown entity, and its commercial mandate to invest the fund on a prudent, commercial basis."

That context also significantly mitigates risk to New Zealand's reputation as a responsible member of the world community arising from our investment activities, it said.

Further, the Sustainable Investment Policy sets the UN-backed principles for responsible investment "as our performance benchmark for sustainable investment."

These include policy statements covering the integration of ESG considerations into investment decision-making; active ownership, including prioritisation of activities, portfolio monitoring, engagement, exclusions, participation in class actions, and the retention, exercise and delegation of voting rights acquired through investments (including in the context of securities lending); climate change investment activities and setting reduction targets; and sustainable investment communication and reporting.

The Guardians will review the companies named in the Nazzal proceedings using the updated policy framework and will provide a further update once that process is complete but will require time for "proper consideration".

Commenting, NZ Super general manager corporate affairs Cristina Billett said the new standalone policy clarifies the components underpinning the Guardians' sustainable investment activities.

"Our approach continues to place significant emphasis on integration of sustainable investment considerations into investment analysis and decision-making, monitoring, engagement and exclusions," Billett said.

"Human rights considerations remain integral to the Guardians' Sustainable Investment Policy. Our policy documents now explicitly record our long-standing position that human rights is a key ESG issue for us."

The Diversified Social Aspirations Fund (DSAF) was established by FIMS in 2015 in response to demand for an "ethical" or "socially responsible" option for investors. It was closed in 2024.

ASIC commenced civil proceedings against FIMS in 2025 for misleading the public between October 2019 and May 2024 and holding investments in companies that receive revenue from fossil fuels. Earlier in the year, FIMS admitted that it failed to discharge its duties as a responsible entity and agreed to pay $7.3 million penalty.

An investment team member sent an email to FIMS board and the head of investments on 5 October 2021 stating: "The top three issues that ESG conscious investors are searching for are not excluded from the Social Aspirations Fund, with the most significant included sector being fossil fuels. The fund currently includes holdings in Woodside, Oil Search and Shell."

To maintain relevance and appeal to investors, the team member recommended exclusion of fossil fuels from the fund. They also suggested modifying an existing mandate or alternatively appointing a new manager.

To this Burge responded: "[o]ur total exposure to ESG funds is less than 0.3% of total funds under management and as such we should not be spending too much in terms of time or resources on this small sub-sector of the market. In my view ESG is still a fad that will in time implode from its own irrationalities."

There were no amendments made to the fund prior to it being closed permanently on 30 May 2024.

Concerns were also raised by Fiducian Financial Planners on the investments made by the fund and alignment to the ethical investment objectives.

"The Fid Div Social Aspirations fund has BHP and RIO in the top 10 holdings, so it's a tough sell for us when people want ethical funds that don't have exposure to fossil fuels," one Fiducian Financial Planner sent an email in February 2020.

Another email sent by a Fiducian Financial Planner in August 2020 stated: "This client is in the market for pre-retirement advice and has around $1.2 million to invest. However, we would need to be able to offer them a broader range of products than the Fiducian Social Aspirations Fund (stupid bloody name) which is potentially the least 'green' investment product in the sustainable market at present."

In June 2020, FIMS introduced a "Drill Down Function" on the Fiducian Group website, which enabled investors to view the shares or companies held by mandates.

In January 2021, a Fiducian Financial Planner sent an email stating: "I have no confidence in the Fiducian diversified social aspirations fund being 'fit for purpose' and there is nowhere to hide now, with the drilldown looking like this: [Screenshot showing holdings in various entities, including BHP Group, Woodside Petroleum, Rio Tinto and Orica]."

"I have raised this via planner council several times to no avail, but I can't in good conscience recommend the DSA fund as an ethical investment...Is there any way we can add a 'real' ethical fund to her portfolio like, for example, Australian Ethical w/s Diversified, which a few of my FIS clients hold?" the planner added.

Another Fiducian Financial Planner in an email sent in February 2021 said: "The composition of this fund puts us in a compromised position...I feel extremely uncomfortable in even offering it to clients."

In October 2021, Fiducian Group executive chair Indy Singh as member of the FIMS board and investment committee responded to the email concerns raised by the investment team member, stating "there is no need to promote the topic unless we receive planner pressure."

ASIC chair Sarah Court said investors should be able to trust sustainability-related claims made by investment managers.

"More Australians are seeking investments that align with their ethical, environmental and social values. Those investors are entitled to accurate information about where their money is invested," Court said.

"This case is a reminder that ESG claims must be backed by robust systems, oversight and governance. Fund managers and responsible entities must comply with their duties and they cannot make sustainability claims that are not supported in practice."

The resolution, facilitated by the Australian Conservation Foundation (ACF) and SIX and co-filed by Australian Ethical, Ethinvest and 196 shareholders will be considered at CBA's AGM on October 14.

ACF policy analyst for corporate responsibility Max Hamra said the bank remained exposed to deforestation through its financing despite beginning to disclose some nature related risks.

"While this year's annual reporting has disclosed some of the bank's exposure to nature risk for the first time, by only assessing individual land clearing events of more than 200 hectares, the bank fails to capture high impact deforestation," Hamra said.

He said the associated damage to soil, water, biodiversity and the climate create risks for both CBA and is customers, particularly in agriculture.

The shareholder campaign comes as Queensland data indicates cleaning of native vegetation is primarily driven by beef pasture expansion, including within the Great Barrier Reef catchment.

Hamra said changes in corporate and government policies could also create financial risks for producers linked to deforestation.

"Major beef buyers - including Coles, Woolworths, McDonalds and Aldi - have made commitments to get deforestation out of their supply chains," he said.

"As corporate and government policies to stamp out deforestation-linked commodities take effect, livestock producers that fail to adopt nature-positive practices risk losing market access. This risk extends to the bank financing these customers."

Australian Ethical impact and ethics analyst Bonnie Graham said CBA's lending to landholders involved in deforestation was increasingly difficult to reconcile with its acknowledgement of agriculture's nature related risks.

"It's time for CBA to take meaningful action on deforestation," Graham said.

SIX senior ESG manager James Alexander said investor concern over deforestation was growing internationality.

He pointed to last years vote at ANZ's AGM, where 22.7% of shareholders supported action on deforestation, describing it as a globally significant result.

"The message from shareholders to CommBank is just as clear," Alexander said.

"The bank must accelerate its shift away from financing deforestation."

🌿 How are ESG fund managers using sustainability to make better investment decisions?

❓ Question: As ESG investing faces increasing scrutiny and evolving reporting requirements, how do professional fund managers integrate sustainability considerations into investment decisions without sacrificing returns?

✅ Answer: According to Mans Carlsson, head of ESG and co-portfolio manager at Australian fund manager Ausbil Investment Management, ESG integration is fundamentally about making better-informed investment decisions. Rather than focusing on ideology, Carlsson argues that ESG research helps investors identify risks, assess management quality, evaluate stakeholder relationships and uncover long-term opportunities that traditional financial analysis may overlook. Through proprietary ESG research, company engagement and on-the-ground investigation, investors can better understand which companies are managing risks effectively and which may face future reputational, regulatory or operational challenges.

🌟 One of Carlsson's key messages is that ESG investing does not necessarily require investors to sacrifice returns. He challenges the long-standing perception that excluding companies on sustainability grounds automatically reduces performance, arguing that ESG analysis helps investors avoid poorly managed companies while identifying businesses that are improving governance, risk management and stakeholder relationships. In his view, these factors can contribute to stronger valuations over time.

🌟 Ausbil's investment process combines traditional financial research with proprietary ESG analysis. The firm's ESG team continuously assesses ASX 200 companies and works closely with portfolio managers and analysts. Engagement with companies is a core part of the process, with more than 200 ESG-related company meetings conducted annually. These engagements are often used to encourage companies to adopt best-practice approaches to issues such as climate change, responsible sourcing, corporate governance and workforce management.

🌟 Direct engagement and field research remain critical despite advances in artificial intelligence. Carlsson argues that while AI can assist with data collection and summarisation, ESG analysis involves qualitative judgement that cannot easily be automated. Understanding how seriously a company manages risks, responds to challenges and implements policies still requires human expertise, experience and direct interaction with management teams and stakeholders.

🌟 Supply chain transparency is becoming an increasingly important area of ESG analysis. Carlsson described how technology now allows companies to trace the origins of commodities and products with greater accuracy. Businesses that invest in supply chain visibility can reduce the risk of reputational damage, particularly as regulators, investors and consumers pay closer attention to issues such as modern slavery and responsible sourcing.

🌟 ESG analysis can identify risks before they become widely known. Carlsson shared an example of avoiding an investment in a high-profile company after proprietary research uncovered allegations of worker underpayment. Once the issue became public, the company's share price fell significantly. He argues that this demonstrates the value of conducting independent research rather than relying solely on company disclosures.

🌟 Sustainability reporting requirements are improving the quality of information available to investors, particularly around climate risk. Carlsson highlighted climate-related disclosure frameworks such as the Task Force on Climate-related Financial Disclosures (TCFD) as useful because they encourage companies to examine future risks and opportunities rather than simply reporting historical emissions data. He believes forward-looking climate assessments provide a more complete picture of potential investment risks.

🚩 One challenge is that ESG data alone does not provide investment answers. Carlsson cautions against overreliance on datasets and reporting frameworks, arguing that the value lies in interpreting the data and understanding how it affects a company's future prospects. Investors still need analytical judgement to separate meaningful signals from noise.

🚩 The transition to a lower-emissions economy is proving more complicated than many anticipated. Carlsson noted that rising energy demand, slower-than-expected commercialisation of some decarbonisation technologies and increasing demand from AI-powered data centres are creating challenges for the energy transition. He argues the discussion is increasingly shifting from "energy transition" to "energy addition" because overall energy demand continues to grow.

⚠️ Modern slavery and supply chain risks are likely to face greater regulatory scrutiny in coming years. Carlsson points to emerging international regulations, particularly in Europe, that could impose stricter due diligence requirements and restrictions on goods linked to forced labour. Companies that fail to understand and monitor their supply chains may face operational, legal and reputational risks.

⚠️ Reputational damage can emerge rapidly when supply chain issues become public. Carlsson believes advances in traceability technology mean companies will face increasing expectations to verify where materials and products originate. Organisations that fail to invest in transparency could find themselves exposed as external scrutiny intensifies.

🌟 Looking ahead, Carlsson expects ESG investing to become more focused on financial materiality. Rather than broad ideological debates, he believes the future of responsible investing will centre on identifying sustainability issues that have direct implications for company performance, risk management and long-term shareholder value. For active managers, this means maintaining a disciplined focus on material ESG factors that influence investment outcomes.

💡 Why it matters:

As sustainability disclosure requirements expand and ESG investing continues to evolve, investors face growing pressure to separate meaningful sustainability risks from superficial reporting. Carlsson's approach highlights a broader shift taking place across the investment industry: ESG is increasingly being treated as a tool for risk management and company analysis rather than a standalone investment philosophy. Issues such as supply chain transparency, climate resilience, workforce management and corporate governance are becoming material financial considerations that can influence company valuations and long-term performance. For investors, understanding these factors may prove increasingly important as regulations tighten, stakeholder expectations rise and new technologies expose risks that were previously difficult to detect.

🎙️ Sources:

Mans Carlsson, head of ESG and co-portfolio manager, Ausbil Investment Management

Michelle Baltazar, host, The Greener Way

⏱️ Timestamps:

00:00 - Why supply chain transparency is becoming critical

00:19 - Introduction to Ausbil and ESG investing

01:14 - Ausbil's investment approach and ESG capability

02:31 - Proprietary ESG research and company engagement

03:20 - ESG field trips and responsible sourcing insights

04:01 - Encouraging companies to adopt best practice

04:44 - Can AI replace ESG research?

06:04 - The biggest myths about ESG investing

07:00 - How ESG factors influence company value

08:07 - Sustainability reporting and climate disclosure

09:15 - Climate risk versus emissions reporting

10:05 - Examples of ESG leaders and laggards

11:09 - Supply chain traceability and modern slavery

12:28 - Decarbonisation, AI and energy demand growth

14:21 - The future of ESG investing

15:21 - Why financial materiality matters

15:45 - Modern slavery regulation and supply chain due diligence

16:14 - The broader benefits of supply chain scrutiny

16:37 - Final reflections on ESG and responsible investing

🌿 We record on Gadigal Land and pay our respects to the traditional custodians of country and elders past and present.

The follow-on investment will expand Rocklands from a three to approximately 4.5 million tonnes per annum sulphide processing facility. The Rocklands Copper Project is located in Northwest Queensland and is currently transitioning from care and maintenance on track for a restart in mid-to-late 2027.

Copper is essential to electrification, with uses spanning power grids, electric vehicles, wind and solar generation, construction and electronics.

QCMF fund manager Joshua Risson said the investment demonstrated the fund's conviction in both the strategic importance of the Rocklands asset and the strength of its relationship with Austral Resources.

"The fund's initial investment was based on the opportunity to bring strategically important processing infrastructure back into production," Risson said.

"Since then, Austral has continued to execute against its strategy, giving us confidence to increase QCMF's support as the company progresses to its next phase of growth."

The investment will be structured as a royalty, consistent with QCMF's objective of deploying flexible commercial capital into strategically significant critical minerals infrastructure.

"QIC has been a valued partner throughout our transformation, and this follow-on investment reflects the confidence that has developed through that relationship," Austral Resources chair David Newling said.

Rocklands represents one of the few large-scale sulphide processing facilities in the region capable of accepting third-party material, and expansion of the plant is expected to increase regional processing capacity.

"Rocklands has the potential to become critical regional infrastructure, providing much-needed processing capacity that can unlock stranded copper resources across the Northwest while supporting Austral's own long-term growth," Risson said.

"Processing infrastructure remains one of the key constraints to growing copper production in the region. Expanding Rocklands strengthens Queensland's critical minerals supply chain and creates new opportunities for emerging producers that otherwise lack access to processing capacity."

In the 2026 financial year, it invested a record $9.1 billion in projects, committing $27.1 billion since inception. Activity in the financial year spanned renewable energy, transmission infrastructure, natural capital, climate technology, transport and property.

CEFC chief executive Ian Learmonth said the past year had demonstrated Australia's clean energy transition has moved decisively from ambition to execution.

"The past year has been a defining one for Australia's transition to net zero. Global energy markets have again highlighted the importance of reducing our reliance on fossil fuels and accelerating the shift to clean, renewable energy and electrified transport," Learmonth said.

Every dollar committed by the CEFC in 2025-26 attracted an additional $3.40 from co-investors, CEFC said, demonstrating its ability to crowd in private sector investment and accelerate decarbonisation outcomes.

CEFC recently appointed Rewiring the Nation (RTN) Fund chief investment officer Paul McCartney as its new chief executive, effective September 18.

"As announced recently, I will be stepping back from the CEFC in September this year and this will be my final CEFC investment update before I hand the baton over to my colleague and friend, Paul McCartney," Learmonth said.

"The CEFC is playing a crucial role in Australia's clean energy transition, and it has been a great privilege and pleasure to lead the organisation for almost a decade. This year's performance reflects its importance and impact and I'm proud to have worked alongside the exceptional CEFC team to achieve such outstanding results."

The RTN Fund remained CEFC's largest area of investment activity in 2025-26, accounting for $7.2 billion in commitments.

"As coal-fired power stations retire, investment in transmission infrastructure is critical to connecting Australia's world-class solar and wind resources to homes and businesses while maintaining reliability and reducing costs," CEFC said.

"The RTN Fund supports this least-cost transformation through flexible and tailored financing structures designed to accelerate priority transmission projects and reduce costs for consumers."

The indices focus on financing reduced emissions, not just reducing financed emissions, Robeco said.

"Using only backward-looking approach can result in reduced exposure to transition leaders, unintended sector concentrations, limited recognition of forward-looking climate progress, and insufficient allocation to companies enabling real-world decarbonisation," Robeco's whitepaper read.

"As investors increasingly seek to support the transition to a net-zero economy, there is a growing need for climate indices that go beyond carbon reduction and identify companies that are best positioned to drive and benefit from the transition."

The indices take a multi-dimensional approach and combine four complementary climate dimensions to identify the companies best positioned to benefit from and contribute to the low-carbon transition.

The framework is backed by Robeco's forward-looking Climate Traffic Light methodology and Climate Beta insights. The Climate Traffic Light assesses the credibility of a company's transition journey, evaluating factors such as emissions pathways, climate governance, capital allocation and decarbonisation commitments to distinguish future leaders from laggards.

A forward-looking tilting approach helps increase the investable universe by making space for companies with high current emissions that may be investing aggressively in decarbonisation technologies and possess credible transition plans.

"Climate investing is no longer simply about reducing emissions. It is about identifying future winners, financing the transition and delivering measurable real-world impact without compromising investment outcomes," it said.

"Robeco's Global Climate Leaders Tilt Indices have been designed for this next phase of climate investing. By combining forward-looking climate insights, proprietary sustainability expertise, proven factor investing and disciplined portfolio construction, the strategies offer institutional investors differentiated solutions that seeks to deliver climate alignment, alpha potential and robust risk control within a single framework."

Datt said declining investment in traditional energy production had reduced the buffer available to absorb supply disruptions, while demand continues to rise from electrification, artificial intelligence infrastructure and broader technology adoption.

"This is structural deficit, not a cyclical one," Datt said.

"Oil and gas fields are depleting assets by nature. Every producing field loses output year after year without continuous reinvestment and for more than a decade, the capital required just to hold global production steady has been falling short."

He said years of ESG-driven divestment, political pressure and regulatory challenges had constrained investment infrastructure before renewable capacity was sufficiently developed to fill the gap.

"The crisis is not a lack of money to find new oil. It is a severe lack of investment to maintain existing production infrastructure," Datt said.

The resulting decline in spare capacity and strategic reserves has left energy markets more vulnerable to geopolitical and supply shocks, he said, pointing to disruption in the Middle East as highlighting the reduced resilience of the global system.

Datt also warned Australian investors should not expect domestic energy prices to simply follow short-term movements in international markets, with local gas prices effectively linked to LNG netback pricing into Asia.

"Our local electricity costs are likely to stay firm regardless of near term moves in international prices," he said.

For investors, Datt said the disconnect between financial markets and physical supply conditions could create opportunities for long term capital.

"When paper-market selling pushes prices below what physical fundamentals justify, patient capital can buy in at a discount to intrinsic value," he said.

Datt Capital favours established energy producers with strong balance sheets and the ability to return capital through dividends and buybacks, rather than speculative explores.

The firm currently holds positions in New Hope Corporation, Yancoal and Whitehaven Coal, while also assessing opportunities across upstream oil and gas.

"We view energy as the ultimate safe haven," Datt said.

"Nothing runs the physical world like energy."

Minderoo Foundation will provide the City of Kwinana with a $4.09 million grant to lead a place-based, systems approach to early childhood development over the next 2.5 years.

The first phase will establish a dedicated early years team, undertake a comprehensive analysis of Kwinana's early years ecosystem, deliver a community Early Years Summit, launch an Early Years Impact Fund and investigate the feasibility of an Orelia Early Years Hub.

Future phases will focus on strengthening collaborative governance, investing in proven initiatives and embedding long-term systems change that continues delivering benefits for local children and families.

Minderoo Foundation chief executive John Hartman said the early years lay the foundation for lifelong learning and wellbeing, but achieving the best outcomes for children required collaboration.

"What makes this partnership exciting is that it builds on the City of Kwinana's leadership and existing strengths across the community. By bringing together local government, families, service providers and community organisations, we can strengthen the systems that support children and create lasting impact," Hartman said.

"Minderoo is proud to back Kwinana's ambition because we believe communities are best placed to mould the solutions that work for them. Our hope is that this place-based approach can become a model for how local leadership and philanthropy work together to improve outcomes for children across Australia."

The investment will strengthen the systems that support children from birth to five years of age, with a focus on improving access to transport, food security, perinatal care and community-based child health and development services, while creating stronger collaboration between organisations already delivering support across Kwinana.

City of Kwinana mayor Peter Feasey said the partnership represented one of the most significant investments in its future.

"The early years shape the future of every child, and by investing in those years we are investing in the future of our entire community," Feasey said.

"Rather than creating another standalone program, this partnership will strengthen the entire early years ecosystem, helping services and programs to collaborate, identifying gaps, attracting further investment and ensuring families can more easily access the support they need within the local community."

The Off the Books report co-authored by University of Technology Sydney (UTS) associate professor Laurie Berg and UNSW associate professor Bassina Farbenblum found two-thirds of temporary migrant workers across Australia are underpaid, with one in four losing at least $10 an hour.

The report presents findings on the working conditions of almost 10,000 migrants on temporary visas in Australia from the 2024 National Temporary Migrant Work Survey. This includes international students, backpackers, graduate visa holders, employer-sponsored workers and other migrants who worked in Australia on a temporary visa.

It noted the more severe the underpayment, the more likely workers are to experience indicators of forced labour such as coercion, intimidation and restricted freedom.

"The worse the underpayment, the more likely the employer also issued misleading or no payslips, denied superannuation, paid cash, made wage deductions and engaged in practices that are indicators of modern slavery," the report read.

"These aren't separate problems caused by scattered rogue employers. For the first time, our data shows this is a single system of noncompliance."

Data from the report showed the more a business underpaid an employee, the more likely that business also breached other workplace obligations and engaged the worker as a casual or night worker.

The report urged introduction of a national Labour Hire Licensing Scheme and an enforceable risk-based due diligence obligation under the Modern Slavery Act, reforming payslip obligations to prevent businesses from disguising noncompliance, and strengthening general protections preventing employer retaliation against migrant workers.

The government recently said large corporates with annual consolidated revenue of over $100 million will face a criminal offence where they fail to prevent modern slavery in their supply chains.

Working in partnership with infrastructure debt manager Infradebt, the program will finance the development of up to 16 hybrid solar, battery and battery retrofit projects.

"Mid-scale renewables are a powerful lever in unlocking Australia's renewable energy future and are often referred to as the 'missing middle' between individual rooftop solar and utility-scale renewables," CEFC chief investment officer of renewables and sustainable finance Monique Miller said.

The initiative is designed to reduce financing barriers for smaller projects through concessional senior debt financing. CEFC said the debt will help create a financing pathway for distributed energy projects, supporting them to reach operations and accelerate Australia's energy transition using existing network infrastructure.

"Smaller, ready-to-connect wholesale generation projects can face barriers due to size and transaction costs," Miller added.

"By providing targeted capital and certainty and efficiency of process, CEFC finance is helping to unlock a constrained segment of the market while supporting a more resilient energy system and utilising latent capacity in distribution networks."

The investment will be delivered through a new financing initiative, the Distribution Connected Accelerator Program (DCAP) and Infradebt will establish the program through a competitive process to shortlist prospective proponents.

The DCAP supports a pipeline of distribution-connected projects to be ready to commence construction in 2027. It will focus on projects up to 5MW with capacity to encompass larger projects.

Infradebt chief executive Alexander Austin said: "Australia's energy transition will not be delivered through a handful of mega-projects alone. Smaller, distribution-connected projects have a critical role to play because they can often move from development to operation significantly faster."

The DCAP builds on a separate previous $150 million CEFC commitment to Infradebt. This investment applies that experience to new, targeted financing bringing smaller distributed energy projects to market more efficiently.

Despite the outflows, total sustainable fund assets across Australia and New Zealand grew to about US$40.2 billion at the end of May, up US$3 billion from March-end.

The latest quarterly analysis found active sustainable funds bore the brunt of redemptions, while passive strategies continued to attract fresh capital, highlighting investors' ongoing preference for lower-cost investment options.

The Australasian sustainable funds market remains concentrated among a small group of managers. Dimensional Fund Advisors continues to dominate the active segment with US$8.1 billion in sustainable assets under management, while Betashares (US$4.6bn), Vanguard (US$3.3bn), and iShares (US$3.1bn) lead the passive market.

By asset class, equity strategies attracted the strongest inflows, gathering about US$45 million, while allocation funds added roughly US$40 million.

However, these gains were offset by net outflows of US$125 million from fixed income funds and US$80 million from miscellaneous strategies, including real assets.

In terms of regulation, Australia's mandatory sustainability reporting regime has entered its first implementation phase, with ASIC issuing early observations and maintaining a strong focus on greenwashing enforcement. The first phase of the regime began in 2025 with Group 1 companies.

There are companies that meet at least two out of three criteria for having over $500 million (US$351m) in revenue, over $1 billion (US$700m) in consolidated assets, or over 500 employees, required to make AASB S2-compliant climate-related financial disclosures for financial years starting in 2025.

The local region bucked the modest gains recorded globally. Sustainable funds worldwide attracted an estimated US$3.7 billion in net inflows during the second quarter, extending the recovery that began earlier this year following a difficult 2025.

The US was the standout performer, recording nearly US$3 billion in net inflows after 14 consecutive quarters of withdrawals. It marked the first quarter of positive flows for US sustainable funds since early 2022 and helped push total US sustainable fund assets to a record high of almost US$400 billion.

However, Morningstar said the global headline figure masked significant regional divergence, with continuing outflows across Australia, New Zealand, Canada, Japan and much of Asia ex-China offset by the US rebound.

CVE develops, finances, constructs, operates, and manages solar assets globally across the value chain.

The financing will support the build-out and continued growth of CVE's solar business across France and internationally, building on a portfolio of more than 1 gigawatt of peak solar capacity currently in operation and under construction.

It will also help enhance CVE's financial flexibility and strengthen its capacity to invest in future growth opportunities.

"We are pleased to provide CVE with a tailored financing solution to support its ambitious growth plans. The financing will simplify the company's capital structure, support its ability to scale, and enable the continued build-out of assets advancing the energy transition," Macquarie Asset Management managing director Thibault Sauvage said.

CVE deputy chief executive Marion Henriet noted market conditions are changing rapidly and require producers to combine industrial excellence, financial discipline, and the capacity for innovation.

"This transaction strengthens our investment capacity and enables us to pursue our strategy with rigour, by developing a high-performing portfolio of assets that creates long-term value," Henriet said.

Macquarie said the financing supports the company's strategy to continue expanding a diversified and resilient portfolio of renewable energy assets and deliver long-term value for its customers.

CVE chief executive Kamil Beffa added: "This transaction marks a new stage in CVE's development. It sustainably strengthens the Group's financial solidity and gives us the means to continue executing our roadmap with the discipline, high standards, and long-term vision that have guided our development for over sixteen years."

The report found investment in utility-scale of 2026 increased compared with a year earlier, while battery storage continues to emerge as one of the fastest growing segments of the energy market.

BloombergNEF said Australia will need to accelerate decarbonisation across electricity transport and industry if it is to meet its commitment to reduce emissions by 62% to 70% below 2005 levels by 2035 and achieve net zero emissions by 2050.

Economy-wide emissions fell just 1.1% year on year in the final quarter of 2025, highlighting the scale of the challenge despite continued growth in renewable energy.

Battery storage was identified as a standout performer, with almost 10GW of utility-scale battery capacity under construction and nearly 2.9GW commissioned during the first half of 2026. BloombergNEF forecasts utility-scale battery capacity will increase to 37GW by 2035.

The outlook for household batteries has also strengthened significantly following the introduction of the Federal Governments Cheaper Homer Batteries Program, with cumulative small-scale battery capacity now expected to reach 61GWh by 2035, 71% higher than BloombergsNEF's forecast six months ago.

Renewable electricity generation continued to expand, with wind and solar supplying 38% of electricity across the National Electricity Market during the first half of 2026. Including hydro generation, renewables accounted for 44% of total generation, up form 40% a year earlier.

However, BloombergNEF warned Australia remains off track to achieve the government's target of 82% renewable electricity by 2030, citing slower than expected wind project development.

The report also highlighted strong momentum in transport electrification, with an estimated 131,725 electric vehicles sold during the first half of 2026, putting the market on track to surpass last year's record. Higher fuel prices, fuel security concerns and the New Vehicle Efficiency Standard were identified as key drivers of demand.

BloomerbergNEF said Australia has built significant momentum through record investment in clean energy infrastructure but noted the next decade will determine whether that investment translates into emissions reductions at the pace required to meet the nation's climate commitments.

🌿 How can Australia catch up to the frontrunners in the green steel race?

❓ Question: As global demand shifts towards low-carbon industries and clean supply chains, does Australia have a realistic opportunity to move beyond exporting raw materials and become a leader in green steel manufacturing?

✅ Answer: According to Tim Buckley, founder and director of Climate Energy Finance, Australia has a once-in-a-generation opportunity to transform its economy by decarbonising the steel supply chain and building domestic green steel manufacturing. While Australia is already the world's largest exporter of iron ore, it captures very little value from processing it. Buckley argues that with the right policy settings, investment frameworks and industrial strategy, Australia can create jobs, strengthen regional economies, reduce emissions and become a major supplier of low-emissions steel in a decarbonising world.

🌟 One of the report's central themes is that Australia needs to move beyond its traditional "dig and ship" economic model. While unprocessed iron ore remains one of Australia's most valuable exports, Buckley argues that future competitive advantage will come from adding value domestically and supplying trading partners with the low-carbon products they will increasingly require. Decarbonising steelmaking represents one of the largest industrial opportunities globally, and Australia is uniquely positioned due to its iron ore resources and renewable energy potential.

🌟 Buckley believes the global transition away from fossil fuels is inevitable. The real question is whether Australia benefits from that transition or becomes one of its casualties. As one of the world's largest exporters of fossil fuels, Australia faces significant economic risks if it fails to diversify. Green steel manufacturing offers a pathway to protect export revenues while positioning the country for future growth.

🌟 Rather than immediately pursuing large-scale export ambitions, Buckley argues Australia should begin by developing domestic low-emissions steel production using electric arc furnaces. These facilities use scrap steel and renewable electricity instead of coal-intensive blast furnaces, significantly reducing emissions while creating local manufacturing capacity. He sees electric arc furnaces as a practical starting point that allows Australia to learn, build expertise and establish supply chains before scaling further.

🌟 Regional Australia could be one of the biggest beneficiaries of this transformation. Proposed electric arc furnace projects in Western Australia, Queensland and South Australia could create construction jobs, ongoing manufacturing employment and opportunities for associated industries such as recycling and renewable energy generation. Buckley argues that successful energy transition policies must provide replacement industries for coal-dependent communities rather than leaving workers behind.

🌟 Green steel is also about national resilience and supply chain security. Buckley notes growing concerns across Western economies about overreliance on offshore manufacturing. Developing domestic processing capability would not only create economic opportunities but also strengthen Australia's strategic position by reducing dependence on imported industrial products.

🚩 One major challenge is the scale of investment required. Climate Energy Finance estimates Australia will need hundreds of billions of dollars of capital to transform its economy. Buckley argues that private capital is available, but governments must provide policy certainty and strategic investment mechanisms that help crowd in private-sector funding and lower project risks.

🚩 Another challenge involves workforce transition. Communities built around coal mining, coal-fired power generation and other legacy industries face uncertainty as Australia decarbonises. Buckley stresses that political and community support for climate action depends on creating visible pathways into new industries and ensuring future jobs are located in existing regional centres wherever possible.

⚠️ Policy settings will play a critical role in determining whether Australia succeeds. Buckley highlights the need for government-backed investment vehicles, stronger carbon pricing signals through mechanisms such as the safeguard mechanism, and clear industrial policies that incentivise low-emissions manufacturing. Without these frameworks, Australia risks missing the opportunity despite its natural advantages.

⚠️ Greenwashing is another emerging risk. Buckley argues that as demand grows for low-emissions products, robust verification systems will become increasingly important. Consumers and investors need confidence that products labelled as green steel genuinely meet high environmental standards. This will require independently verified taxonomies and credible reporting frameworks to distinguish genuinely low-emissions steel from marketing claims.

🌟 Looking ahead, Buckley remains optimistic. He believes Australia has all the ingredients necessary to become a major green steel producer, including renewable energy resources, mineral reserves, skilled workers and growing policy support. The challenge now is moving from discussion to implementation and demonstrating that new industrial projects can be built and scaled successfully.

💡 Why it matters:

The shift to a low-carbon economy is reshaping global trade, investment and industrial strategy. For Australia, green steel represents far more than an emissions-reduction initiative. It could become a cornerstone of future economic growth, regional employment and national competitiveness. As countries seek cleaner supply chains and low-emissions industrial products, Australia faces a strategic choice: continue exporting raw materials with limited value-add or build domestic industries that capture more of the economic value generated from its resources. The success or failure of green steel could become one of the defining economic stories of Australia's energy transition.

🎙️ Sources:

• Tim Buckley, founder and director, Climate Energy Finance

• Michelle Baltazar, host, The Greener Way

⏱️ Timestamps:

00:00 - Australia's opportunity in the global steel transition

00:42 - Introducing Climate Energy Finance and the Arc of Ambition report

01:18 - Climate, energy and finance: the intersection driving change

02:00 - The scale of investment needed for Australia's transition

03:22 - Can Australia mobilise the capital required?

04:02 - Diversifying beyond dependence on overseas manufacturing

05:19 - Key findings from the Arc of Ambition report

06:00 - Why Australia must move beyond exporting raw iron ore

07:17 - Building a domestic green steel industry

08:00 - Electric arc furnaces and low-emissions steel production

09:29 - Regional jobs and a Future Made in Australia

10:17 - Employment opportunities from green steel manufacturing

12:17 - Turning former coal regions into industrial hubs

13:22 - Recycling steel and creating circular economy opportunities

15:45 - What governments and businesses should do next

16:19 - Three reforms needed to accelerate green steel

17:00 - Carbon pricing, safeguards and investment incentives

18:00 - Why verification and green steel taxonomies matter

18:41 - Final reflections on Australia's green steel opportunity

19:12 - Can green steel become a major employer? Yes.

Link: Arc of ambition report

🌿 We record on Gadigal Land and pay our respects to the traditional custodians of country and elders past and present.

The agency argues that ultra low-cost solar represents a leap forward in cost and performance beyond today's solar technologies, delivering cheaper renewable electricity that can unlock new, more energy-intensive industries like green metals and fuels.

"Australia needs a shift in focus towards how solar projects are delivered, not just what is installed," ARENA chief executive Darren Miller said.

"Without a change to the approach in how large-scale solar is built, financed and integrated, we risk missing the opportunity to bring costs down fast enough to support the next phase of the energy transition."

ARENA found that while solar technology continues to improve, the cost of deploying large-scale solar in Australia has not fallen at the same pace.

The advances are being offset by pressures that are slowing deployment, including workforce constraints, a more challenging investment environment, grid connection delays and inflation.

The Ultra Low-Cost Solar White Paper Update report highlights the need for innovation across the full cost of delivering solar projects, including construction, automation, operations, high-efficiency technologies and how projects are designed, built and connected.

Miller said the opportunity presented by ultra low-cost solar remains significant as Australia looks to the next phase of the transition.

"Australia has a strong foundation in solar, but the next phase will depend on how quickly we can translate innovation into industrialisation," Miller said.

"The progress we're seeing today gives us confidence in what's possible, but the next few years will be critical to turning this potential into reality."

ARENA's portfolio of ultra low-cost solar projects is testing new approaches, particularly in construction, integration and test-bed environments, to help accelerate solar cost reductions.

In an analyst note examining parent company Centuria Capital Group (CNI), Morningstar cut its fair value estimate for the ASX-listed firm by 8% to $2.10.

CNI reached as high as $2.26 per share in mid-June and dropped to $1.50 at close of trading yesterday, following SQM's ratings downgrade and subsequent media reports suggesting that its exposure to the Bathla Group, a property constructor and developer, raised questions over its governance.

CBCF is a wholesale pooled private credit fund managed by Centuria Bass Credit. As at May 2026, CBCF had net assets of about $268 million, with roughly one-quarter linked to Bathla-related investments.

Morningstar said the SQM downgrade was significant because CBCF had substantial exposure to Sydney developer Bathla Group.

The ratings agency also flagged concerns regarding governance and the fund's exposure to a residential developer facing project delays and cost overruns.

"While Centuria doesn't directly invest in CBCF, it has recently tipped $4.5 million of balance-sheet capital into Bathla to provide some financial buffer, as a project in Sydney's Rouse Hill is facing delays and cost overruns," Morningstar said.

"Worse still, it could trigger waves of redemptions not only in CBCF but also across the broader Bass platform. Bass' assets under management aren't sticky. Unlike property funds, which typically have fixed liquidity windows and long investment timeframes, real estate credit is shorter-term, typically between 12 and 24 months."

This means Centuria Bass Credit has to constantly underwrite new loans to replace expiries and maintain assets under management (AUM).

CNI manages $21 billion in real estate AUM, of which $18 billion is in unlisted property funds.

The remaining $2.5 billion is in Centuria Bass Credit, the group's real estate finance or private credit arm.

While the real estate finance division is a relatively small part of Centuria's total AUM, Morningstar said, concerns over CNI's governance "could spill over to the main property funds management business, weakening prospective clients' confidence and, in turn, its ability to attract new capital."

Last week, Centuria moved to address market concerns over its Bathla exposure following media reports and the fund downgrade.

Reports questioned the relationship between Bathla Group and Centuria Bass Credit employee David Stone, and the alleged potential conflicts of interest, arguing that the lending relationship had been ongoing for more than three years, and Stone had only joined the firm in April 2025. CNI denied the allegations.

The £120 million ($247m) passive global equities portfolio represents more than a quarter of Nesta Trust's £420 million ($689m) endowment, which funds the work of innovation foundation Nesta. The mandate was transferred to Amundi following Northern Trust's exit from the Net Zero Asset Managers Initiative (NZAMI) and Climate Action 100+.

Nesta Trust chief investment officer Jenny Segal said the decision reflected the trust's belief that climate stewardship is central to long-term investment outcomes.

"The economic risks of the climate crisis mean it is the duty of any asset manager to ensure their investments support climate action to protect the portfolio's growth," Segal said.

"Asset managers that step back from climate action initiatives risk compromising their stewardship and so we took the decision that Amundi was a better home for Nesta's global equity investments."

The move follows similar decisions by major institutional investors, including the New York City Pension Fund and several European pension funds, which have shifted mandates away from US managers after concerns over weakened climate engagement.

Amundi UK chief executive Eric Bramoullé said responsible investing remained central to the firm's strategy.

"Clients are increasingly seeking to ensure that their assets are invested in a way that reflects their responsible investment commitments and supports the transition to a more sustainable economic system," Bramoullé said.

He added that stewardship, including company engagement and proxy voting, remained among the most effective tools investors have to support the transition to a lower-carbon economy while delivering long-term returns.

The Nesta Trust's investment committee already excludes investments in fossil fuels, tobacco and controversial weapons, while using active stewardship across its public equities, property and loan portfolios. The trust has also joined Investors for Purpose, a coalition of asset owners focused on responsible investment.

Investors for Purpose chief executive Charlotte O'Leary said the decision should prompt a broader industry discussion about how fund managers balance political pressures with climate risk management.

"Climate risk is investment risk, and the direction of travel matters," O'Leary said.

The new entitlement replaces the fund's previous 10-day menopause leave policy, which was only available to permanent staff. The new leave is broader in scope and open to all eligible permanent and maximum-term employees, whether full-time or part-time.

The entitlement may be used for fertility treatment, conditions including perimenopause and menopause symptoms, and endometriosis.

The leave is gender-inclusive and while many of the conditions it covers predominantly affect women, men can also access the entitlement, including to support a partner going through IVF.

Aware Super chief executive Deanne Stewart said the fund is deeply committed to gender equity and believes an inclusive and supportive workplace drives better experiences and outcomes for members.

"For too long, reproductive health has been something people have had to manage quietly, often at real cost to their wellbeing and their careers," Stewart said.

"We want our people to feel supported when they're dealing with these very personal health issues. This is about building a workplace where everyone can bring their whole selves to work, and where no one feels they have to choose between their health and their career."

In 2024 Aware Super co-commissioned independent research by the Bankwest Curtin Economics Centre into the economic case for reproductive health leave. That research found lost productivity from reproductive health conditions costs the Australian economy an estimated $21.3 billion a year.

"Gender equity in the workplace and gender equity in retirement outcomes go hand in hand," Stewart said.

"If we want women to retire with dignity, we need to address the barriers they face throughout their working lives, and reproductive health is one of them."

The SGH ARI Resources Fund aims to build investors exposure to structural growth opportunities emerging from the accelerating demand for critical resources, SG Hiscock said.

SG Hiscock head of distribution Anthony Cochran said the launch comes at a time when the global economy is entering one of the largest structural resource investment cycles in decades.

"Artificial intelligence is increasing demand for electricity, grids and critical minerals," Cochran said.

"Governments are investing in energy security, domestic manufacturing and resilient supply chains. Defence spending is rising, industrial policy is reshaping investment decisions and competition for strategic resources is intensifying. These themes are creating significant long-term demand for critical resources."

The fund will provide institutional, wholesale and family office investors exposure to commodities including gold, copper, uranium and critical minerals, while seeking opportunities beyond traditional large-cap mining companies.

It targets medium- to long-term capital growth and aims to outperform the Bloomberg AusBond Bank Bill Index by 3% per annum over rolling five-year periods.

"The fund combines a top-down thematic investment process with rigorous bottom-up stock selection, focusing on global companies positioned to benefit from structural supply constraints, favourable commodity dynamics, and long-term macroeconomic trends," SG Hiscock said.

The strategy will be managed by SG Hiscock global resources specialist Stephen Gorenstein, who joined the investment manager in 2025 to establish its dedicated global resources capability.

Gorenstein has worked across geology, mining, investment banking, capital markets and funds management, beginning his career with Rio Tinto before moving into investment management.

"Stephen brings a rare combination of technical geological expertise and deep commercial investment experience," Cochran said.

"His disciplined investment process, extensive industry relationships and ability to identify quality resource businesses globally significantly strengthens our investment capability."

The comments follow a meeting of the Energy and Climate Change Ministerial Council (EMC), where all jurisdictions except Queensland and the Northern Territory backed the Commonwealth's plan to legislate national standards requiring new large-scale data centres to underwrite new renewable power supply.

The ministers also agreed to develop changes to the National Electricity Rules to ensure data centres offset their electricity demand with new renewable generation and endorsed a nationally consistent regulatory approach.

Climate Council chief executive Amanda McKenzie said while the direction of the reforms was encouraging, significant questions remained.

"It's encouraging that most states and territories agree that we need additional renewable energy to power data centres, and that the Albanese government plans to legislate imminently," McKenzie said.

"It is vital that data centres are powered with additional renewables to protect consumers from price and pollution spikes."

However, she said governments had yet to agree on implementation timeframes, despite rapid growth in the sector.

"Data centres are coming online very quickly, so the National Electricity Rules must ensure that they are required to source additional renewable power from the get-go," McKenzie said.

She criticised the Queensland and Northern Territory governments for failing to support the proposed reforms.

"Unfortunately, the Queensland and Northern Territory governments continue to put the interests of big tech and fossil fuel corporations first, failing to back strong rules that protect Australians from rising power bills and pollution," she said.

The Climate Council has previously argued requiring data centres to fund new renewable generation is necessary to prevent higher electricity prices as demand from artificial intelligence and cloud computing accelerates.

Its recent Clouded Future report estimated wholesale electricity prices could rise by as much as 26% in New South Wales by 2035 without stronger requirements, while separate YouGov polling commissioned by the organisation found 82% of Australians support requiring new data centres to pay for the renewable energy and storage needed to match their electricity consumption.

The Commonwealth is expected to develop the proposed legislation and rule changes in the coming months.

The specialist investment manager said Stage Two of the project has successfully completed construction and commenced commercial operations. The additional funding will be used for the buildout of the Stage Three of the project.

"The first two stages of Supernode are now operational which completes delivery of the Origin contracted stages marking another successful milestone in the project's development," Quinbrook said.

Quinbrook managing director and regional leader for Australia Tim Horneman said the investment manager is incredibly proud of delivering the first two stages on schedule, given the complexity of commissioning utility-scale battery storage projects in Australia.

"With Stage Three now fully financed, we've reached another important milestone in Supernode's continuing development. The ongoing support of our banking partners also reflects confidence in the Supernode project, our delivery track record and the long-term outlook for battery storage in Australia," Horneman said.

The project continues to be backed by Commonwealth Bank of Australia, MUFG and Deutsche Bank, alongside new lending partners DNB and Rabobank.

Quinbrook senior director James Allan said Supernode's value extends well beyond the battery currently under development.

"From the outset, Supernode was designed as more than just a battery storage project. Its unique location at the heart of Queensland's transmission network makes it ideally placed to support the state's transitioning power system well into the future," Allan said.

"The site also has capacity for a further 520 MW of expansion, which could include battery storage, data centres or a combination of both. Opportunities to develop infrastructure at this scale, in such a strategically connected location, are exceptionally rare."

Supernode's first two stages were delivered in partnership with Quinbrook affiliate Private Energy Partners, with the partnership continuing through construction of Stage Three.

The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals.

Epic Energy owns and operates the Moomba to Adelaide Pipeline System, known as MAPS, which connects gas resources in northern Australia to Adelaide. MAPS has operated for more than 50 years and is one of the only two pipeline systems serving in Adelaide, Morgan Stanley said.

The system continues to provide critical connectivity between key gas-producing regions and South Australia's power generation, industrial and utility customers.

Commenting, MSIP co-head of Asia Pacific Tim Cooper explained the rationale behind the acquisition.

"MAPS is a critical piece of energy infrastructure with a more than 50-year operating history, high barriers to entry and long-term strategic relevance," Cooper said.

"As the sole long-haul pipeline connecting Adelaide to northern Australian gas supplies, it plays an important role in supporting energy reliability across South Australia while providing resilient cash flows backed by longstanding customer relationships."

Meanwhile, Mark McLean, who shares the same position, added the acquisition provides a differentiated investment approach to continue providing for investors.

"The acquisition of Epic Energy exemplifies MSIP's approach to sourcing high-quality infrastructure investments through long-standing relationships and direct engagement with local infrastructure owners," McLean said.

"By using relationship-driven sourcing we deliver differentiated investment opportunities for our investors, while supporting essential infrastructure in key markets globally."

The commission's interim findings identified planning regulation, slow approval processes and infrastructure delivery as key barries to new housing, while proposing reforms including allowing three storey townhouses on most residential land, reducing minimum lot sizes and streamlining approval pathways.

HIA chief executive industry and policy Simon Croft said the report challenged outdated planning assumptions that have restricted housing supply for decades.

"The Commission has recognised what builders, developers and home buyers have been experiencing for years. Australia cannot solve its housing affordability challenges without reforming the systems that control how, where and when new housing can be delivered," Croft said.

He said the proposed reforms had the potential to improve affordability if governments were prepared to implement them.

"Among its key recommendations are measures to allow three storey townhouses on most residential land, removing or reducing minimum lot sizes, greater housing diversity and faster approval pathways. These are all reforms that have the potential to increase housing supply and improve affordability if governments are prepared to act," he said.

Croft also welcomed the commission's focus on infrastructure delivery and developer contribution frameworks, arguing poorly coordinated infrastructure planning and complex charging arrangements were adding unnecessary costs to housing projects.

"Too often, housing projects are delayed by poorly coordinated infrastructure planning, uncertain charging arrangements and approval processes that add unnecessary cost and complexity. Ultimately, these costs are passed on to home buyers," he said.

The HIA said lengthy assessment processes, conflicting agency advice and subjective planning controls continued to increase costs and delay housing delivery.

Croft said the industry had seen enough reviews identifying the same issues and called on governments to move from consultation to implementation.

"The Productivity Commission has made it clear that incremental change will not be enough," he said.

"The industry does not need another review confirming that housing has become slower, harder and more expensive to deliver. What is needed now is the political will to implement reform."

The global infrastructure manager, which oversees $34.5 billion in assets, has also appointed former CWP Renewables and Squadron Energy executive Jason Willoughby as chief executive of Vertis.

The platform's launch follows binding agreements to acquire Green Square Energy from Future Group and two follow-on acquisitions, with completion expected in late 2026, subject to regulatory approvals.

Igneo said the new platform reflects growing demand from commercial and industrial customers seeking greater control over energy costs, reliability and decarbonisation through on-site energy infrastructure.

Partner Daniel Timms said the business was well positioned to capitalise on the expanding distributed energy market.

"We are thrilled to appoint Jason Willoughby as chief executive of Vertis Energy. Jason brings exceptional leadership and a successful track record of building energy platforms to scale," Timms said.

Vertis will build, own and operate on-site distributed energy solutions for businesses including solar, battery, heating and cooling systems, enabling businesses to reduce exposure to energy price volatility while lowering carbon emissions.

Willoughby said energy was becoming a strategic business issue rather than simply an operational cost.

"Energy is no longer just a line item for facilities teams or procurement departments. For many businesses, it is becoming a much more material driver of cost certainty, resilience and competitiveness," he said.

"There is significant value sitting closer to the customer - on business rooftops, behind the meter and in the energy assets companies can control directly. Vertis is built to help businesses capture that value."

The Green Squares Energy acquisition includes 240 sites across Australia comprising 34MW of behind the meter solar and 12MW of small utility scale solar farms with co-located battery developments.

The launch builds on Igneo's existing Australian renewable energy investments, including its stake in CPE Renewable Investment Trust, distributed energy infrastructure at Barangaroo, Central Park, Mascot and Tonsley precincts, and its investment in Atmos Renewables, which includes interests in more than 1.9GW of wind, solar and energy storage assets.

🌿 Is greenwashing evolving into a new risk era driven by climate reporting and emissions targets?

❓ Question: As climate disclosure becomes mandatory and regulators crack down on misleading environmental claims, is greenwashing becoming less about marketing spin and more about governance, reporting and accountability?

✅ Answer: According to Dr Mark Siebentritt, executive director at Edge Impact, greenwashing is entering a new phase. What was once largely viewed as an ethical issue is now a regulatory and governance concern, driven by enforcement action and mandatory climate disclosure requirements. Organisations can no longer rely on broad sustainability claims or aspirational net-zero statements. Instead, they must be able to substantiate their claims with evidence, robust data and credible implementation plans.

🌟 One of the most significant changes is the shift from voluntary to mandatory climate reporting. Dr Mark Siebentritt notes that sustainability reporting has become deeply embedded in organisational decision-making, particularly within finance, governance and risk functions. Climate-related risks and their financial implications are increasingly being treated as core business issues rather than standalone sustainability concerns.

🌟 Greenwashing has also moved from being an ethical debate to a regulatory risk. In the past, organisations were primarily challenged by stakeholders questioning environmental claims. Today, companies face potential consequences from regulators if they make claims that cannot be supported by evidence. This shift has elevated greenwashing from a reputational concern to a board-level risk.

🌟 Directors are paying closer attention because of both financial and reputational implications. According to Dr Mark Siebentritt, discussions around potential regulatory action often resonate strongly in boardrooms because directors have fiduciary responsibilities and need confidence that sustainability claims are supported by reliable data and governance processes.

🌟 Mandatory climate disclosure reporting is accelerating this trend. More than 6,000 Australian companies are expected to be affected by reporting requirements that include disclosure of climate-related risks and financial impacts, with assurance and auditing requirements increasing over time. Dr Mark Siebentritt describes the changes as among the most significant developments in financial reporting in recent years.

🚩 One challenge is the compressed timeframe facing organisations. While businesses may previously have developed gradual sustainability roadmaps, climate disclosure requirements and greenwashing regulations are now converging. Companies are under pressure to strengthen governance, reporting systems and evidence frameworks much sooner than many originally anticipated.

🚩 Another challenge relates to artificial intelligence. While AI can help organisations process large and complex datasets, identify patterns and improve reporting efficiency, Dr Mark Siebentritt warns that businesses cannot rely on technology alone. Climate risks remain real-world challenges that require informed judgement, credible analysis and high-quality information. AI-generated outputs that lack accuracy or real-world validation could create significant governance risks.

🌟 AI nevertheless presents important opportunities. Used appropriately, it can support the analysis of vast climate datasets, help uncover trends and strengthen reporting processes. However, organisations must ensure the resulting disclosures are based on robust evidence if they are to meet expectations for investment-grade reporting.

⚠️ Looking ahead, Dr Mark Siebentritt believes one of the biggest emerging greenwashing risks involves emissions-reduction targets. Organisations are increasingly required to disclose targets and explain how they intend to achieve them. This means broad declarations about achieving net zero or carbon neutrality are no longer sufficient without supporting evidence and realistic implementation pathways.

⚠️ He describes this as a potential "Greenwashing 2.0" challenge. The future risk may not be false marketing claims but rather targets that lack credible plans, achievable pathways or practical actions. Companies will need to demonstrate not only what they aim to achieve, but also how they will deliver measurable outcomes over time. For multinational organisations in particular, global commitments will need to be translated into credible local strategies and actions.

💡 Why it matters:

The sustainability landscape is rapidly maturing. As climate reporting requirements expand and regulatory scrutiny intensifies, organisations face growing expectations around transparency, evidence and accountability. Sustainability claims are no longer judged solely by what companies say, but increasingly by the quality of their data, governance and execution. The next generation of greenwashing risk may centre on ambitious climate promises that cannot be realistically delivered. For boards, executives and investors, the challenge will be ensuring environmental commitments are supported by credible plans, measurable actions and robust disclosure frameworks.

🎙️ Sources:

Dr Mark Siebentritt, executive director, Edge Impact

Michelle Baltazar, host, The Greener Way 

⏱️ Timestamps:

00:00 - Greenwashing meets mandatory climate disclosure

01:24 - How Edge Impact's work has evolved

02:49 - Sustainability moves into finance, governance and risk teams

03:30 - The evolution of greenwashing from ethics to regulation

04:33 - Why boards are paying closer attention

06:16 - The impact of mandatory climate reporting

08:00 - Can AI accelerate climate disclosure reporting?

09:00 - The limits of AI and investment-grade reporting

10:35 - The emerging greenwashing risk nobody is talking about

11:00 - Why emissions targets now require evidence and action plans

12:07 - Greenwashing 2.0: From false claims to false targets

13:01 - Final reflections on regulation and accountability

🌿 We record on Gadigal Land and pay our respects to the traditional custodians of country and elders past and present.

After nearly four decades at Macquarie, Wikramanayake will retire from the role in November. With her resignation, none of the top finance companies in the ASX20 will have a female in the top job.

Current Macquarie head of banking and financial services Greg Ward has been named as Wikramanayake's successor, effective November 7.

CEW chief executive Lisa Annese said when the number of women in leadership positions is small a handful of departures registers when it's a woman.

"What we would like to see is a focus on sustained pipeline development for women," Annese said.

"So that when it comes time to finding the replacement or appointing the next chief executive, there are just as many qualified women as there are qualified men in line for that appointment and ready to be considered."

She noted the commentary was not specific for Macquarie and generally as an economy we can do better around who's in the pipeline for the next role.

Annese adds the pool of candidates is very narrow when looking at a chief executive appointment.

"It's about who is in that team that could be positioned for the next chief executive role, and that's where I think there's an opportunity to build from middle management into executive leadership," she said.

Wikramanayake joined the banking giant in 1987, having led various business divisions, including its asset management business for more than a decade, across Hong Kong, Malaysia, New Zealand and Australia.

She was appointed chief executive and managing director in December 2018, succeeding Nicholas Moore who served as chief executive for 10 years.

"She's had a long tenure at Macquarie, achieved amazing things, and now moving on to the next phase of her life, and she's been an extraordinary chief executive," Annese said.

The resolution brought forth by 160 shareholders and coordinated by Market Forces, pushed for improved climate risk exposure and management by Macquarie.

Australian Retirement Trust (ART) and Cbus both voted in favour of the resolution last year but chose to vote against it this year. Aware Super chose to abstain from the vote this time. It had voted in favour of the resolution last year.

Around 18% of Macquarie shareholders voted in favour of the resolution for the investment giant to disclose how its fossil fuel financing aligns with its commitment to the Paris Agreement. This marks a major walk back from last year, when 35% of shareholders voted in favour of the resolution.

Concerns have been raised over Macquarie's role in financing the Beetaloo Basin in the Northern Territory.

"Macquarie has 'an ambition to support the goals of the Paris Agreement'. It is not clear what this means," Vision Super said.

"It is not clear how financing long-term fracking projects in the Beetaloo basin or Sandow in Texas supports this ambition whatever it is. A report might help the company clarify what it is actually doing and what it means by its statements."

A Cbus spokesperson said the super fund has and will continue to engage with Macquarie regarding its approach to managing climate change risks.

In its Responsible Investment Report 2025, Aware Super highlighted its reasons for choosing to abstain from the Say on Climate vote at a Santos AGM last year.

"Following comprehensive engagement and analysis, we chose to abstain from the Say on Climate vote, reflecting our recognition of the company's progress on climate risk management and transition planning, while signalling our expectation for continued improvement," Aware Super said.

Shareholders in the resolution claimed the latest disclosures and financing activity appeared inconsistent with accepted science-based pathways to meet the Paris climate goals, substantially decrease reported green-energy exposure, and significantly increase reported fossil fuel exposure.

The funding will enable HAMR Energy to undertake front-end engineering design (FEED) and development work for a proposed biomass-to-fuel supply chain across Victoria and South Australia.

The project intends to convert forestry byproducts such as sawdust and bark into renewable methanol, which can then be used to produce SAF, renewable diesel and other low-carbon fuels.

If commercialised, the facility could produce enough SAF to displace around 140 million litres of conventional jet fuel each year, reducing carbon emissions by an estimated 330,000 tonnes annually.

ARENA chief executive Darren Miller said the project could help accelerate Australia's emerging sustainable aviation fuel sector.

"Aviation is one of the most challenging sectors to decarbonise, particularly for long-haul flights where alternatives to liquid fuels remain limited. SAF offers a practical near-term pathway to reduce emissions from aviation using existing aircraft and infrastructure," Miller said.

"Australia has a significant opportunity to turn underutilised biomass resources into valuable clean fuel products, and this project will help test whether byproducts from existing forestry operations in Australia can be converted into low-carbon liquid fuels at scale."

The finding will be released in two stages, with an initial $12.5 million available immediately and the remaining $19.5 million contingent on HAMR Energy securing additional co-investment to progress detailed engineering.

The project will source plantation forestry for the Green Triangle region across western Victoria and South Australia, creating an additional revenue stream for plantation owners while supporting certified sustainable forestry operations.

HAMR Energy co-founder David Stribley said the investment marked an important step towards building a domestic SAF industry.

"The project has the potential to strengthen Australia's fuel security, reduce aviation emissions and create skilled jobs across construction, engineering, manufacturing and regional supply chains," Stribley said.

Alex Godina has joined as general manager, development, while Cameron Sampson has taken on the role of land acquisition director. Jack Huang has commenced as associate director, and Zachary Jones was named as development manager.

Godina brings deep utility-scale renewables experience from his most recent role as head of development at Cubico Sustainable Investments Australia. He has also held senior development and approvals roles with DP Energy, Maoneng and Hanwha Energy, working across wind, solar and battery storage projects.

Meanwhile, Sampson has nearly two decades of experience across battery energy storage system (BESS), grid connections and clean energy infrastructure. His background includes Castle Group, Firm Power and Endeavour Energy, where he worked across renewable origination, land acquisition, project acquisitions, network operations and corporate development, Capella said.

On the other hand, Huang boasts a tenure of 10 years with Macquarie, including Macquarie Capital, where he worked across direct investment and M&A advisory in energy transition and infrastructure, while also experienced in commercial development and asset management of large-scale energy transition projects.

At last, Jones has more than 14 years' experience across renewable energy development, technical advisory and electrical engineering. He held roles with Kilara Energy, K2 Management, GreenSync and AECOM, supporting wind, solar and BESS projects through development, due diligence and delivery, the firm said.

"Together, these appointments add significant development, land, technical and investment capability as Capella continues to build a high-quality energy platform focused on renewables, transmission and storage opportunities across Australia," Capella said.

The appointments follow the welcoming of two industry stalwarts, Andy Haining and Jarrod Woodward, to the respective roles of executive director and director, to lead its Australian infrastructure development in response to ongoing growth in the market.

In their roles, both will originate, develop and execute public private partnerships and adjacent opportunities, with a focus on delivering complex infrastructure projects in partnership with government and private sector stakeholders. Haining will also assist in leading Capella's Australian focused equity fund raising initiatives.

The investment, announced alongside a new strategic partnership between the two firms, will support the rollout of renewable energy infrastructure across Victoria, New South Wales and Western Australia, with a focus on hybrid solar wind and battery energy storage system (BESS) projects.

Yanara chief executive Jerome Ortiz said the investment marked a significant milestone for the renewable energy developer as it expands its Australian footprint.

"This investment marks yet another defining milestone in Yanara's growth journey," Ortiz said.

"Mirova is one of the world's most respected sustainable investors, and we are proud to welcome them as our partner in Australia. We share a common vision of accelerating the energy transition through high-quality infrastructure that delivers long-term environmental, social and economic value. Together, we will help build the next generation of reliable and dispatchable renewable energy solutions for Australia."

A substantial portion of the funding will be directed towards Yanara's flagship Mortlake energy hub in Victoria, a hybrid renewable energy project comprising a 450MW solar farm and a 600MW/2,400MWh battery energy storage system across two stages.

According to Yanara, the project is expected to generate enough renewable electricity to power around 200,000 homes while avoiding an estimated 880,000 tonnes of carbon emissions annually. The first stage is preparing to enter construction and is expected to create more than 300 jobs.

Mirova global head of private assets Raphael Lance said Australia remained one of the world's most attractive renewable energy markets.

"Australia is one of the most compelling markets globally for the energy transition, supported by strong renewable resources, decommissioning of the coal-fired power plant, growing electrification needs and an increasing demand for firm, dispatchable clean power," Lance said.

"Our investment in Yanara reflects Mirova's long-term commitment to supporting the development of critical energy infrastructure that can accelerate Australia's transition to a more resilient and low-carbon energy system."

Yanara currently has more than 5.1 GW of renewable energy projects under development across Australia, India and the Philippines.

The Australian investment represents the company's first dedicated capital raise for its local operations and comes as demand for firmed renewable generation continues to increase alongside Australia's transition away from coal-fired power.

The partnership will see La Caisse commit $300 million in equity alongside a further $30 million investment from GO. FARM, while also taking a minority stake in the Melbourne-based manager.

La Caisse executive vice president and head of infrastructure and sustainability Emmanuel Jaclot said Australia remained an attractive destination for long-term agricultural investment.

"Australia combines world class agricultural resources, strong export markers and significant land transformation opportunities," Jaclot said.

"Through this partnership with GO. FARM, we are backing a proven operator with deep local expertise and a strong commitment to responsible agriculture. Together, we aim to build a diversified platform positioned to capture attractive opportunities across a sector that is becoming increasingly important to global food production."

Founded in 2013, GO.FARM manages approximately $1.6 billion in assets and specialises in developing underutilised land and water assets into institutional grade permanent horticulture operations.

Founder and managing director Liam Lenghan said the partnership reflected increasing global appetite for agriculture as an institutional asset class.

"Our focus has always been on finding the opportunity, solving the challenges and executing the fundamentals well by building great teams and capability, back by data-driven insights and good science," Lenaghan said.

"This partnership is built on alignment, not just capital. As global institutions seek exposure to agriculture, access to investment-grade assets remains constrained."

The investment builds on La Caisse's growing sustainable land management presence in Australia and GO. FARM's existing institutional investor base, which includes Australian Retirement Trust, and comes as global investors increasingly allocate capital to food production, natural capital and climate resilient real assets.

SQM Research has confirmed the rating for the Centuria Bass Credit Fund (CBCF) has dropped from a high-investment grade (4.0-star) to a non-investment grade (3.25-star) rating but did not disclose the reasoning behind the determination.

The wholesale fund is operated and managed by entities associated with Centuria, and benefits from first mortgage security in respect of six Bathla loan facilities.

"Two are construction loan facilities. One construction loan facility has ongoing construction exposure and that project is substantially complete. The remaining loans are residual stock loans or land loans. All these loan facilities continue to accrue interest," Centuria said in an ASX announcement.

"While CNI is not a unitholder of CBCF, CNI has provided a direct $4.5 million loan facility to a Bathla Group entity. This is the only balance sheet exposure of CNI to the Bathla Group."

Responding to media commentary suggesting "a relationship between Bathla Group and Centuria Bass Credit employee David Stone", the company has denied any potential conflicts of interest, with reasonings of the lending relationship having been ongoing for more than three years, and Stone having only joined the firm in April 2025.

Stone is currently the managing director and co-head of lending at Centuria. He was head of capital at Bathla between May 2024 and April 2025.

"[While] Mr Stone previously worked for a Bathla Group entity for 12 months, he has no ownership interest in, or control over, any Bathla Group entity," Centuria said.

"Stone is not a voting member of the Centuria Bass Credit investment committee and has no voting influence over the approval of any Bathla Group loan facility."

In relation to the rating change of CBCF, Centuria said it will engage constructively with the research house regarding the matters and "seek appropriate clarification and correction where required."

The fund has a net asset value of $272 million and returned 8.76% over the 12 months to June end. It contains 53 first mortgage property debt investments, and 100% of transactions have benefited from the first-mortgage security, the firm said.

Meanwhile, Bathla was earlier this year involved in a separate controversy with another private credit lender Alceon, which has exited its decade-long relationship with the developer in January, according to The Australian.

Defending its position, Bathla said the decision to refinance its loan portfolio with Alceon was made by Bathla for sound commercial reasons and the conclusion of the partnership was not initiated by Alceon.

"Alceon extended its lending with Bathla in mid-2025 and confirmed on numerous occasions that it was comfortable retaining the loans through to project completion," Bathla's statement read.

"We remain in ongoing discussions with Alceon regarding potential future lending and share the view expressed publicly that both parties are open to working together again."

This is major walk back from last year, when 35% of shareholders voted for improved climate risk exposure and management.

This year, major international investors had backed the Market Forces shareholder resolution. They include CalPERS, the largest pension fund in the United States; the New York City Pension Funds; KLP, Norway's biggest private pension fund; and Storebrand, Norway's largest asset manager. Australian super fund Australian Ethical is also part of the 160 shareholders on the resolution.

Australian Ethical head of equities Nathan Parkin said, "Capital allocation decisions made today will shape the resilience of the business for decades to come."

"Shareholders need sufficient information to assess whether Macquarie's financing decisions are consistent with its stated strategy and support long-term value creation. Greater disclosure would help investors understand how those decisions align with the company's public commitments," he added.

Shareholders in the resolution claimed the latest disclosures and financing activity appeared inconsistent with accepted science-based pathways to meet the Paris climate goals, substantially decrease reported green-energy exposure, and significantly increase reported fossil fuel exposure.

The resolution stated these developments "call into question the credibility of Macquarie's climate representations and exposes the group to growing climate-related financial risks."

The Macquarie board recommended shareholders to vote against the resolution noting it is not in the best interest of the company.

"The advisory resolution in Item 5b. mischaracterises the extent of our involvement by solely focusing on the balance sheet positions in green energy which have fallen, as foreshadowed, due to the strategic shift to a fiduciary model and the reduced carrying value of remaining balance sheet investments," Macquarie said.

"As noted in the FY2026 MGL Sustainability Report, and to ensure consistency in disclosure, Macquarie expects to disclose emissions associated with assets under management in the next reporting period, providing further insight into its portfolio."

Macquarie said it will continue to monitor regulatory and industry developments when considering any further disclosures in future reporting periods including in relation to exposures to carbon-intensive industries where relevant.

In its annual report, Macquarie said while it remains committed to the goals of the Paris Accord, its longstanding view remains that a managed "glidepath" to energy transition is the only long-term solution to manage "availability, affordability, and emissions reduction".

"High energy costs, and the accompanying impact on the cost of living, have seen a shift in public policy priorities and greater recognition in recent years that fossil fuels, particularly natural gas, will be required for some time, even as the transition to renewables continues," Macquarie said.

Macquarie also said climate-related opportunities are not expected to be material in the short-term.

"Over the medium- to long-term, opportunities may emerge; however, these are contingent on a range of external factors, including investor demand and market conditions," Macquarie said.

It added in the long-term the range of possible outcomes become increasingly broad and estimating the financial effects beyond the medium-term "would not be decision-useful".

The YouGov survey of 1624 Australians found 82% support governments requiring new data centres to pay for additional renewable energy generation and storage equivalent to their electricity consumption, as federal and state energy ministers prepare to discuss the issue at next week's Energy and Climate Change Ministerial Council meeting.

The findings come amid forecasts electricity demand from Australian data centres will triple by 2030, driven largely by the rapid expansion of artificial intelligence infrastructure.

Climate Council chief executive Amanda McKenzie said Australians were sending a clear message to governments and industry.

"Australians have sent a crystal-clear message: operators cashing in on the AI boom must bring their own clean energy to the table," McKenzie said.

"With energy demand from Australian data centres set to triple by 2030, we can't afford to let this industry drain our grid, push up electricity bills and create more climate pollution."

The polling also found 69% of respondents supported mandatory energy and water efficiency standards for new data centres, while 67% believed the facilities risked placing additional strain on the electricity grid and increasing household power bills.

McKenzie said recent commitments from the federal government to ensure data centres did not increase electricity prices would require stronger policy settings.

"The federal government promised last week to ensure that data centres won't drive up power prices. This requires mandating that data centres build their own additional renewable power," McKenzie said.

"Without immediate action, Australian households will pay the price through spiked energy bills and soaring pollution within the next few years."

Despite concerns about energy demand, the survey suggested Australians remain unconvinced about the broader economic benefits of the sector, with fewer than half (49%) agreeing the data centre industry would significantly boost Australia's economy.

McCartney will replace Ian Learmonth, who was appointed in 2017 and will support a smooth transition.

McCartney brings close to four decades of experience across financial services. Most recently, he was responsible for delivering the complex $19 billion CEFC Rewiring the Nation policy, which is a central component of the government's signature electricity grid modernisation program, the CEFC said.

He also led the CEFC's emerging alternative fuels portfolio and Western Australian businesses and has successfully originated and led some of the CEFC's most strategically significant investments, including Marinus Link.

Welcoming McCartney, CEFC chair Steven Skala said: "Widely respected within the CEFC, Paul has been a strong advocate for the CEFC's role in accelerating investment, reducing barriers to capital and supporting the development of new clean energy markets."

"The board is confident that his experience, strategic insight and deep understanding of the CEFC mission positions him strongly to lead the organisation through its next phase of growth and impact."

McCartney said he is looking forward to accelerating the corporation's net zero strategies at an important period.

"The CEFC is entering a critical phase of delivery to achieve on the Australian government's net zero ambitions and clean energy transformation. This is a decisive decade. The pace and scale of investment required to meet our 2030 renewable energy targets and 2050 net zero commitments is unprecedented," McCartney said.

"In leading the Rewiring the Nation Fund, I have seen firsthand the complexity involved in delivering the policy outcomes that underpin the entire transition.

"I am confident in the CEFC team's ability to rise to the many challenges of ensuring projects are delivered at the speed and cost required."

Meanwhile, Skala also noted Learmonth's contribution had led the CEFC through a period of substantial growth.

"Under Ian's outstanding leadership, the CEFC has expanded its impact and strengthened its role as a catalyst for private investment, delivering significant outcomes for Australia's energy system, economy and emissions reduction efforts," Skala said.

"He took on a challenging role almost a decade ago, and has earned the respect of the board, his peers, the wider market and indeed all associated with the CEFC."

Learmonth added: "The CEFC plays a unique role in working alongside the private sector to accelerate investment in the infrastructure, technologies and systems needed to deliver net zero."

"I am proud of the passion and commitment of the CEFC team round me, and the impact we have had in reducing emissions and building a more reliable, affordable and lower emissions energy system. I am grateful for the strong support and guidance from the CEFC board."

Under the changes, the EU is moving from a disclosure framework into a product categorisation regime.

"That change raises the stakes for the regulator. Once products are assigned to recognised sustainability categories, those categories perform much of the communicative work before any product-specific claim is made," the research note by EDHEC Climate Institute said.

"If the underlying standards are weak or internally inconsistent, the new framework may therefore institutionalise rather than mitigate misleading sustainability claims."

To mitigate this, the institute pushes forth the idea of "substantiated categorisation", which moves beyond formal eligibility criteria, such as investment thresholds or recognised methodologies.

Instead, products should demonstrate the coherence of the chain linking category objectives, product objectives, investment strategies, implementation mechanisms, indicators and their plausible implications for the real economy.

"This is particularly so where the framework claims not only to improve investor information and protection, but also to support the mobilisation and allocation of capital towards the transition of the real economy," the report read.

"Such a claim requires products to justify the coherence of the chain linking the objective represented by the category, the objective pursued by the product, the investment strategy adopted, the investment approaches through which that strategy is implemented, the indicators used to assess its operation and progress, and its plausible implications for outcomes in the real economy."

While the framework already exists, the research note pushes to tackle the challenge to apply that principle consistently throughout the categorisation regime.

"The debate has understandably focused on thresholds, exclusions and exemptions, and on how they affect the integrity of the categorisation framework. Those are necessary questions. They are not, however, the only ones the revised regime must answer," EDHEC Climate Institute programme director Frédéric Ducoulombier said.

"Once the regulator creates sustainability categories, it gives them meaning. That creates responsibilities. Product qualification must therefore do more than satisfy formal criteria."

Brookfield will acquire the business from funds managed by Blackstone Energy Transition Partners through the second vintage of its flagship global transition strategy, alongside its institutional partners, including Brookfield Renewable Partners.

Aypa is the largest standalone battery storage developer in North America, Brookfield said, which contains a diversified portfolio across various power markets in the US and Canada, including 6.5 gigawatts (GW) of operating, under-construction and contracted battery storage capacity, complemented by a development pipeline of over 20GW.

Under the terms of the agreement, Brookfield will acquire Aypa's operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team.

Commenting, Brookfield's Energy chief investment officer Jehangir Vevaina said: "We are excited to partner with Aypa to deliver on the company's scale growth pipeline. Battery storage is increasingly critical to the reliability and resilience of today's energy systems, and bringing together this leading platform with Brookfield's broad capabilities across technologies and geographies further strengthens our ability to deliver integrated energy solutions to the world's largest buyers of power."

Aypa Power chief executive and founder Moe Hajabed added: "This is an extraordinary achievement for the team that built Aypa. Over the past six years, with Blackstone's partnership, we grew Aypa into the largest and most valuable storage-focused independent power producer in North America."

"Together, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid. I look forward to seeing Aypa flourish further under Brookfield's ownership."

Providing a joint statement, Blackstone senior managing director Bilal Khan and managing director Mark Zhu said: "We invested in Aypa based on our conviction that battery storage would become increasingly critical to supporting grid reliability and meeting growing electricity demand from AI and other use cases."

"Since then, the company has established itself as the leading battery storage platform in North America, supported by a premier development pipeline and strong customer relationships.

"We are proud to have partnered with Aypa and its exceptional management team and look forward to its next phase of growth with Brookfield."

As a patron, Morgans Financial will help raise awareness for the challenges facing rural Australia, advocate for farmers and support Rural Aid's delivery of disaster assistance, mental health and wellbeing services, and community development programs. The patronage will be led by Morgans Financial chair Brian Sheahan, who has more than 40 years' experience across the financial services and resources sectors.

The appointment builds on the partnership that was established with the launch of an annual charity initiative, Big Dry Friday, in 2018.

Commenting, Rural Aid chair Alex Hutton said Morgans Financial's continued support helps create meaningful outcomes for farming communities.

"We are delighted to welcome Morgans Financial as a Rural Aid Patron. Their genuine commitment to rural Australia and their long-standing support of farmers aligns strongly with our purpose," Hutton said.

"Together, we can continue providing timely assistance, strengthening connections and ensuring farmers and their families have access to the support they need, when they need it most."

Sheahan added the organisation was proud to deepen its advocacy efforts to empower regional communities.

"Morgans has always valued the contribution of Australia's farmers and the vital role they play in our economy and communities," Sheahan said.

"Through our support of Rural Aid and initiatives such as Big Dry Friday, we have seen the impact that practical assistance and community connection can have for farmers and their families during challenging times.

"We are honoured to become a patron and continue supporting rural Australia. We look forward to working with Rural Aid to help deliver meaningful outcomes for farming communities across the country."

The BLF also picked Amundi Asset Management, BNP Paribas Asset Management Europe, Geode Capital Management and State Street Global Advisors Singapore to help manage the Global Climate Transition Passive Infrastructure Securities strategy.

Each fund manager will be allocated US$400 million ($571m) from the Labor Pension Fund, US$100 million ($143m) from the Labor Insurance Fund, and US$100 million ($143m) from the National Pension Insurance Fund. The mandate term will last five years.

The fund managers will use the FTSE Global Core Infrastructure ex China TPI Climate Transition Index as their benchmarks, targeting companies with forward-looking climate transition management capabilities.

Through a passive investment approach, the BLF said the mandate aims to participate in the global infrastructure market at a relatively lower cost, while serving the dual objectives of supporting companies in advancing structural transition and capturing investment growth opportunities.

The fund managers will also aim to achieve the long-term objectives of the Labor Funds and the National Pension Insurance Fund, which are to consistently earn stable returns.

"This mandate aligns with international trends by focusing on climate transition infrastructure, combining stable income characteristics with structural growth in electricity demand. It aims to strengthen the balance of alternative investments within the overall portfolio, enhance diversification, and simultaneously support corporate transition while capturing investment growth opportunities," the BLF said.

This is against the backdrop of the rapid development of artificial intelligence (AI), cloud computing, and the digital economy, investment opportunities in related infrastructure have been expanding. "Such assets typically feature stable cash flows, essential demand, and resilience to economic cycles, which help generate long-term returns while enhancing portfolio defensiveness. In addition, under the global energy transition trend, power and related infrastructure are gradually shifting toward low-carbon development," the agency said.

In March, the BLF put out a tender for its global passive fixed income investment mandates under the Labor Pension Fund and the National Pension Insurance Fund, seeking four external managers. Each fund manager will be entrusted with US$300 million ($428m) from the Labor Pension Fund and US$100 million ($143m) from the National Pension Insurance Fund. This mandate totals US$1.6 billion ($2.3bn) and will also span five years.

🌿 Can committing just 1% of revenue help businesses drive meaningful environmental impact?

❓ Question: Can a relatively small commitment of 1% of annual revenue create measurable environmental outcomes, strengthen business performance and help companies embed sustainability into their long-term strategy?

✅ Answer: According to Kate Williams, chief executive officer of 1% for the Planet, the answer is yes - provided businesses treat environmental giving as a core operational expense rather than a discretionary donation. The organisation encourages members to commit at least 1% of annual revenue, not profits, to vetted environmental causes every year, regardless of business conditions. This approach is designed to integrate environmental responsibility directly into corporate strategy, planning and financial decision-making.

Founded in 2002, 1% for the Planet connects businesses with environmental partners across four key impact areas: just economies, resilient communities, rights to nature, and conservation and restoration. Member companies can direct their contributions according to their own sustainability priorities, while the organisation verifies and certifies their commitments.

🌟 One of the key insights from the discussion is why the 1% figure has endured for almost 25 years. Williams explains that 1% is both psychologically accessible and financially meaningful. It feels achievable for most organisations, yet when applied to annual revenue rather than profit, it becomes a substantial long-term commitment that can fund significant environmental initiatives.

🌟 The strongest area of support among members is resilient communities, which accounts for roughly 40% of certified contributions. Williams says this reflects growing recognition that environmental issues are fundamentally linked to people and communities. Businesses increasingly want their sustainability efforts to deliver both environmental and social outcomes, particularly as climate impacts become more visible.

🌟 Climate-related causes are receiving increasing attention. Climate adaptation attracted approximately $25 million in certified giving during 2025, representing around 22% of all contributions certified by the organisation. Renewable energy funding also experienced significant year-on-year growth, highlighting the increasing focus companies are placing on climate solutions.

🚩 One challenge is maintaining sustainability commitments during periods of economic pressure. Businesses globally are dealing with cost-of-living pressures, margin compression and uncertain economic conditions. In these environments, environmental spending can be perceived as an additional cost rather than a strategic investment.

🚩 Another challenge is demonstrating commercial value. Williams notes that organisations must be able to link environmental commitments to tangible business outcomes such as customer loyalty, brand differentiation, talent attraction and employee retention. Without a compelling business case, sustainability initiatives may struggle to gain long-term support from leadership teams and stakeholders.

🌟 To address these concerns, 1% for the Planet emphasises flexibility. Companies can contribute through cash donations, products or professional services. For example, a marketing agency may provide pro bono services to a non-profit partner, allowing businesses to maintain commitments even in years when cash budgets are constrained.

🌟 Williams also highlights the long-term strategic view. She argues that business viability ultimately depends on a healthy environment and functioning communities. Framing sustainability investments through this lens helps organisations move beyond short-term financial pressures and focus on long-term resilience and value creation.

⚠️ Looking ahead, one area of opportunity is the technology sector. Despite technology companies often generating significant revenues and strong margins, Williams says the sector remains underrepresented within the organisation's membership. She sees substantial potential for technology firms to play a larger role in funding environmental initiatives as stakeholder expectations continue to evolve.

⚠️ The organisation is also continuing to invest in its global community of members. Through events, peer networks and ongoing support, businesses can share ideas, refine their giving strategies and learn from others facing similar sustainability challenges. According to Williams, participation is designed to be an evolving journey rather than a one-off commitment.

💡 Why it matters:

As sustainability expectations expand beyond emissions reductions and reporting requirements, businesses are increasingly being asked what direct contribution they are making to environmental and social outcomes. Models such as 1% for the Planet aim to move environmental responsibility from the margins of corporate strategy into core business operations. By linking environmental giving to revenue rather than profits, organisations can create more predictable and accountable funding streams while potentially strengthening customer relationships, employee engagement and long-term business resilience.

🎙️ Sources:

• Kate Williams, chief executive officer, 1% for the Planet

• Michelle Baltazar, host, The Greener Way 

⏱️ Timestamps:

00:00 - Why 1% of revenue became the benchmark

01:30 - How 1% for the Planet works

03:10 - The rationale behind revenue-based giving

05:00 - Trends in environmental funding and impact areas

06:00 - Why resilient communities receive the most support

07:00 - Climate adaptation and renewable energy funding growth

09:00 - Maintaining commitments during economic pressure

10:00 - The business case for environmental giving

12:00 - Flexible contribution models and in-kind giving

13:00 - Opportunities in the technology sector

15:20 - How businesses can join 1% for the Planet

16:20 - Community-building and member support

Link: https://www.onepercentfortheplanet.org/

🌿 We record on Gadigal Land and pay our respects to the traditional custodians of country and elders past and present.

Last year, Insignia Financial struck a deal with SS&C to outsource about 1300 staff who worked in its master trust business to the fund administrator as part of its cost-cutting drive. Insignia's staff working in administration, technology and digital teams officially moved to SS&C in July 2025.

While SS&C began the major restructure to integrate the workforces of the two businesses, Finance Sector Union (FSU) had secured a 12-month firing freeze of the roles.

FSU said, however, as soon as the moratorium on the job losses lifted, SS&C has made a portion of the staff redundant. The union noted all the jobs in the initial round of redundancies will be performed at SS&C Technologies' Thai and Indian operations.

"The remaining Australian staff will undergo a selection process to determine who stays and who will be in line for future redundancies," FSU said.

Insignia Financial's Shadforth and Bridges financial advice business will also axe 59 staff with their jobs also going to the Philippines.

FSU has lodged a dispute with SS&C and Insignia Financial and said it will escalate the matter to the Fair Work Commission if needed.

"Offshoring is a cancer that continues to spread across the entire Australian finance sector," FSU national president Wendy Streets said.

"It puzzling to think that SS&C Technologies bought half off Insignia Financial last year to get a toehold on Australian finance and now, less than a year later, they are abandoning this country in favour of Asian countries known for their poor pay and conditions."

Streets added the FSU will not relent until the companies are held to account for treating Australian workers like "pawns in a fruitless global chess game".

The real question is: can investors afford to stop pricing real-world risks and externalities into decision-making?

Here are six takeaways from RI Europe 2026 and our own RI roundtable event.

1. New challenges, new opportunities: recognising system-level risk 

Climate scenarios are not forecasts, they are intended to allow us to think creatively and ask out-of-the-box questions. Participants at the roundtable demonstrated this nimble reasoning style when discussing the future through a system-level approach. For example, attendees asked to what extent are informal and out-of-office economies like construction and agriculture exposed to extreme heat and flooding? Questions like this help clarify and emphasise the interconnectedness of underlying systems that companies rely on (economic, environment, social).

As such, a system-level or 'whole-of-economy' perspective is gaining traction. This approach recognises systemic risks rather than focusing onrisks specific to companies in scope. Systemic risks are not just ESG in nature and include other risks like AI, cyber security and geopolitics. For large asset owners with diversified portfolios and exposed to big chunks of the economy, this is highly relevant.

Ultimately, a system-level perspective cascades from beneficiaries to asset owners to asset managers. While asset managers still appear somewhat fragmented, asset owners are increasingly clear, and confident, about their role in shaping public policy discourse. While scenario analysis alone is not good enough to embed in strategic asset allocation and methodologies, narrative-based approaches can be more useful for systems approaches. This was supported by roundtable participants as a highly encouraging development.

2. Opportunity loss vs opportunity cost: reframing ROI

One approach is to view physical risk as 'savings of investment' rather than return on investment (ROI), shifting the focus to avoided losses rather than opportunity cost. Interestingly, the drivers of action differ: asset owners tend to respond to lived experience (e.g. extreme weather events) while asset managers are more often driven by client demand.

A practical, financially grounded framework discussed is an asset-class-agnostic approach that addresses the following aspects:

• How the asset generates revenue
• How climate affects that revenue generation
• The likelihood and degree of vulnerability
• The level of adaptation and resilience in place

As participants demonstrated at our roundtable, exploring how physical risk manifests across asset classes is a future-forward conversation. The direction of travel is unambiguous: we must integrate physical risk with at least the same urgency as climate mitigation.

3. Mandates and reporting: from intent to implementation

A core sentiment echoed amongst attendees, which cannot be overstated, is the importance of explicit client mandates. Clear intentionality must be matched with appropriate incentives, particularly when it comes to stewardship and advocacy. Without this alignment, expectations on value-added risk remain under-recognised and under-resourced.

Attendees also discussed the future of sustainability reporting and the importance of being more specific, deepening links to financial statements, and assurance. Addressing EU standards, reporting should be bi-lingual and seek alignment (e.g., 'one report to rule them all'). On the upside, the roundtable noted that corporates are beginning to adopt sustainability reporting voluntarily, including in the US.

4. Labels and outcomes: shifting language

One development that garnered attention at the roundtable is increasing ESG integration in unlabelled funds. Companies may continue to apply rigorous ESG analysis and stewardship, but without attaching obvious sustainability labels and therefore potentially unwanted additional scrutiny.

At the same time, there is a move to reframe the narrative in more tangible, real-economy terms. Instead of jargon-heavy phrases like 'climate transition', language is shifting to concepts clients more readily recognised and that are less triggering for some parts of society in an increasingly polarised world - such as 'energy security' and 'economic resilience'.

Participant consensus was that clients and beneficiaries respond most strongly not to abstract metrics, but to clear examples of real-world impact. Case studies - demonstrating how engagement has influenced company behaviour, reduced risk, or created long-term value - are often more powerful than percentages or scores.

This shift reflects a broader realisation: communication matters as much as methodology. If ESG is to maintain credibility, it needs to be explained in clear, accessible terms that resonate with different audiences.

5. Greenhushing: the risks of downplaying ESG

'Green hushing' is one of the latest buzzwords around how responsible investment is communicated. It's a phrase describing companies that continue to integrate ESG considerations but deliberately tone down claims, labels or disclosures because increased scrutiny at regulatory, political or reputational level can feel like a trap. Stepping away from ESG language does not remove underlying risks - it simply makes risk harder to see. In practice, we are seeing fewer bold claims and more subdued language, even when underlying processes remain strong.

Roundtable participants drew parallels with the WWII era, when asbestos was widely regarded as a safe, versatile and practical material for everyday applications. The deadly 'magic mineral' was only fully banned in 1999 in the UK, despite ongoing scientific investigations, including a landmark report in 1928, that officially linked asbestos exposure to debilitating lung scarring. In a similar way, ESG analysis identifies and exposes hidden risk before it crystallises and causes harm.

Ignoring externalities can seem beneficial in the short term, as in the case of the lucrative mineral asbestos. Cheap to mine and with heat, fire, and chemical-resistant properties, asbestos fuelled the industrial revolution. Cost was low, returns appeared strong, and economic complexity was reduced. But the bill inevitably arrived: the long-term economic consequences of asbestos proved devastating and far outweighed the initial industrial benefits. In less extreme cases in today's environment, costs may come in the form of regulatory penalties, stranded assets, litigation, or reputational damage.

Roundtable participants showed how this dynamic is currently playing out in the tech sector. Major technology companies that have rapidly grown are now being sued in court. Jurors recently found that both Meta (owner of Instagram, Facebook and WhatsApp), and Google (owner of YouTube) intentionally built addictive social media platforms. These examples illustrate that risks once viewed as peripheral are increasingly being recognised as having financial impact.

6. The enduring value of in-person networks: future discussions

From our lively and engaging roundtable experience it was clear that nothing quite replaces the depth of connection that comes from in-person interaction, whether formal sessions or informal conversations over coffee (or a vegan sausage roll). With ESG communication becoming more grounded in real-world outcomes, these in-person moments enable more candid exchange, faster alignment, and richer strategic thinking.

Looking ahead, there remains cautious optimism from all the discussions we had. We think that this reinforces that Responsible investment and ESG are not dead; if anything they are becoming more embedded.

We thank all the participants for their contributions to a lively discussion.

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Speaking to FS Sustainability, Northern Trust head of digital assets innovation for Asia Pacific Alvin Chia said the carbon credit use case presented in the project depicted a huge opportunity for the local market should tokenisation become more mainstream.

Explaining, Chia said when acquiring carbon credits, the lack of transparency and robustness via the current model is far from efficient and creates a void for fraudulent activities.

"We observed that the voluntary carbon market has historically been dependent on fragmented record keeping, ranging from private databases to, in some instances, manual processes. That creates operational inefficiencies and increases the risk of duplicate claims when governance is weak," Chia said.

"What we can promise is the immutability of the data on our blockchain. Every change is time-stamped, traceable and attributed, giving market participants a transparent view of an asset's lifecycle while strengthening governance and reducing risk.

"Market participants can access key information about a credit in real-time, providing great visibility into provenance, ownership and transaction history. That level of transparency is the core of our value proposition to enable greater institutional participation."

Although Chia predicts only around 10% of Northern Trust's assets under custody will be some form of digital assets by 2035, the digital market adoption will only continue to grow.

"Investors are focusing on some of the more topical areas like AI, but when they start to realise there is a lot going on in digital assets that pique their interest, their engagement increases," Chia explained.

"I'm sure this technology will garner significant interest from the secondary market as well. We are excited to see that come to life."

He also highlighted the push for tokenisation of carbon credits can help bring forth the ESG agenda and help develop a more sustainable society and is currently being realised among the more innovative jurisdictions, stressing that Australia should advance with the technology swiftly if they do not want to be left behind.

"One of the markets that we have seen the active tokenisation of assets includes Hong Kong, where the government have issued multiple tranches of green bonds on chain, and that has been very well received by the local stakeholders. We believe that the bond markets will be the one that will quickly move on chain in the future," he added.

"In Australia, we want to help educate the market in different ways, so when a transaction happens, we can handle them in the best way possible. If the Australian market evolves, allowing tokenised securities trading in the future, we will be there to support them."

Companies would be able to defend themselves if they can demonstrate they took reasonable steps to prevent modern slavery.

"This will ensure companies which have adequate processes and steps in place are afforded appropriate protections," Attorney-General Michelle Rowland said.

"Upcoming consultations will help inform the details of the proposed offence and enforcement options to further ensure the reforms are practical, effective and fit for purpose, including consideration of a deferred prosecution agreement scheme and remedies for victims."

Australian Human Rights Institute director Justine Nolan has said the current Australian Modern Slavery Act raises awareness in educating people on the problem but has fallen short in following through and being effective.

Nolan noted it has become more about ticking a box and getting the processes in place rather than being impact or outcome focused.

The government also intends to introduce civil penalties and associated enforcement powers to address non-compliance with existing obligations under the law.

The government will complement the reforms with practical guidance and education initiatives to assist companies to better identify, manage, and remediate modern slavery risks in their supply chains.

"Australians rightly expect that the products they buy are not made on the back of modern slavery, which is why the Albanese Government is delivering a legislative framework with teeth," Rowland said.

"The proposed changes will introduce greater accountability, leveling the playing field for the majority of Australian businesses already doing the right thing."

The reforms will also encourage effective risk management while maintaining a practical and proportionate framework for business, Rowland added.

Last month, over 100 signatories including institutional investors, businesses and unions sent a letter to the Attorney-General advocating for reform to address underlying risks in modern slavery.

Investors such as Australian Ethical, Colonial First State, Future Group, IFM Investors, and more came together to call on the government to ensure the reform is both "meaningful and pragmatic".

The Responsible Investment Association Australasia (RIAA) welcomed the reforms and said it looks forward to participating in upcoming consultations to ensure the reforms are practical, efficient and effective.

"Modern slavery is not only an ethical concern but also a material business and investment risk. Investors increasingly understand that modern slavery poses significant regulatory, legal and financial risks to investments," RIAA said.

"Companies connected to forced labour or exploitation face risks to long-term business sustainability, reputational harm and legal and regulatory scrutiny. In this context, unmanaged modern slavery risks can undermine business resilience, credibility, and access to capital."

RIAA added institutional investors play a vital role in identifying, assessing and addressing modern slavery risks across portfolios and supply chains.

"Responsible investors will be key to the success of the proposed reforms and to ensure Australia's modern slavery regime delivers better outcomes for people affected by exploitation," RIAA said.

The Business Council of Australia (BCA), however, said the addition penalties prioritise paperwork over fixing the problem and will significantly add to the already substantial red tape burden faced by business.

"Modern slavery has no place in Australian business, and we take the responsibility seriously to stamp it out," BCA chief executive Bran Black said.

"The BCA supports the current Act; however, the priority should be practical guidance and effective implementation of existing reporting requirements, not the imposition of vastly more red tape to Australia's already staggering compliance burden."

Black added: "Undermining a robust system with a hastily conceived new offence doesn't help end modern slavery. The priority should be implementing the existing framework properly, not creating a new offence that raises more questions than it answers."

The consulting firm unveiled Sustainability Fusion, a framework, digital tool and advisory offering developed in collaboration with the Aspen Institute to help chief sustainability officers and chief financial officers evaluate sustainability projects using the same financial metrics applied to other capital investments.

The framework aims to bridge the gap between sustainability and finance by translating environmental initiatives into measurable impacts on revenue, costs and risk, allowing executives to better assess investment decisions.

Deloitte Consulting sustainability fusion co-lead Bill Marquard said organisations were under growing pressure to demonstrates the commercial value of sustainability programs.

"Organisations need this framework now more than ever as sustainability and finance leaders are increasingly expected to quantify sustainability investments," Marquard said.

"When sustainability and finance are equipped to speak the same language, they're able to unlock cost savings, reduce risk and generate new commercial pipelines seamlessly."

To support the framework, Deloitte has also launched an AI-enabled web-based evaluator that allows businesses to assess individual sustainability investments and identify where enterprise value can be created across the organisation.

The framework was developed through workshops hosted by Aspen Institute's Business and Society Program and informed by a working group of more than 25 representatives from corporates, non-government organisations and independent advisors.

Aspen Institute sustainability programming lead Felicia Davis said the initiative was designed to help organisations connect sustainability ambitions with financial decisions making.

"This collaboration with Deloitte builds on insights from our network to help organizations move from intention to action, aligning sustainability investments with the financial realities that drive business decisions," Davis said.

Deloitte Consulting sustainability fusion co-lead Laura Bryce said sustainability leaders required better tools to communicate value rather than additional reporting metrics.

"When organisations can clearly articulate the financial value of sustainability investments, they can make decisions with greater confidence, move more quickly on priorities, and build competitive advantage in an increasingly dynamic business environment," she said.

The performance was a result of strong rollover activity and growing super guarantee (SG) contributions in its super business, as well as sound investment returns and organic flows generated over the period.

Net flows for super over the three months was $196 million, which follows the final transition of members to the GROW platform, reactivation of employment platform acquisition channel and improving digital marketing performance, while new member momentum has also lifted in the second half, Australian Ethical said.

Meanwhile, the launch of Australian Ethical Growth Opportunities Fund in March, alongside the Clean Energy Finance Corporation's (CEFC) $125 million investment have provided "a degree of resilience" against the anticipated higher-than-usual redemptions in advised and direct channels during a period of market volatility, it said.

"During the period, we have continued to see strong demand for our approach to investing, with new super member joins increasing in the second half of the year. We have also seen demand growing for our newly launched Growth Opportunities Fund," Australian Ethical managing director John McMurdo said.

"The diversification and resilience of our business model continues to allow us to grow, even in periods of market stress."

Australian Ethical saw negative flows in retail and wholesale investment of $26 million in the quarter, as client capital activities also resulted in negative FUM movement of $8 million.

However, McMurdo noted the final quarter's $650 million investment performance allowed the ethical manager to finish the financial year strongly.

"The new FUM milestone is a pleasing result given the substantial economic and market challenges of FY26," McMurdo continued.

"The decision to build out our investment team and diversify asset classes over recent years, was rewarded in what has been a challenging year for many fund managers, with Australian Ethical achieving positive returns across most of our portfolios, and net-inflows into core product categories."

For the full year, Australian Ethical recorded positive retail and wholesale net flows of $491 million and institutional net flows of $173 million, partially offset by the previously disclosed inorganic institutional outflow associated with the Australian Unity Bank mandate.

The CEO Pay in ASX200 Companies report highlights the growing influence of US-domiciled companies listed on the Australian share market.

American Chris Hulls, the chief executive of GPS tracking app Life360, topped the rankings with realised pay of $47.7 million in the 2025 financial year. Hulls stepped down as chief executive in August 2025.

He was followed by American-born ResMed chief executive Mick Farrell on $35.2 million and News Corporation's Australian chief executive Robert Thomson on $33.6 million.

As US-based executives dominated the upper end of the pay table, the study found remuneration levels among Australia's largest companies remain comparatively restrained.

The median realised pay for ASX100 chief executives rose 4% in FY25 to $1.83 million - but remains below the record median of $1.95 million recorded in 2012.

"The focus of Australian investors and boards has meant that ASX CEO pay levels have generally avoided the runaway increases we've seen elsewhere," ACSI chief executive Louise Davidson said.

"It also means that where CEOs appear in the highest paid list, their companies will generally have delivered strong performance over the long term, although there can be notable exceptions."

The highest-paid Australian-based chief executive in the ASX200 was Sigma Healthcare chief executive Vikesh Ramsunder, who entered the top 20 for the first time following Sigma's merger with Chemist Warehouse.

Macquarie Group chief executive Shemara Wikramanayake came in fifth with $30.4 million.

Seven Australian company chiefs featured among the top 20 highest paid for a third consecutive year.

ACSI's research also found bonus outcomes remain resilient. The median ASX100 chief executive received 70.7% of their maximum bonus opportunity in FY25.

Aside from the pandemic-affected FY20 period, median bonus outcomes have remained between 60% and 77% of maximum levels for the past 11 years.

ACSI executive manager of stewardship Ed John said investors should remain alert to remuneration trends.

"Investors cannot become complacent, with clear evidence that CEO bonuses continue to be a 'given' in Australia's largest companies," he said.

"This year investors will need to remain vigilant to ensure that we do not see the inflation in CEO salaries or a pay breakout that we see in markets like the US."

As for golden parachutes, termination payments for ASX100 chiefs cost shareholders $18.6 million in the last financial year, driven by more and higher payments.

The increase in average payments from roughly $1.4 million to $2.2 million was largely due to FY25's single large payment of $5.88 million to former Rio Tinto chief executive Jakob Stausholm.

The report said falling battery costs are helping insulate the market from global energy shocks.

The 2025-26 GenCost Final Report found battery storage continues to deliver significant cost reductions, while demand for gas turbines driven by the rapid expansion of artificial intelligence data centres in the United States is pushing up the cost of gas-fired generation.

Australia's national electricity market generation prices have already eased to around $104 per megawatt-hour in 2025 from a peak of $189/MWh in 2022, with electricity futures indicating prices could decline further to between $80/MWh and $90/MWh by 2030.

CSIRO chief energy economist and GenCost project leader Paul Graham said battery storage was increasingly becoming the preferred source of flexible generation.

"As battery costs continue to fall and gas technology costs rise, batteries are increasingly becoming the preferred flexible generation technology in the near term," Graham said.

"However, GenCost modelling finds gas technologies will still play a limited but important role in helping firm the electricity system, contributing around 3-7% of generation by 2050."

The report projects solar photovoltaic and onshore wind will account for 93% of Australia's electricity generation by 2050 under a least cost net-zero pathway, supported by hydro, storage, transmission and flexile generation including gas and hydrogen.

It also found while some fossil fuel technologies, including new black coal generation could appear cost competitive in isolation, they would require more expensive emissions reductions elsewhere in the economy to meet Australia's climate targets.

Gramham said geopolitical tensions as well as the increased need for energy to support AI infrastructure were creating uncertainty for energy markets.

"Each year GenCost, with the help of stakeholders, seeks to understand how electricity technology markets are changing. The impacts of the Iran war and data centre demand for gas turbines are currently the strongest drivers of uncertainty," he said.

AEMO executive general manager of system design Nicola Falcon said the report continued to provide "trusted, independent insights that support planning for Australia's future electricity system."

This follows the release of the draft report in December last year, when CSIRO and AMEO similarly concluded renewables backed by storage remained Australia's cheapest source of new electricity generation. The final report retains that conclusion while incorporating stakeholder feedback, updated market data and new modelling tools to improve transparency.

EIC provides private debt to assist companies transitioning to a low carbon economy, while also ensuring energy security.

Nuveen said the partnership is a landmark commitment to finance the buildout of critical infrastructure that supports the clean energy economy and promotes energy security for the United States and abroad.

The investment focus will include renewable power generation, energy storage, industrial decarbonisation, energy efficiency solutions and circular economy investments.

The partnership will also invest in the onshoring of infrastructure supply chains to support domestic US manufacturing jobs and the build-out of artificial intelligence and the digital economy.

"The demand for new energy, power, and digital infrastructure has never been greater. The rapid expansion of artificial intelligence, the onshoring of manufacturing and industrial supply chains, and the broad electrification of the economy are collectively creating a generational need for new infrastructure investment," Nuveen Energy Infrastructure Credit global head Don Dimitrievich said.

"We believe private credit is uniquely positioned to play a leading role in financing that buildout while also achieving positive sustainable outcomes. We are thrilled to work with CalSTRS as a long-term partner to scale strategies that seek to deliver strong risk-adjusted financial performance while also investing in communities and businesses to make energy more readily accessible and clean for all stakeholders."

CalSTRS said the partnership aligns the long-term nature of sustainable infrastructure credit with its plan's core mandate of generating attractive risk-adjusted returns for California's more than one million public-school educators while also delivering positive sustainability results and reducing or avoiding emissions.

"This investment with Nuveen EIC aligns with our long-term outlook and mission to provide a secure retirement for our members," CalSTRS investment director Nick Abel said.

"We believe sustainable infrastructure credit requires specialists' expertise to originate, underwrite and structure bespoke capital solutions. Sustainable infrastructure credit also represents an important allocation for CalSTRS as we seek to generate strong risk-adjusted returns and contribute to a cleaner, more resilient, and affordable clean-energy economy."