What does socially responsible investing consist of?
10 DEC, 2025
Socially responsible investing (SRI) has moved from a niche approach to a mainstream pillar of global finance. As investors increasingly seek to align their portfolios with their values, the industry has expanded its focus from simple exclusions to more sophisticated ESG integration, impact strategies, and stewardship practices. Major asset managers now highlight trends such as the rise of clean-energy investment, the growing importance of biodiversity and social metrics, and the need for clearer, internationally aligned regulation.
SRI refers to investment strategies that consider not only financial returns but also environmental, social and governance factors. In practice, it means evaluating companies based on criteria such as carbon emissions, labour practices, diversity, risk management, or board structure, alongside traditional financial analysis. SRI can be applied through different approaches, from excluding harmful industries to actively selecting leaders in sustainability or financing projects that generate measurable positive impact. By integrating ESG into financial decisions, investors aim to manage long-term risks more effectively, support responsible business practices and contribute to a more sustainable economic model.
Amundi highlights the key trends shaping the future of sustainable finance: the normalisation of responsible investing, the acceleration of the energy transition, the growing demand for real-world impact financial products, and the need for greater international alignment on regulation.
Elodie Laugel, Chief Responsible Investment Officer at Amundi, noted that the coming years are critical for a sustainable and inclusive transition toward a low-carbon economy. Investment in clean energy technologies is now far outpacing spending on fossil fuels (…) The development of clean technologies is increasingly tied to competitiveness and sovereignty, requiring bold and coordinated action from all stakeholders. Responsible investment has reached a stage of maturity amid regulatory scrutiny, and that “strategies focused on real-world impact will be key to capturing transition opportunities.
Key themes
1. Momentum toward clean energy
Clean energy investment continues to grow rapidly, outpacing fossil fuels and reflecting strong competitive drivers.
2. Geopolitical shifts influencing the transition
Policies and geopolitical dynamics will keep shaping investments in clean technologies, both in developed and emerging economies.
3. Physical climate risks materialising
Climate-related physical risks are intensifying and affecting corporate value chains. The interconnected nature of environmental and social challenges (…) is putting pressure on many business models.
4. Ongoing interest in responsible investing
Investor appetite for responsible investment remains solid, despite political or regulatory challenges.
5. Demand for outcome-oriented financial products
There is growing interest in financial instruments that deliver tangible real-world impact, such as green bonds, nature-debt swaps and other impact-focused solutions.
6. Expansion of sustainability metrics
New tools and indicators covering biodiversity, social factors and real-world impacts (…) are strengthening sustainability frameworks and risk assessments.
7. More client-centred approaches
Understanding diverse investor needs and enabling them to express their sustainability preferences remains a priority.
8. Simplification of regulatory frameworks
Streamlining complex sustainable-finance regulation is key to improving investor understanding and product accessibility.
9. Need for international regulatory alignment
With increasing fragmentation in global sustainability regulations, harmonisation and interoperability are becoming essential (…).
Case of Italy – Italian institutional investors and ESG integration: propensity toward sustainable investing increases
Francesco Bicciato, ItaSIF Executive Director
The 14th edition of the SRI Weeks, the most relevant initiative in Italy focused on sustainable and responsible investments, promoted by ItaSIF, featured the presentation of three new studies about how institutional investors integrate ESG criteria.
These annual studies show an increasing propensity toward sustainable investing.
The publication focusing on sustainable investments of the Italian Banking Foundations shows an encouraging trend, with an increase in the number of banking Foundations (34) that include ESG factors in their asset management. Future perspectives remain positive, as the majority of banking Foundations plan to increase the assets invested according to ESG criteria. The annual focus refers to the possible effects of anti-ESG initiatives on investment policies. Despite the shifting context, banking Foundations have firmly stood their ground without changing their SRI policies (33 respondents) and, in some cases, have even increased the awareness regarding ESG themes (9).
Another research was dedicated to the sustainable choices of the insurance sector: the results of the fourth edition of the research show that almost the entire sample (99%) includes ESG factors in its strategic priorities. Regarding risk underwriting, 82% of the sample (showing a significant increase compared to previous editions) includes ESG criteria into underwriting policies. In their role of institutional investors, almost the entire sample (99.7%) includes ESG criteria in investment policies and decisions, with 92% of them applying SRI approaches to a substantial portion of their investment portfolio (between 75% and 100%).
During the SRI Weeks was also presented the 11th edition of a study on sustainable and responsible investment policies of Italian pension schemes. Sustainable investments are increasingly widespread among the Italian pension schemes: 95 respondents have included ESG criteria in their investment choices, compared with 79 in 2024. Moreover, the number of pension schemes extending sustainable investments to a substantial portion of their AuM (between 75% and 100%) keeps increasing (from 53 to 66 respondents).
