Robeco: investors stick to climate goals despite policy headwinds

Despite the recent global political backlash against sustainability and net-zero initiatives, 60% of investors plan to increase their climate investments over the next three years, according to Robeco's Global Climate Investing Survey 2026. Nearly three-fifths (59%) also believe demand for climate mitigation solutions will remain strong regardless of political sentiment.

Now in its sixth edition, the survey polled 300 investors – 200 institutional and 100 wholesale – across Europe, North America, Asia-Pacific and South Africa, with combined assets under management of around USD 35.8 trillion. Respondents range from insurers, pension funds and sovereign wealth funds to private banks, family offices and discretionary wealth managers.

Policy uncertainty is the main barrier to climate investing

Confidence in climate investing sits alongside growing doubts about government action. Only 19% of respondents expect an orderly climate transition, while 47% anticipate a "too little, too late" scenario. Around 44% consider the goal of limiting global warming to well below 2°C unachievable.

Policy uncertainty is cited by 45% of investors as the main obstacle to climate mitigation solutions. Yet 94% of investors with net-zero goals will keep their targets, irrespective of government policy.

Energy security and physical risks move up the agenda

Most investors believe climate-related environmental risks will keep weighing on physical assets: two-thirds (66%) expect a moderate or significant impact on asset prices over the next five years. At the same time, energy security and domestic renewable generation capacity are becoming increasingly relevant geopolitical and macroeconomic drivers.

Three-quarters of respondents expect the Middle East conflict to accelerate the shift to renewables as countries seek to reduce their dependence on fossil fuels – moderately according to 60%, and significantly according to 15%.

The finding echoes the previous energy shock: in Robeco's 2023 edition, 51% of investors said the energy crisis had reinforced the case for renewables, although only 30% had accelerated their portfolio decarbonisation.

Lucian Peppelenbos, Climate and Biodiversity Strategist at Robeco, said: Our 2026 study highlights what we believe is the new reality of climate investing. While investors remain committed to their net-zero goals, there is growing awareness that the transition is driven by concrete economic and geopolitical factors.

The push for energy security is driving investment in areas such as renewables, battery storage and power grids, while the new climate reality shows that environmental risks are already here, not an echo of a distant future. In our view, these factors will increasingly shape investor sentiment in the coming years.

Concerns over investment performance ease

This year's survey also points to a better understanding of the trade-offs involved in decarbonising portfolios. Investment performance remains the top challenge for most respondents (50%), but far fewer cite it than in 2025 (67%).

Data quality is also mentioned less often, by 34% of investors compared with 48% last year. Balancing objectives with impact (41%) and managing complex asset classes (37%) remain among the main concerns.

Climate investing is becoming increasingly sophisticated, relying on more forward-looking data rather than carbon emissions alone, and it is increasingly integrated with financial outcomes. As investment engineers, we continue to innovate through data and research to support our clients, Peppelenbos concluded.