> **来源：[研报客](https://pc.yanbaoke.cn)** # The Future of Responsible Investing Summary ## Core Content The **Future of Responsible Investing (FoRI)** project, convened by the **UNPRI (United Nations Principles for Responsible Investment)**, outlines a strategic vision for the future of responsible investment (RI) and the role of asset owners in driving this transformation. The project, involving 20 leading asset owners and five former PRI Board members, is part of the PRI's broader strategy development for the 2027–2030 period. ## Main Viewpoints ### Ambitions for the Future The FoRI project identified two key ambitions for the future of responsible investing: 1. **RI becomes all investing** Responsible investment will be a baseline practice for all asset owners and investment managers globally. It will no longer be seen as a niche or specialized approach but as an essential component of all investment decision-making. 2. **RI evolves to address system-level risks** Asset owners will increasingly use RI tools to manage systemic and systematic risks, such as inadequate policy, data and standards, that affect long-term financial returns. These risks are interconnected with environmental, social and economic systems and must be addressed at the portfolio and policy levels. ### Purpose of Responsible Investing The core purpose of responsible investment for asset owners is to **aid the generation of investment returns for beneficiaries, continuously and reliably over time**. This includes investment activities that align with the health, sustainability and resilience of environmental and social systems. Governance, environmental, social and economic considerations are all integral to this purpose. ### The Role of Asset Owners Asset owners are positioned at the top of the investment chain and play a critical role in shaping capital allocation and influencing the broader financial ecosystem. They are also impacted by the real-world conditions and actions of other market participants. Their long-term investment horizons require a system-wide and forward-looking approach to issues like climate change, demographic shifts, and technological disruption. ## Key Challenges and Opportunities ### Current Context The investment landscape has evolved significantly since the PRI's founding 20 years ago. Asset owners now face **systemic and complex risks** related to the environment, society, governance, and geopolitics. These include: - Climate change and its impact on agriculture, migration, and resource competition. - Regulatory and fiscal interventions in response to environmental and social changes. - Technological disruption and the rise of new geopolitical risks. - Structural shifts in pension systems, such as the move from defined benefit to defined contribution models. ### Thematic and Structural Priorities The FoRI project identified the following thematic and structural issues as likely to be priority areas for asset owners over the next 20 years: #### Thematic Priorities: - **Climate mitigation and adaptation** - **Nature and ecosystem service dependencies and impacts** - **Demographic changes, labor, wages, education and workforce transition** - **Geopolitics (peace, civic resilience and democratic institutions)** - **Artificial Intelligence (AI) and digital infrastructure governance** #### Structural Priorities: - **Global financial resilience and long-termism** - **Sustainable finance in emerging markets** - **Aligning private incentives with public transition goals** - **Pricing externalities in capital markets** - **Redesigning market norms, mandates and accountability** - **Clarifying investor duties, stewardship rights and performance benchmarks** - **Changes in the structure and regulation of pensions and wider financial systems** These priorities require a **dynamic, asset-owner led process** for identifying and advancing actions. The process should be inclusive, based on scientific and academic research, and regularly updated to reflect emerging trends and disruptions. ## The Role of the PRI The PRI is recognized as a key **enabler of responsible investment** and is well-positioned to support asset owners in achieving their ambitions. The FoRI project recommends the PRI focus on the following: - **Amplifying asset owner voices** in shaping the future of RI. - **Facilitating purposeful convening** to drive actionable outcomes. - **Engaging policy makers transparently** to align investment practices with sustainable policy frameworks. - **Supporting investor education and capacity building** to enhance RI practices across the industry. - **Promoting stewardship and multi-stakeholder engagement** to address systemic risks. - **Strengthening the responsible investment ecosystem** through collaboration and shared knowledge. The PRI should also consider **collaborative funding mechanisms** to support research on system-level risks and opportunities, and ensure its initiatives are aligned with the evolving needs of asset owners. ## Key Recommendations 1. Establish a **dynamic process** for identifying and advancing priorities, incorporating diverse stakeholder perspectives and scientific research. 2. **Enhance CEO and CIO visibility** in advocating for RI practices. 3. **Be transparent** about expectations of investment managers. 4. **Engage with policy makers** to align RI with sustainable financial systems. 5. **Support innovation** through capital allocation strategies that reflect long-term systemic risks. 6. **Promote collaboration** across the investment ecosystem to address complex, interconnected issues. ## Conclusion The FoRI project underscores the need for responsible investment to evolve beyond its current role as a specialized practice and become a universal standard across the investment industry. It also highlights the importance of addressing **system-level risks** through coordinated action, research, and policy engagement. The PRI is positioned to play a central role in this transformation, acting as a **broad, inclusive and outcome-focused enabler** of responsible investment practices. The project’s findings will be used to inform the PRI’s 2027–2030 strategy and to stimulate further dialogue among signatories and stakeholders.