North American investors are forging ahead on climate action, just more quietly

BOSTON - A new analysis released today by Ceres shows that most large North American institutional investors continue to prioritize investment practices aimed at managing climate financial risks and capturing market opportunities in the transition to a cleaner global economy. Their actions persisted despite clean energy policy rollbacks in the United States, demonstrating that investors remain committed to actions that protect and enhance long-term value. 

The report, Forging Ahead: A 2026 Assessment of Investor Climate Action Across North America analyzes the 2025 public disclosures and communications of 50 of the largest North American-based investors. It found that climate action is now even more financially disciplined, integrated into core investment practices, and strategically tied to portfolio resilience and fiduciary objectives. It shows investors are moving from climate commitments to implementation, centering strategies solidly around managing risks and capturing opportunities.  

“When we measure investor climate action by looking at how capital is being allocated, governed, and managed, the takeaway from our analysis is clear – the majority of North American investors are forging ahead on climate.” said Kaede Kawauchi, author of the report and director of the Ceres Investor Network at Ceres. “Indeed, we found, by their own disclosures, almost three quarters (74%) of investors in our report are assessing climate-related financial risks and investing in climate solutions.”  

Our analysis reveals that most of the 50 investors were advancing across four areas: disciplined risk management practices, capital allocation to climate solutions, engagement strategies to reduce real-economy emissions, and strategic prioritization of water and nature impacts. Specifically, it showed that: 

• 74 percent of investors assess the risks that climate poses for their portfolios 

• 74 percent of investors allocate capital toward climate solutions 

• 72 percent of investors engage portfolio companies on climate-related issues  

• 52 percent of investors consider nature and water-related risks and opportunities in their investment and stewardship practices 

Wildfires, flooding, extreme heat stress, and technological disruption have established that material climate financial issues are central to long-term value creation and risk mitigation. At the same time, the need for greater energy security and electricity supply and ongoing fossil fuel price volatility are unlocking new investment opportunities across industries and sectors. Investors are motivated by the need to mitigate risk but also by the potential to capture significant, commercially viable market opportunities that generate returns.   

“Our report can serve as a practical tool for investors, policymakers, and regulators to track the pace and direction of climate action, identify hurdles for scaling action, and pinpoint where more action could unlock further progress” said Cynthia McHale, Vice President of the Ceres Investor Network at Ceres. 

Ceres experts reviewed investors’ 2025 public disclosures, which included sustainability reports, annual reports, disclosure reports, stewardship and proxy voting reports, and investor press releases, statements, columns, and blogs. They also conducted interviews with investors to capture additional context on challenges and opportunities.  

The report also highlights several case studies from CalPERS, La Caisse, Manulife Investment Management and the Washington State Investment Board to demonstrate action in each of the report sections.  

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About Ceres   

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and resilient economy. With data-driven research and expert analysis, we inspire investors and companies to act on the world's sustainability challenges and advocate for market and policy solutions. Together, our efforts transform industries, unlock new business opportunities, and foster innovation and job growth – proving that sustainability is the bottom line. For more information, visit ceres.org.