In a world of intensifying pushback against climate action and sustainability rhetoric, pension funds and insurance companies are quietly positioning themselves as major players in climate and impact investing.

These investors are not only responding to more volatile weather patterns, but also the wishes of pensioners, who increasingly seek environmentally sustainable investments. As a result, some funds could focus more on long-term security rather than short-term risk avoidance.

“We think a lot about the planetary boundaries and how we can broaden the investable impact space,” said Krispijn Bertoen, head of responsible investment at MN, the fiduciary manager for a large pension fund in the Netherlands. “But I think the political pressure and how the populist right is moving ahead is a big factor, and we will be influenced by it.”