Estelle Parker

The Responsible Investment Association Australasia (RIAA) welcomes the launch of the first consultation on Australia’s sustainable finance taxonomy. The consultation is seeking feedback on:

• the draft headline ambitions for the Australian taxonomy’s environmental objectives, and
• the proposed activities and draft substantive climate change mitigation criteria for the first three sectors to be developed under the taxonomy:
  • 1. electricity generation and storage.
  • 2. minerals, mining and metals.
  • 3. the built environment.

The process is being overseen by the Australian Sustainable Finance Institute (ASFI). Submissions are due by Sunday 30 June.

RIAA Co-CEO Estelle Parker called on interested parties to make a submission and reflected on this milestone in Australia’s sustainable finance policy. “The industry has been working towards this for years, and a lot of work has gone into this draft. RIAA’s CEO co-chaired the Australian Sustainable Finance Roadmap, of which the taxonomy was a key recommendation,” said Estelle. “RIAA is proud to have established ASFI in 2021, which has brought together many great minds of sustainable finance to drive development of the taxonomy.”

RIAA’s Head of Policy & Advocacy Nayanisha Samarakoon added that this model of collaboration between industry and government will continue to be necessary. “The sustainable finance industry, which understands the practical challenges, can collaborate effectively with policymakers who are working on the monumental task of transitioning Australia’s high-emitting economy to net-zero. By leveraging existing industry initiatives and working together, we can not only develop frameworks and solutions for transition which are foster early dialogue but also unlock significant cost savings for the public sector, allowing resources to be directed towards other crucial areas.

Estelle reiterated that Australia has potential to be a global leader, particularly in the critical area of minerals, mining and metals, for which there is yet to be a sector-specific taxonomy. “A fit-for-purpose, internationally aligned taxonomy will be a game-changer. It will empower the financial services sector to become a powerful engine for a resilient and sustainable economic future.”

RIAA will be holding a member event on 6 June to delve deeper into the taxonomy and explore how RIAA members can contribute most effectively.

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Estelle Parker

The Responsible Investment Association Australasia (RIAA) applauds the Australian Government’s commitment to the development of sustainable finance. The 2024-2025 Federal Budget includes funding for:

• the Australian Securities and Investments Commission (ASIC) and the Treasury for the development of a labelling regime for sustainability labels
• ASIC to investigate and respond to market participants engaging in greenwashing and other sustainability-related financial misconduct
• the Treasury, ASIC and the Australian Prudential Regulation Authority (APRA) to deliver the sustainable finance framework, including improving data
• the continued development of Australia’s sustainable finance taxonomy.

RIAA Co-CEO Estelle Parker is pleased that the budget has recognised the importance and the urgency of developing Australia’s sustainable finance sector. “For too long, Australia was a late starter globally in recognising the opportunities provided by sustainability to all sectors, from primary industries, to manufacturing and workforce development. We must not miss out on the global capital flowing to invest in the transition to a low-carbon future – it won’t last forever.”

Estelle emphasised the critical role of an internationally aligned financial product labelling regime, stating that it will help combat greenwashing and help shift capital towards funding the transition to a net-zero economy. “Our experience operating the Responsible Investment Certification Program, which is, to our knowledge, the world’s longest running responsible investment product labelling scheme, provides strong evidence for the value of a national product labelling scheme. Our internationally-aligned certification standard and rigorous application process have prompted numerous product issuers to significantly improve their product design, disclosures and marketing in order to gain certification. In fact, 70% of products seeking certification need to make changes before they can succeed. This in turn, improves the products provided to consumers and retail investors, and reduces the likelihood of greenwashing.”

RIAA believes a product labelling regime will ensure consistency and reliability and help with appropriate enforcement. “A regime that is informed by RIAA’s extensive experience in sustainable investment labelling can establish a leading practice for Australia,” Estelle said. RIAA, representing 75% of Australia’s professionally managed funds through its membership, urges the Australian Government to work with RIAA to use the existing Certification Program – which has a high degree of industry history and ownership – as the basis on which to develop an integrated, interoperable product labelling regime. “This collaborative approach will ensure a smooth transition and build upon the valuable expertise already established within the industry,” added Estelle.

The Federal Budget also includes various initiatives to bolster Australia’s sustainability efforts, from funding the Nature Positive Plan to the $22.7 billion Future Made in Australia package which should help support the private investment required for Australia to move to net zero. “Australia has a unique opportunity as a late mover to both leapfrog and be a global leader through harnessing the wealth of knowledge and experience of the oldest living culture on Earth and their deep intelligence about caring for country. Our economic success depends on swift yet thoughtful action which includes a balanced approach that avoids excessive regulatory burden while incentivising capital flow into sustainable initiatives. As the largest and most active sustainable finance industry group in the southern hemisphere, RIAA is looking forward to working closely with policymakers and industry to achieve a healthy and sustainable economy, society and environment,” said Estelle.

RIAA is also calling for robust reforms to protect biodiversity through Australia’s Environment Protection and Biodiversity Conservation (EPBC) Act, Commonwealth law reform on First Nations Cultural Heritage protection and further reduction in the regulatory barriers to investing in the transition, such as reforms to the Your Future, Your Super benchmark regime.

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(L to R): Dean Hegarty and Estelle Parker

The Responsible Investment Association Australasia (RIAA) is pleased to unveil the appointment of Co-CEOs, Estelle Parker and Dean Hegarty to take up the leadership of the organisation, marking an important step for RIAA with dual CEO representation in Australia and Aotearoa New Zealand.

Following an extensive global search, the RIAA board proudly announces the promotion of two distinguished executives within RIAA, who will jointly take over as Co-CEOs upon the departure of current CEO, Simon O’Connor in early December 2023.

Over the past three years, Estelle Parker and Dean Hegarty have demonstrated exceptional leadership in advancing a more responsible and sustainable financial system as Executive Managers at RIAA. Their leadership has been instrumental in RIAA’s growth and impact, placing the organisation in a robust position today.

RIAA’s Chair, Ross Piper expressed, “The RIAA board is very pleased to announce the appointment of two proven and highly skilled executives as Co-CEOs. Estelle and Dean bring deep market knowledge, strong program delivery and commercial skills, as well as having demonstrated their leadership and expertise in responsible investment across our markets.”

The Co-CEO transition, effective upon Simon O’Connor’s departure, aligns with a comprehensive approach to ensure a cohesive and diverse leadership structure for RIAA. Ross stated, “Building on their deep existing relationships with our members and across other partners and government, Estelle and Dean’s collaboration is envisioned to provide solid momentum for advancing RIAA’s mission and strategy during a pivotal time for the sector’s growth.”

Ross emphasised RIAA’s ambitious mission to advance a financial system that aligns capital with a healthy and sustainable economy, society and environment, and the strong passion both Dean and Estelle have for driving this mission. He noted, “Their demonstrated success as an executive team, complemented by shared values, a strong working relationship, and a profound passion for RIAA’s mission, positions them ideally for the Co-CEO model.”

Estelle Parker has spearheaded the expansion and growth of the industry leading RIAA Certification Program. Her senior government diplomatic experience brings crucial expertise in government relations, policy making and many issues that responsible investors care about such as Human Rights and the SDGs. This is particularly crucial as the sector enters a period of responsible investment and sustainable finance legislative developments. Estelle has also been instrumental in leading critical external engagements, such as convening the official Australasian Consultation Group for the Taskforce on Nature-related Financial Disclosures (TNFD), leading RIAA’s involvement in the Dhawura Ngilan Business and Investor Initiative on First Nations cultural heritage protection and participating in government stakeholder committees. She has established herself as a strong spokesperson for the

sector. Under her guidance, RIAA’s programs have achieved heightened levels of professionalism, impact, and value delivery to its members.

Dean Hegarty, RIAA’s first Aotearoa New Zealand-based executive, has played a pivotal role in enhancing the organisation’s presence and activity in both Australia and New Zealand, contributing to substantial growth and organisational changes. Dean brings over a decade of experience leading teams in the not-for-profit sector and his efforts have resulted in significant membership growth, a more than doubling in size of RIAA’s annual conferences in both Australia and New Zealand, developing key industry partnerships, and established himself as the voice of RIAA in New Zealand.

The RIAA board acknowledged the joint expertise of Estelle and Dean across program delivery, government relations, commercial acumen, and leadership in responsible investment, forming a robust foundation for their roles as Co-CEOs in RIAA’s next chapter.

Ross Piper expressed gratitude to RIAA members for their unwavering support and engagement, at this important time of transitioning to new leadership. Outgoing CEO, Simon O’Connor, is recognised for a decade of highly effective leadership, leaving a lasting positive impact on the Australian and New Zealand investment and financial services sectors. The board looks forward to building upon this legacy for the next phase of RIAA’s growth.

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Estelle Parker

New research released by the Responsible Investment Association Australasia (RIAA) has revealed that ESG considerations are now deeply embedded across investment markets in Australia.

RIAA’s 22nd annual Responsible Investment Benchmark Report has uncovered 93 percent of the professionally managed funds worth $3.3 trillion are managed by investors with public commitments to responsible investment, indicating a transition toward a new state of maturity.

Despite this, increasing standards has led to only 36 percent, or $1.3 trillion of total managed assets, being managed in a way that demonstrates a leading approach to responsible investment. Estelle Parker, Executive Manager of RIAA emphasised the significance of this shift.

“While this reflects a new level of commitment to responsible investment, we are seeing an industry that is responding to industry and regulatory efforts to tighten standards, with many domestic and international fund managers reporting a more conservative number of responsible investment assets for 2022, a pattern we’ve been witnessing in other markets overseas. Today, it is simply not sufficient to claim a commitment to responsible investment without the evidence to back it up,” she said.

Global markets have moved rapidly to lift expected standards of practice in responsible investment in the last two years and Australia is no exception, from greenwashing guidance to standardisation of ESG product labelling and the development of green taxonomies to formalised stewardship codes.

ESG considerations, across the board, are being hardwired into financial market laws and regulation, including the recent amendments to APRA’s superannuation fund trustee guidance.

“These policy efforts and elevating industry standards have started to separate the leaders from the pack, as a sign of a rapidly maturing and professionalising market. In 2023, there were a total of 77 responsible investment organisations attaining the high standards of responsible investment against RIAA’s scorecard, up from 74 in the previous year,” said Estelle.

“In 2022 it was a challenging investment market for responsible investors, with a period of significant growth for the mining and energy sectors, which are typically sectors responsible investors have a lower exposure to particularly as they move to lower the carbon intensity of their portfolios,” said Estelle. This year’s report shows some underperformance of Certified Responsible Investment Products over one year, however performance over the medium and long term periods stayed on par with or better than benchmarks, with particularly strong results across managed growth funds.

The report also revealed, a strong uptake in capital flowing to more sustainable investments in 2022 with sustainability-themed investments having grown by 46% to reach $235 billion, including almost $30 billion in sustainability-linked loans and $80 billion targeting climate change areas like renewable energy, human rights, biodiversity and sustainable water management.

“Investors are keen to see action on climate and other sustainability-related issues, and want to make sure that their investee companies are not greenwashing. So they’re using their ability to engage and vote to make sure claims are backed up by action. If you’re going to make a net zero commitment, this needs to be backed up by a clear and achievable plan,” said Estelle.

This year RIAA’s Responsible Investment Scorecard was refined, and the standard set higher, to reflect evolving expectations of responsible investment leadership both domestically and internationally.

Not only is the number of investment managers paying attention to responsible investment growing, but they are also getting better at it. The number of fund managers who were able to attain the highest responsible investment standard against RIAA’s scorecard reached a record 77, signalling a strengthening of approaches by more market participants.

“This reflects a new level of awareness surrounding responsible investment, whereby nearly all professional investment managers are focused on responsible investment, but that’s no longer sufficient to be classed as a leading responsible investor in a world of rapidly lifting standards. What was once considered leading practice in Responsible Investment is now the baseline, with stewardship setting responsible investment leaders apart,” said Estelle.

“Investors have an increasing influence on shaping the future of companies, and ensuring there is greater support for initiatives across climate change and human rights. Recent litigation by ASIC, towards companies engaging in greenwashing, is a clear sign that ESG is no longer a tickbox that can be utilised for marketing, as investors now expect transparent and quantifiable action on social and environmental issues,” said Estelle.

“While economic uncertainty and market volatility has undoubtedly impacted responsible investing in Australia, our research has uncovered tremendous growth in capital which has been earmarked to support sustainability themes. It’s now critical that the government seizes this opportunity to tap this tidal wave of green capital ready to be put to work to drive the low carbon transition. The soon to be released Sustainable Finance strategy by the Treasurer has the potential to both continue to lift standards in responsible investment, while also unlocking capital to help accelerate the transition.” said Estelle Parker, Executive Manager, RIAA.

Emma Herd, Partner, Climate change and Sustainability Services, EY Australia, Co-Lead of EY Net Zero Centre, said responsible investment in Australia in 2022 moved into a new phase, one characterised by the ever-increasing expectations for transparency and performance.

“The bar keeps rising and what was considered leadership even a few short years ago is now business as usual. Heightened scrutiny is generating new caution for funds making sustainability claims. But the need to drive more capital into sustainable outcomes is critical if we are to adequately respond to the biggest social and environmental challenges of our time. Growing the pool of funds managed must, and will, continue to accelerate,” she said.

Key findings

• 93% of all professionally managed funds in Australia are now managed by investors with a public commitment to responsible investment.
• Australia’s responsible investment market is valued at $1.3 trillion in 2022 or 36% of the market made up of those demonstrating a strong and comprehensive approach to responsible investment.
• A new threshold for Responsible Investment Leaders led to 54 fund managers named as Responsible Investment Leaders, and 23 fund managers awarded the new Responsible Investor designation.
• Money is flowing to outcomes for people and planet, as investments into sustainability themes increased substantially in 2022, reaching $235 billion (from $161 billion in 2021).
• The impact investment sector nearly doubled from $30 billion in 2021 to $59 billion in 2022.
• Norms-based screening is soaring in popularity, increasing by 85% to $255 billion as responsible investment managers mature and adhere to global norms like the Paris Agreement and the United Nations Declaration on the Rights of Indigenous Peoples.
• The performance of RIAA certified funds consistently stays on par or better than benchmarks over medium and long term periods, with managed growth funds particularly excelling.
• Natural capital is emerging as an increasingly popular positive screening theme, with 46% of survey respondents screening for biodiversity preservation and conservation, while climate change-related issues continue to be a priority.
• Responsible investors are responding quickly to new sustainability reporting and taxonomy guidance overseas, with many domestic and international fund managers reporting a more conservative number of responsible investment assets for 2022, a sign of an industry and regulatory efforts to tighten standards.

Read the report.

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Estelle Parker

With increasing attention on greenwashing in finance, the largest and most comprehensive responsible investment conference in the Southern Hemisphere, RI Australia 2023, will take place in Melbourne and online on 10-11 May 2023. Held by the Responsible Investment Association Australasia (RIAA), the two-day conference will bring together more than 800 sustainability leaders and industry practitioners with 90 expert speakers across more than 30 sessions to demonstrate best practice in the burgeoning sustainable finance sector.

This year’s theme is “Scaling new heights in ESG and impact”, and RIAA’s Executive Manager, Estelle Parker, says it comes at a time when the responsible investment industry is facing a reckoning to deliver on the positive outcomes promised and combat greenwashing. “The industry has been thrust into the sights of governments, regulators, and not least its clients who care about the impacts of their investments. No one can afford to not be paying attention right now,” she says.

The efforts of regulators to address greenwashing will be a significant focus; with Karen Chester, Deputy Chair at the Australian Securities and Investments Commission, delivering a keynote address on ASIC’s direction. Dr. Sean Carmody, Executive Director of the Australian Prudential Regulation Authority, will join the discussion on how Australia’s forthcoming sustainable finance taxonomy will provide much needed definitions of what constitutes a sustainable investment.

A session Estelle predicts will draw significant attention is cheekily titled “ESG: Woke & Broke?”. This session will delve into the current political attack on ESG investing by far right conservative elements in the US, and explore whether this could happen in Australia and elsewhere. Fiona Reynolds, Independent Director and Advisory Board Member who will be speaking during this opening session says, “we need to prevent ESG becoming the political football. How do we as an industry stop ESG from entering the culture wars? This isn’t just a US issue, it impacts all global investors.” Estelle Parker says that, ultimately, ESG is not political, “it constitutes good investment practice and is mainstream now. Investors don’t want governments preventing them from considering certain risks in investment decision making.”

RIAA’s research shows that approximately $726 billion in assets under management in Australia is now managed via a stewardship or corporate engagement approach. Stewardship codes have proliferated around the world. Prominent amongst these is the UK’s, which sets a high bar to entry, and has provided a blueprint for further stewardship codes globally. “This is why we invited Claudia Chapman, Head of Stewardship at UK’s Financial Reporting Council to be one of our international keynote speakers. She will share her experience developing and implementing the UK Stewardship Code and explore where next for stewardship. I would expect the growing focus on collaboration and systems change to achieve positive real-world outcomes will form part of this,” says Estelle.

While undoubtedly a step in the right direction, RIAA research shows a perception that the growth in corporate engagement and stewardship may be flooding corporate boards with a sea of requests from investors. A panel session including corporate leaders such as Patricia Cross from OFX, Dr. Guy Debelle from Fortescue Future Industries, and Mark Rigotti CEO of the Australian Institute of Company Directors (AICD) will provide insights on what corporate engagement looks from the inside and practical advice for investors to work more collaboratively to alleviate the burden on companies and achieve the real-world outcomes desired.

RI Australia 2023 will place a spotlight on First Nations luminaries. Karen Mundine, CEO at Reconciliation Australia, and Phil Usher, CEO at First Nations Foundation, will speak on Voice to Parliament and how investors be a genuine partner in reconciliation and self-determination. Professor Peter Yu AM, Vice President (First Nations) at ANU, Benson Saulo, the first Indigenous person to be appointed an Australian Consul-General, and Leah Armstrong, Managing Director at First Australians Capital, will speak on First Nations investment markets. Ian Hamm, Chair of the Indigenous Land and Sea Corporation and new Board member of the AICD, will speak on Caring for Country and how investors can partner with First Australians.

Russia’s invasion of Ukraine was a wake-up call for investors, and RIAA’s Human Rights Working Group has been busy working on a guide to navigate investing that may be affected by armed conflict-related issues with experts from organisations like the Australian Red Cross. Delegates at the conference will be presented with the exclusive launch of the ‘Investors and Armed Conflict: A Guide’, a toolkit that provides essential frameworks and insights for investors and companies seeking to protect human rights and mitigate risks associated with armed conflict. “This is going to be a vital toolkit for investors to support human rights in conflict-affected regions like Ukraine and Myanmar, and what they can do before, during and after conflict,” says Estelle.

RI Australia 2023 is set to be a jam-packed conference with sessions covering a diverse range of topics, from modern slavery and workplace culture to big tech, human rights and reputation management. There will be interactive workshops on target-setting and promoting ESG within organisations, as well as sessions tailored to financial advisers, including responsible investment for beginners, and advice on how to construct a good responsible investment portfolio. Attendees will also gain insights into consumer research and demand.

With over 500 members representing US$29 trillion in assets under management, RIAA is dedicated to ensuring capital is aligned with achieving a healthy society, environment and economy.

“Not only is the program comprehensive featuring the latest trends and emerging issues, we see this as an unique opportunity for attendees to develop their skills and knowledge, make connections and explore growth opportunities in the sustainable finance space,” says Estelle

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Estelle Parker

The number of Australian assets managed using a rigorous, leading approach to responsible investment has hit a record value of $1.54 trillion, now accounting for 43% of the total market, according to a new study by the Responsible Investment Association Australasia (RIAA).

In addition, a record 45% of investment managers are holding companies to account on matters relating to environmental and social issues, and reporting back to investors on the outcomes achieved. This number has more than doubled in the past two years, with only 21% of investment managers engaging in such activity in 2019.

The findings come as part of the latest Responsible Investment Benchmark Report, researched in collaboration with EY. Responsible investment, also known as sustainable or ethical investment, is a broad-based approach to investing which factors in people, society and the environment, along with financial performance, when making and managing investments.

Recent high profile action from shareholders with companies such as AGL shows investors have significant influence in shaping their future direction and strategies on issues such as climate change.

This year’s report found that this approach – also known as corporate engagement – saw the greatest increase out of any responsible investment strategy in 2021. Approximately $726 billion in assets under management is now being used by fund managers to agitate for change on ESG issues, up 54% from 2020.

The study also shows excellence in responsible investment materialises into substantial financial returns.

Products certified under RIAA’s Responsible Investment Certification Program on average outperformed the market in the medium to long term, and over some time frames achieved two or three times the returns. This outperformance is seen both when comparing RIAA certified funds to the overall market, as well as to products of investment managers who self-declare as practising responsible investment.

“This year’s study shows that we’ve hit a tipping point of the responsible investing trend. Companies can no longer tick a box by providing cursory ESG metrics. Investors are expecting real, measurable action towards environmental and social issues,” said Estelle Parker, Executive Manager, Programs at RIAA.

“Investment managers are also getting much better at backing up their claims around the sustainability of their portfolios, as they don’t want to find themselves on the wrong side of tightening greenwashing regulation and scrutiny.

“A record 74 investment managers out of 140 have been identified as Responsible Investment Leaders, who explicitly and systematically consider ESG factors in the allocation of capital, and are decidedly transparent, reporting publicly not just on their activities to improve environmental and social sustainability, but also the outcomes they achieve.”

Emma Herd, Climate Change and Sustainability Services Partner at EY said: “Investors are facing more demand and increasing scrutiny on their approach to responsible investment and the market is responding, with more funds being managed responsibly than ever before. As a wave of mandatory reporting and product disclosure regimes come into force, understanding the current state of the market and the range of approaches being adopted by responsible investors is critical.”

Climate change remains a standout focus for investment managers, targeted through negative and positive screening practices as well as a growing number of sustainability-themed loans and investments. An emerging positive screen topic in 2021 was gender diversity and women’s empowerment which jumped in priority from 10th place in 2020 to 6th in 2021.

RIAA’s Benchmark Report is the most comprehensive review of the responsible investment sector in Australia. The 2022 report, the 21st such report, reviewed the investment practices over 2021 of 140 financial institutions.

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Estelle Parker

This week’s dire State of the Environment report should raise alarm bells to the Australian business and finance sectors, as the nation moves into further debt to nature, with deteriorating indicators across most measures.

The health of Australia’s natural environment is becoming a material financial risk and proxy for the state of our economy, given the significant interdependencies between the two: from agricultural industries to resources, from tourism to property, right through to financing and insurance.

The 2021 State of the Environment report shows the past five years have seen an alarming rise in threatened species, land clearing, extreme weather events, and destruction of Indigenous heritage, and that environmental decline is damaging human health and wellbeing. 

“For too long, nature has been relegated and seen as something out there beyond our cities, a place we visit only on holidays, or space that is preserved in our national parks” said Estelle Parker, Executive Manager of Programs at the Responsible Investment Association Australasia (RIAA)

“30% of Australia’s GDP is dependent on biodiversity and ecosystem services. It’s time we reject this outdated view and understand nature as an important asset upon which our economy is built and depends, alongside human, financial and manufactured capital which are already valued.”

Less prominent but nonetheless optimistically, the report also highlights where investments have made a positive impact. Individuals, NGOs and businesses are increasingly purchasing and managing large areas of land for conservation and building in the protection of nature into their business practices.

“There is global momentum amongst investors to better understand, analyse and value assets on the basis of the management of nature-related risks. Nature is beginning to inform the investment sector view of value in the same manner that carbon is impacting value and investment markets,” said Estelle.

“With over $1 trillion of assets now managed in Australia with consideration of environmental, social and governance (ESG) factors including nature related risks, no Australian business leader should be surprised when investors start knocking at the boardroom door, seeking to understand how these companies are managing their own impact on nature and biodiversity.

“Tracking the state of our environment should not be a concern solely of environmentalists, but rather should occur alongside regular analysis of other headline economic data.

“The State of the Environment report is a poor report card on current progress. Investors want to see the new Government strengthen and improve the health indicators of this critical national asset, and that our response must seek to be informed and in close partnership with First Australians.”

“The State of Environment report also provides a map of priorities and points to opportunities for us to develop nature-positive investments, in partnership with First Nations peoples, farmers, conservation and environmental organisations, business and investors, with the support and leadership of our federal and state governments.

“As the convenor of the Taskforce on Nature-related Financial Disclosures’ (TNFD) official Consultation Group for Australia and New Zealand, RIAA looks forward to working with all stakeholders, and would welcome engagement by this government, to build investor capacity and ultimately, protect our natural capital. This Group is bringing together business, finance, public sector and civil society organisations to drive engagement in nature-related business and finance issues. We’d invite government support for development and prompt implementation of a robust TNFD framework.

“We welcome the Albanese government’s commitment to provide a full response to the Samuel Review to make sure our environmental laws work better. Long-term protection of our unique natural capital, plus quality environmental data and analysis, will support investors to create and unlock nature-positive opportunities,” Estelle said.

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