Central themes: Resilience and energy security

In the face of geopolitical tension, inflation, and policy uncertainty, resilience continues to be a key theme – in terms of both climate and national security. October’s conferences explored the intersection between energy security and geopolitical assets, and posed the question: what opportunities can weather storms and policy cycles?

AI: Saviour or saboteur?

The intersection of climate and AI presents new frontiers, with AI proving instrumental in enhancing resource efficiency and enabling innovation. Delegates had the opportunity to see its expanding application in climate risk modelling, energy optimisation, and ecosystem monitoring – but there was awareness across the board that AI’s own carbon footprint and biases present challenges.  Our conference summaries give a view of the detailed discussion at each, and the importance of sound underlying ethics and robust infrastructure.

The growing role of private markets

The verdict from this year’s conferences was clear: private markets remain central to the impact ecosystem with the composition of impact capital sources evolving. Our conference takeaways present our analysis of some of the key data supporting this position and describe the nuance behind returns and fund composition in this space.

In a significant shift signalling growing institutional commitment, pension funds now account for 35% of total impact AUM (as of October 8, from GIIN State of the Market 2025); but family offices and insurance companies are also among the LPs driving a meaningful shift toward impact-first mandates.

Market Evolution and Adaptation

The impact investing market is evolving from aspirational concepts to mature, investable opportunities. Panels at GIIN discussed the maturation of nature-based solutions and the emergence of robust frameworks, while at Norrsken, discussions reflected on broader evolutions in strategy, moving beyond traditional climate and energy transition narratives. Key questions revolved around potential opportunities for the next five years: despite higher capital changes, liquidity constraints and tighter exit pathways, where are assets becoming more attractively priced?

Challenges in Scaling and Exits

LPs spent time discussing the challenges in scaling the energy transition. European LPs are steadfast in their commitment to climate and energy transition, regardless of fund labels. However, amid slowing fundraising and limited exits, how can investors sustain momentum in a tough macro environment?

Final thoughts

October’s impact and ESG investment conferences unfolded against a backdrop markedly different from prior editions. Geopolitical tension, persistent inflation and the US administration’s wavering stance on impact and sustainability themes combined to create an atmosphere that was cautious yet purposeful. GIIN CEO Amit Bouri captured the mood, describing impact investing as the “antidote to despair”. The challenges are immense, but so too is the impact community’s determination to meet them.