Over 2026, the environment in which companies and investors operate will continue to undergo profound change. Geopolitical tensions are becoming entrenched, value chains are being reshaped, and the climate, technological and industrial transitions are accelerating simultaneously. These dynamics are no longer peripheral: they now shape the very conditions for value creation and economic resilience..

It is within this context that we present this new edition of our report, “Acting as a Responsible Investor – Climate, Nature and Sustainability”. This is the second year that we have published a report incorporating voluntary reporting elements aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) and the Taskforce on Climate-related Financial Disclosures (TCFD), in addition to the regulatory requirements of Article 29 of the Energy and Climate Law. We therefore aim to provide a coherent and practical overview of climate and nature-related issues, and to report on them to a higher standard.

More than an exercise in transparency, this document reflects the way in which Mirova analyses systemic transformations and integrates them into its investment decisions, methodological frameworks and engagement priorities.

In 2025, the intensification of climate and environmental risks was confirmed. The persistent gap with the Paris Agreement targets, the accelerating loss of biodiversity and growing pressure on natural resources are undermining economic models and supply chains. For a long-term investor, these dynamics now translate into tangible financial risks, as well as challenges relating to competitiveness and security of supply.

In light of these developments, we have continued to strengthen our analytical frameworks, with a clear objective: to improve their robustness and their ability to provide concrete guidance for capital allocation. The deployment of the Net Zero Investment Framework at the heart of our tools is thus aimed at better assessing the credibility of transition pathways , distinguishing between commitments that are genuinely aligned and approaches that remain insufficiently substantiated, and structuring a rigorous dialogue with companies, particularly in the most exposed sectors.

At the same time, we have continued to deepen the integration of nature-related issues, in line with the TNFD’s recommendations. Understanding dependencies and impacts on ecosystems is becoming a key component of the analysis of risks and opportunities, on a par with climate issues.

At the same time, the rise of artificial intelligence illustrates the growing interdependence between sustainability, technological innovation and economic sovereignty. While these technologies open up significant prospects for the transition, they also highlight new dependencies – particularly regarding critical resources and energy infrastructure – and raise fundamental questions for European economies. In this context, we believe that the investor’s role is also to support the emergence of models compatible with long-term objectives.

Finally, in an environment marked by the growing fragmentation of regulatory frameworks, the issue of the consistency and clarity of reporting standards becomes central. We remain convinced that the dual materiality approach constitutes an essential foundation for effectively guiding investment decisions, by linking risk management with contributions to transitions.

This report thus reflects a conviction: in an uncertain world, sustainability should not be viewed as a constraint, but as a lever for resilience, strategic autonomy and the creation of sustainable value. It also bears witness to an approach that is constantly evolving – that of an investor which chooses to raise its standards, refine its tools and remain fully committed to supporting economic transformation.

I hope you enjoy reading it.