What are the key takeaways from this year's PRI in Person event and what are the prospects for responsible investing?
Andreas Lambropoulos : Every year, PRI in Person is a key event for institutional players (asset managers, insurers, pension funds, investors, etc.) to discuss the future of responsible investment. For the 2026 event hosted in Amsterdam and sponsored by BNP Paribas Asset Management, the key takeaway for me was the evolution in dialogue between investors. There were fewer theoretical debates, with more concrete questions on risk management, resilience and long-term value creation in an increasingly complex geopolitical, technological, social and environmental context. The discussions largely focused on systemic risks related to the environment, transitions, natural capital, AI, health and the consequences of geopolitical issues. In an increasingly fragmented and uncertain world, the ability to anticipate, discuss and act collectively can be a key driver in performance and resilience.
The discussions at the event particularly aligned with BNP Paribas Cardif’s priorities. In fact, BNP Paribas Cardif and BNP Paribas Asset Management are both signatories of the United Nations Principles for Responsible Investment (UN PRI). As an insurer and long-term institutional investor, BNP Paribas Cardif is responsible for managing policyholders' savings, offering inclusive and accessible solutions while also contributing to the financing of the necessary transformations of the economy. BNP Paribas Cardif has integrated environmental, social and governance (ESG) criteria into its investment decisions since 2008. In 2025, 97% of the assets of the general fund France have been subject to ESG analysis.
In 2026, responsible investment entered a new era of high standards and maturity. Responsible investment and savings solutions are still very popular and follow the overall performance of the economy. Figures published by BNP Paribas show that assets under management of open-ended funds distributed in Europe classified as Article 8 and 9 according to the SFDR reached €347 billion at the end of 2025, above the €300 billion target set for 2026.
Today, clients are better informed and demand concrete action. This means they’re more favourable to ESG funds with a clear impact, especially ESG funds aligned with structural and strategic themes such as the low carbon transition, biodiversity, natural capital and inclusion.
Sustainable investments
Can you remind us what responsible savings and investments are and why they are so important?
Responsible savings and investments make it possible to direct your money towards financial vehicles – funds, shares, bonds, etc. – which, beyond traditional financial analysis, integrate ESG criteria into the selection, management and monitoring of investments in a very structured way.
In practice: according to the European SFDR regulation, a responsible fund can be classified as Article 8 if it takes ESG criteria into account, or Article 9 if it pursues a sustainable objective. The fund can be labelled or not – there are many labels that attest that a fund complies with specifications defined by an independent body such as the French SRI labels, Greenfin for funds oriented towards the ecological and energy transition, Finansol for solidarity finance, or European labels such as LuxFLAG or FNG-Siegel. Lastly, the fund can be part of an ESG, thematic, transition or impact approach depending on its strategy.
This broad range of concepts can naturally be a source of confusion. Our role is to help clients understand these differences so that they can choose solutions that align with their risk profile, investment horizon, financial objectives and sustainability preferences. This has become central topic because it meets a double expectation: to give meaning to savings, while also contributing to the mobilisation of capital needed to face today’s ecological and social challenges.
In a context marked by the climate emergency, geopolitical tensions and the search for returns among investors, how is BNP Paribas redefining its vision of responsible savings and investment?
BNP Paribas sees responsible savings and investment as part of a vision to support long-term transitions: to support all our clients – individuals, companies and institutions – on their path to a more sustainable, low -carbon, inclusive and resilient economy. In today’s uncertain geopolitical context, this vision now even more strongly integrates the challenges of sovereignty and strategic autonomy, particularly in Europe. The transition is not limited to decarbonisation, it also concerns the ability to secure value chains, energy independence, critical infrastructure, cybersecurity and the industrial base, health and food safety.
The thematic investments offered by BNP Paribas therefore cover all these issues, with more specific strategies dedicated to sectors such as water and the Ocean, forest preservation, sustainable agriculture and food, the circular economy and sustainable real estate, as well as strategic European autonomy. In regard to this last theme, BNP Paribas Asset Management has developed an approach aimed at investing in European companies that contribute to making Europe safer and more resilient.
However, it is important to be clear: the fact that a company carries out an activity related to sovereignty, security or defence is not enough, in itself, to make it a responsible investment. A responsible investment requires a demanding analysis of the nature of the activities financed, the applicable regulatory framework, exclusion policies, governance, respect for human rights, the management of controversies, transparency and a real contribution to economic or social resilience.
More generally, the approach to responsible savings and investment is based on the Group's strategic orientations in terms of Sustainability, while also taking into account new market determinants such as the growing need for investment in certain strategic sectors in Europe, estimated at €1400 billion per year by 2031 (energy transition, defence, innovation, digital, social, environment). The objective is to help clients reconcile returns, risk management and contribution to tangible economic transformations.
How has the acquisition of AXA IM, which was completed on 1 July 2025, strengthened the Group's leadership in responsible investments and what are the first concrete outcomes of this acquisition?
The acquisition of AXA IM has significantly strengthened the size, expertise and depth of the Group's asset management offering. Our new asset management entity, under the unique BNP Paribas Asset Management brand, is a leading European player: €1,700 billion in assets under management, including around €300 billion in alternative assets and €1,000 covering fixed income, high-conviction active strategies and Exchange-Traded Funds (ETFs) – and a wider range of products integrating ESG or SRI approaches.
The integration of AXA IM has also strengthened the Group's position in terms of stewardship: it allows us to exercise a responsible influence on the companies held in our portfolio through dialogue, shareholder engagement and, of course, voting rights at the general assembly to support or contest certain resolutions and encourage best practices. With scores of 96% and 92% respectively, compared to a median of 70%, AXA IM and BNP Paribas Asset Management had already obtained the top rating of 5 stars in the "Policy, Governance and Strategy" category of the Principle for Responsible Investment (PRI) Assessment Report 2025.
With this new entity, BNP Paribas Asset Management has just presented its Global Sustainability Strategy 2026-2030. This strategy aims to strengthen portfolio resilience and long-term value creation for its clients.
assets under management (BNP Paribas Asset Management is Europe’s third-largest asset manager by assets under management).
What are 2030 sustainability priorities for IPS?
Investment & Protection Services' sustainability priorities for 2030 are in line with the Group's commitments: to strengthen the integration of sustainability into savings, investment, insurance and real estate solutions; to continue to make our offers more inclusive, accessible and clear; to consolidate ESG data, tools and methodologies; and to support regulatory developments. In Europe, the expected evolution of SFDR 2.0 aims to move from a logic mainly based on transparency – with the current Article 8 and Article 9 categories – to a more readable system of sustainable product categories based on concepts such as "Transition", "Sustainable" and "ESG Basics". The aim is to simplify pre-contractual and periodic information, reduce operational complexity, limit the risk of greenwashing and make offers more comparable for end clients. In concrete terms, the Group will need to support this evolution through education, updating the MiFID/IDD questionnaires, training advisors, adapting distribution tools and clear communication on what each category really means for investors.
Our action plan also includes new themes that are emerging in our dialogue with clients. For example, health is becoming a key priority, driven by the ageing population and the “One Health” approach, which links human, animal and ecosystem health. AI will be a major topic as well, with the goal to improve ESG data collection and analysis to offer personalised advice and risk identification with a framework to responsibly deploy AI and orient towards "AI for good" uses; responsible real estate, which combines energy efficiency, climate resilience and local impact, particularly in a demographic and climatic context. And finally, the great transfer of wealth that we will experience in the coming years. This will pave the way for a dialogue with younger generations who tend to have a strong interest in ESG issues and the concrete impact of their investments, with the aim to combine returns, personal values and societal contributions. As always, BNP Paribas will be there to support its clients in these changes and transitions.
