A majority (56%) of global investors believe that President Donald Trump’s pro-fossil fuels and anti-clean energy agenda will hamper the net-zero transition, but that momentum will recover once US leadership changes. This is one of the key findings of Robeco’s 5th Global Climate Investing Survey of 300 investors.
At present, nearly six-in-ten (59%) of investors say that they will see how the new US policy agenda develops further before making investment decisions involving assets likely to be affected by President Trump’s proposed changes to US policies and regulations. Against this, investor majorities in Europe (58%) and Asia-Pacific (62%) agree that in future they will be more likely to look outside the US for investments in areas such as climate solutions, transitioning companies and renewable energy.
Investor concerns about policy gaps
A notable theme in this year’s findings is the growing concern among investors about the lack of consistent government support for net-zero goals. Many feel they have made significant commitments toward achieving net zero by 2050, but that policy frameworks have not kept pace. This perceived imbalance is creating uncertainty and prompting calls for more reliable and coordinated action from policymakers.
There are also marked regional differences on the lack of supportive economic policies from government as a barrier to decarbonization: 41% of Asia-Pacific investors and 39% of North American investors cite this as a significant barrier compared to only 25% of European investors. Legislation and regulation in Europe supporting net zero remains strong.
Navigating a changing landscape
This divergence is especially evident in how central climate investing is to strategy. Around three-fifths of European (62%) and Asia-Pacific (59%) investors still prioritize climate change in their investment policies –slightly reversing last year’s results, which had Asia in the lead. In contrast, only 23% of North American investors now place climate change at the center of their investment approach.
Lucian Peppelenbos, Climate and Biodiversity Strategist at Robeco: “At Robeco, sustainable investing has always been integral to optimizing the risk-return profile of our investments for the best long-term outcomes – even when the short-term path is uncertain. This year’s survey highlights a sobering reality: while many investors remain committed to climate goals, the overall prioritization of climate change in investment strategies is showing signs of decline, particularly at the global level.
“This underscores the importance of staying focused and adaptable. We recognize that our clients are navigating a complex and evolving landscape, with varying levels of policy support and market confidence. Our role is to support them – wherever they are on their sustainability journey – by aligning our investment strategies with their specific goals, whether focused on return, risk, sustainability, or a combination of all three. Even amid uncertainty and shifting priorities, we remain steadfast in helping clients invest with clarity, resilience, and confidence.”
Robeco’s Global Climate Investing Survey 2025 is based on research commissioned by Robeco for its exclusive use, which was carried out among 300 institutional and wholesale investors in Europe, North America and Asia-Pacific. The investors are based at a range of organizations: insurance companies, pension funds, endowments and foundations, sovereign wealth funds, private banks, fund-of-funds, wealth management firms, wirehouse broker/dealers, registered investment advisors, family offices and turnkey asset management providers/DFMs. They ranged in size from holding less than USD 1 billion in assets under management (AuM) to over USD 1 trillion in AuM, with a total AuM for all respondents of approximately USD 31.2 trillion.
