Reflection 2026

This month, the SFG Board reflects on the completion of the 2023–2025 strategy, celebrating the growth of the community and the mainstreaming of sustainable finance, while outlining how SFG will use this moment to sharpen its narrative, expand sustainable finance to emerging challenges like conflict and AI, demonstrate tangible local impact in Geneva, and reinforce community support as it prepares to launch its 2026–2030 strategy.

Every time a new year begins, a new opportunity to reflect presents itself.

This is certainly the case for SFG. In 2023, on our 15th anniversary, SFG set a comprehensive three-year strategy that focused on connecting the community, providing our members with tools and knowledge, and advancing impact through concrete projects. It’s hard to believe that those three years have already passed and that our 2023-2025 strategy has expired. We made great progress and now have the opportunity to glean lessons learned and sharpen our approach. The SFG CSS convened first thing in 2026 to develop inputs for our 2026-2030 strategy, and we used the opportunity to look both back and forward. So, to kick off the year, we want to share some of our key takeaways that will form the basis of our new strategy, which we will unveil to the community at our General Assembly this spring.

We have made astonishing progress.

It’s easy to get bogged down in sensational news and backlash, but it’s important to remember that progress is not a straight line. While there may be challenges on the immediate horizon, this should not overshadow the incredible progress that has been made so far. In preparation for our strategy retreat, we dug out the first ever SFG AG PowerPoint. In 2009, SFG counted only 105 members (now 451 members) and a mailing list of an additional 119 people (now 3,426 people). The organization was grappling with the aftermath of the financial crisis and spoke of the need to raise awareness and promote standards around sustainable investing because, at that time, it was a niche topic with few tools, limited capacity, and incomplete data. It’s safe to say that is not at all where we are today. ESG integration has effectively been mainstreamed across the industry and sustainable investing approaches now make up 27% of AUM globally, up from only 3% in 2018. (Morningstar Direct & Morningstar Research, Sept 2025) It’s important we celebrate that growth while also recognizing that today is a more challenging time for the industry. We can use the current climate as an opportunity to refine our approach and remind everyone that sustainability goes beyond a moral imperative and is fundamental in preserving long-term value.

Now is not the time to stagnate or backslide.

In addition to tightening our narratives, we believe it is important to continue evolving sustainable finance as a theme and practice. While climate and nature are well established as key sustainability topics, there are a range of new issues facing our global society that need to be considered by the finance industry and that the finance industry can influence. Take two concrete examples, conflict and AI. Both are on the rise, and both have potentially devastating impacts for people and the planet. Investors and capital providers need to be aware of the risks associated with these new realities and develop approaches for minimizing harm and, where possible, achieving positive impact. Again, not because it is the right thing to do, but because this contributes to long-term performance and market stability. What would it take for investors to fully understand the conflict risk hidden in their portfolios? How could they work with their investee companies through operations and supply chains to promote peace and stability? Not only can addressing conflict risks increase the performance of these businesses by stabilizing the operating environment, but it can also save human lives and contribute to social cohesion. Are investors aware of the social (job replacement, mental health concerns) and environmental (water and energy usage) issues associated with AI? How are they working with AI companies to ensure that these challenges are addressed? Finding solutions in these early days of the industry can ensure that the technology reaches its full potential without causing massive, negative disruptions that could prompt consumer backlash or burdensome regulations from governments. SFG plans to continue asking questions like these, leveraging the unique ecosystem we have available to us here in Geneva. We want to ensure that our thinking around sustainable finance continues to expand and deepen, including a broader range of topics and a more nuanced view of sustainability.

We need to demonstrate the real benefits of sustainable approaches.

Part of the reason for the backlash to sustainability is a scarcity mindset. Many have been sold a message that sustainability means sacrifice and increased costs. However, our view of a sustainable future is one of balanced prosperity. Of course, there will be trade-offs and we must be honest about those, but we believe they will be worthwhile in the long run for the additional benefits accrued. Long-term financial sustainability and value creation for the society can be combined and prevail over destructive short-term profit maximization. For someone outside the industry, finance may sometimes feel abstract. The stock market, comprised mostly of large multinational companies, can feel far away from our daily lives and realities. However, finance can be a driver of positive change locally as well, from financing local infrastructure projects like clean energy and waste management, to making capital available to home and business owners to improve efficiency. With a little creativity and commitment, we can begin demonstrating the real benefits of the sustainable finance today, in our own backyard. SFG is collaborating with local actors to develop a model for driving more private finance into Geneva’s transition to a low carbon, nature positive, socially cohesive economy. Our aim is to remove some of the abstraction and demonstrate in a tangible way that sustainable finance actually helps people.

Community is more important than ever.

And still, even with all the opportunities we have highlighted, we know that the daily challenges for sustainability professionals are present and real. It is difficult to keep pushing when the naysayers’ voices are louder and clearer than ever. That is why SFG is committed to continuing to provide a space for the community to gather, exchange, and support each other. We are in this together and we never want a member of our community to feel otherwise. So please continue to follow our work, participate in the community, and lean on us for support. Remember, we are stronger together.

With our very best wishes, Kali,

Marie-Laure, Fiona, Virginie, Dominique, Ebba, Grégoire, Damien, and Jean-Philippe