Climate Change, Capital, and Fiduciary Duty with Kirsten Spalding, John Adler and Machel Allen

In this episode of The Future of Finance, host Georges Dyer shares a dynamic conversation from the Intentional Endowments Network’s Virtual Forum on Climate, Capital, and Fiduciary Duty. Guests Kirsten Spalding (Ceres), John Adler (NYC Retirement Systems), and Machel Allen (Metis Global Partners) explore how institutional investors consider climate risk as part of their fiduciary responsibilities.

Kirsten discusses how investors are reframing net-zero portfolio strategies amid political backlash, focusing on material financial risks and adaptation. John details how New York City’s pension funds are embedding climate risk management into their investment process as part of their fiduciary duty—requiring all asset managers to have decarbonization plans by 2025 and prioritizing real-world impact over cosmetic portfolio shifts. Machel adds the asset manager perspective, explaining how investors can align climate goals with strong financial performance through customized passive strategies and stewardship.

Together, they paint a picture of an evolving investment landscape—where integrating considering climate change is essential to fiduciary duty and financial performance.

This episode is brought to you by Metis Global Partners.

Keywords: Climate finance, fiduciary duty, net zero, institutional investors, ESG investing, decarbonization, stewardship, pension funds, climate risk, sustainable investing