Last year really tested the impact investment market. Anti-ESG rhetoric grew louder, geopolitics became more volatile and capital more cautious. But stress has a way of clarifying priorities. Instead of retreating, we sharpened our strategy and focus, and the result was telling: a continued and growing interest in our solutions. The message is clear: serious investors have not abandoned impact.
The real economy is no longer waiting
One positive change really stood out to me: the real economy is moving from aspiration to execution. Renewable energy projects, grid upgrades, storage solutions and critical infrastructure are now firmly in the delivery phase.
This shift was also visible globally. For example, in the United States, despite political headwinds and the rollback of government policy on renewables, new energy capacity added last year was overwhelmingly solar, wind and battery storage. Capital committed in previous years is now operational. In the Netherlands, climate adaptation is accelerating at household level, with nearly one in five homes no longer relying on gas, instead using heat networks or heat pumps. And during a recent visit to China, I was impressed by how far electrification has advanced there in just over a decade. Progress at scale is no longer theoretical, it’s happening.
Industry is advancing but too slowly
Impact investing is increasingly part of many institutional portfolios. But let’s be honest, decision-making is often (too) slow, in my opinion it could be faster and bolder. Deals that take years to structure in a world that needs solutions now are part of the problem. Momentum without urgency is complacency, and we can’t afford that.
I am starting to see change among large institutional investors, particularly in the Netherlands. For example, in a recent article in IEX Profs, Maureen Schlejen, CEO of Achmea Investment Management, argues that impact investing is not just an option, but an inspiring opportunity for a better future, especially for pension funds. She also urges the industry to accelerate its efforts. So, the intent and capital are there. Some institutional investors are stepping into public-private partnerships and gradually moving away from siloed asset-class structures, embedding sustainability more fully in their investment decision-making. Impact expertise is being internalised, and risk, return and impact are increasingly assessed together, not sequentially. This is a meaningful evolution.
Opportunity is not the constraint
The opportunity to invest in the real economy already exists today. The energy transition is the obvious example. Battery storage, heat networks and industrial-scale infrastructure are no longer emerging technologies but rather essential components of a resilient energy system. Their trajectory of early hesitation followed by rapid normalisation mirrors that of wind power 25 years ago. Investors should lean in now, even if they start with smaller mandates that can be scaled.
The energy transition is only one opportunity. Sustainable listed equities, financial inclusion in emerging markets and nature-based solutions across developed and developing economies, all offer credible pathways to deploy capital with real-world impact. The bottleneck is not opportunity. Instead, it’s the willingness to act decisively and quickly.
A sharper focus for 2026
This year my priority is acceleration. In practice, this means pushing industry education harder and challenging the adoption of a more entrepreneurial mindset. Our industry needs more collaboration, more co-creation and more pilot mandates designed to scale.
Internally, it also means further integrating the youth voice at Triodos Investment Management. The impact we talk about is ultimately about the world future generations will inherit. Their insistence on possibility, and their refusal to accept outdated constraints, is something our industry would do well to emulate.
The opportunities exist. The capital exists. What's required now is conviction, speed and the courage to move from intent to action.
