“Back to the Future” – 25 years of sustainable investing
A look back at the 2026 Sustainability Conference
On 16 April 2026, we were delighted to welcome numerous customers and partners to the Erste Campus in Vienna for this year’s sustainability conference. For everyone who attended in person, this review aims to put the key takeaways into context once again; for those who were unable to attend, it offers a concise summary of the most important points.
Sustainability: from a guiding principle to a performance indicator
A common thread ran through the entire conference: sustainability is now increasingly seen as an economic necessity rather than primarily as a normative ideal. The discussions made it clear that sustainable investing is entering a new phase. Aspects such as measurability, risk assessment and real-world impact are now more prominent than they were a few years ago. In an environment characterised by regulation, geopolitical tensions, and economic uncertainty, this approach is becoming increasingly important.
ESG in transition: not a crisis, but a process of maturation
Timo Busch (c) Philipp Lipiarski
Timo Busch provided valuable insights into the current ESG debates. The frequently discussed question of a possible “ESG backlash” was examined in a nuanced manner. The key finding was that, following years of strong growth, the market is now undergoing a phase of normalisation and consolidation. Sustainability is continuing to evolve towards a more integrated approach that combines both financial and non-financial aspects.
In this context, the following aspects are moving into focus:
- Resilience of business models
- Transparency and data quality
- Transformation in the real economy
Performance question: a nuanced picture
Another key focus was on how sustainable investment strategies perform compared with traditional approaches. The research presented painted a balanced picture:
- In several cases, sustainable strategies have achieved comparable or better results
- At the same time, depending on the strategy, there are also periods of relatively weaker performance
- Overall, however, no general disadvantage for sustainable investments can be inferred
Particularly noteworthy was the observation that sustainable portfolios would often prove more resilient during challenging market phases. However, losses could also occur.
Philipp Schubert (c) Philipp Lipiarski
Biodiversity as economic factor
A particularly striking part of the conference focused on the role of nature in an economic context. The key message from Teresa Gäckle and Marie Pfeiffer of WWF Austria was that ecosystems are an essential foundation for economic value creation yet have so far been inadequately taken into account in many models. Among other things, the following topics were discussed:
- The increasing scarcity of ecosystem services
- The dependence of many industries on stable natural resources
- Specific examples from Austria, such as the importance of intact river systems for flood protection and infrastructure costs
This made it clear that biodiversity is not just an environmental issue but is increasingly also a risk factor for companies and investors.
Sustainability in the context of global developments
The analysis of current global developments provided a broader perspective on the key issues of our time. Sustainability was placed within a wider context: several parallel crises – ranging from climate and energy to geopolitical tensions – are unfolding simultaneously and reinforcing one another.
In this context, the following things are clear:
- The transformation of energy systems is continuing to gather momentum
- At the same time, technological developments, particularly in the fields of digitalisation and AI, are increasing the demand for resources
- Sustainability is thus increasingly becoming a competitive factor in the global arena
From environmental factors to financial risks
In the afternoon, the focus shifted more towards the practical implementation of these concepts in portfolio management. A key topic was the growing significance of nature-related risks for investment decisions. Various types of risk were discussed:
- Physical risks (e.g. extreme weather, water scarcity)
- Regulatory changes
- Risks arising from transition (“Transition risks”)
- Reputational impacts
Using specific examples, it was demonstrated how these factors could affect cost structures, valuations, and cash flows, and thus directly influence investment decisions.
Regulation: greater transparency, but also greater complexity
The role of regulation was also examined in depth, particularly with regard to the SFDR (Sustainable Finance Disclosure Regulation). An important point to note here is that the SFDR is not a quality label, but rather a framework for transparency. At the same time, it has played a key role in encouraging market participants to engage more closely with sustainability.
In practice, however, the following aspects are evident:
- The requirements are complex and, in some cases, difficult to compare
- For many investors, the classification is not always intuitively understandable
Conclusion
The 2026 Sustainability Conference has impressively demonstrated how sustainable investing is evolving: from a values-driven approach to an integral part of modern investment processes. Today, the focus is on combining:
- performance
- risk awareness and
- impact on the real economy
We would like to thank all participants and speakers for the open exchange of views and look forward to continuing this dialogue together in the future.
For explanations of technical terms, please visit our Fund Glossary.
Disclaimer
This document is an advertisement. Please refer to the prospectus of the UCITS or to the Information for Investors pursuant to Art 21 AIFMG of the alternative investment fund and the Key Information Document before making any final investment decisions. All data is sourced from Erste Asset Management GmbH, unless indicated otherwise. Our languages of communication are German and English.
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