The global push for net zero is facing growing resistance, especially in the financial world. Nowhere is this more evident than in the US, where initiatives like the Net Zero Asset Managers (NZAM) commitment are seeing a growing number of dropouts.

After a year characterised by regulatory frustrations, a certain amount of ESG backlash and ever-pressing geopolitical tensions, it's fair to wonder what direction sustainable investment will take in 2025.

Before diving into what's new, it's worth giving a recap on an intense year. Sustainability regulations in 2024 marked a significant milestone for sustainable finance, although their full impact is still unfolding.