By David Atkin, CEO, Principles for Responsible Investment
It’s hard to believe it’s already been three weeks since we were all gathered in Toronto for the 2024 edition of PRI in Person. In that time, I’ve had an opportunity to reflect on what can only be described as a jam-packed few days.
As one of our largest ever conferences, PRI in Person 2024 brought together over 2,000 investment professionals from 45 countries committed to progressing global action on responsible investment.
A timely theme indeed, because let’s face it, our industry has faced some headwinds this year, most notably due to the pushback we have seen emerge – particularly within the US market. But in my opinion, pushback is a sign that you’re doing something right, something that is creating change. And over the three days in Toronto, I felt the energy and excitement that accompanies change. There truly are, in my view, many reasons to be cheerful.
New connections and collaborations
This year, PRI in Person hosted more than 35 conference sessions and over 50 side events. Our aim? Support leaders and practitioners across our diverse signatory community and beyond, and amplify action towards our shared mission of achieving a sustainable financial system. All of this while also catalysing new connections and collaboration across the responsible investment ecosystem.
Over 150 expert speakers joined us across the main conference programme, to showcase industry-leading responsible investment practices and debate the impact of emerging ESG issues and global trends within rapidly evolving policy and regulatory landscapes. Many more shared their insights at side events hosted by the PRI and our community of stakeholders.
Key themes at this year’s conference
We were honoured to open PRI in Person 2024 with a performance by The Aazhibik Singers, a welcome from Ogiima Kwe Clare Sault, Chief of Mississaugas of the Credit First Nation, and a video address from Cindy Woodhouse Nepinak, National Chief of the Assembly of the First Nations.
It was always important for us to ensure that we highlighted voices from Indigenous communities during this year’s conference, also knowing that PRI in Person 2025 will be held in Brazil. In Canada, Brazil, and around the world, Indigenous peoples are at the frontline of key sustainability challenges as rightsholders – and are disproportionally impacted by systemic issues like climate change. Their perspectives are therefore critical in this debate.
David Atkin with Canadian Deputy PM and Minister of Finance, Chrystia Freeland, at PRI in Person 2024
Turning to the plenary stage, highlights included a keynote by Canadian Deputy PM and Minister of Finance, Chrystia Freeland (pictured above), who announced plans to mandate climate disclosures for large federally incorporated private companies and the development of a ‘Made-in-Canada’ taxonomy, largely based off the Sustainable Finance Action Counsel’s recommendations on taxonomy. This signalled the government’s clear intention to foster an enabling environment for responsible investors.
This topic is, as you may be aware, one of our key strategic priorities at the PRI – as outlined in our new three-year strategy. The industry has come a long way, but we know that policymakers need to be the prime movers to accelerate and facilitate responsible investors’ activities. We therefore warmly welcomed this announcement and look forward to working with the Canadian government as these plans come to fruition.
I’d also like to take this opportunity to extend special thanks to our RI Ecosystems team in Canada as well as the PiP Local Action Forum, who worked with various sections of federal and provincial government for over a year to help lay the foundations for these announcements.
Major announcements catalysed by PRI in Person 2024
- Plans for the Canadian climate taxonomy, built off of the SFAC framework.
- A plan to deliver Made-in-Canada sustainable investment guidelines and mandatory climate-related financial disclosures for large, federally incorporated private companies.
- $2B and $1B CAD green bond issuances by the Canadian and Ontario governments respectively, and another $200M social bond issuance by the city of Toronto.
- Climate Engagement Canada (CEC) announced four new international joiners: Pictet Group, Railpen, BNP Paribas Asset Management and GMO, bringing $1 trillion in AUM. Also announced new grant funding for Focus List company directors in taking the Institute of Corporate Directors’ (ICD) Board Oversight of Climate Change course.
- Launch of landmark report examining the growth of Canadian sustainability bonds over the past decade by the Institute for Sustainable Finance.
Over the three days, the conference agenda also explored a wide range of topics at the cutting edge of our industry, exploring themes including artificial intelligence, nature, critical minerals, geopolitics, and responsible political engagement. A focus on materiality and actionable insights saw lively conversations on subjects such as utilising sustainability to generate alpha, and optimising the asset manager relationship, as well as asset class-focused discussions centering on private markets, sovereign engagement, and infrastructure in emerging markets.
You are the first generation of investors to understand to include climate risks. But you are also the last generation that can do something to mitigate climate risks.Mark Carney, speaking at PRI in Person 2024
The topic of progression was also a key one. Progressing global action on responsible investment was our central theme this year, and is another one of the core pillars of our new strategy.
As you’ll have heard, our plans for Progression Pathways continue at pace. But more generally, the concept of progression underpins all we do. Every year, we grow to better understand what it means to be a responsible investor and the benefits that our work brings – to your organisations and your clients or beneficiaries.
And finally, a brief mention to the concept of collaboration. Events of this nature are, of course, inherently collaborative. A significant part of the value of PRI in Person is bringing the industry together to share insights and have the conversations that really matter. And we remain wholly committed to providing the right fora to facilitate the industry to move from education to action.
One of my main takeaways from the conference is the need for the PRI to enable you, our signatories, to come together in the right spaces which allow you to move more towards action and implementation. By doing this, we’ll ensure we’re well placed to help address the major challenges our industry faces.
’We go further when we travel together’
Now, as you’ll have heard me say during the conference – we go further when we travel together. And in that spirit, I’d like to take this opportunity to thank everyone who has contributed to this year’s conference and shared their wisdom, insights and questions along the way. If you’d like to share any feedback on the conference with us, you can do so here. And for those attendees who would like to watch any content back, all sessions are available on-demand.
I’d also like to share my deep gratitude to our lead sponsor, Mackenzie Investments, without whom none of this would have been possible. And to our own PRI team, who make the world’s leading responsible investment conference what it is, under the brilliant leadership of our Events team. I hear 5,200 cups of coffee were served over the course of the conference, hopefully not all consumed by the team!
I will leave you with this powerful call to action which Mark Carney shared on stage: “You are the first generation of investors to understand to include climate risks. But you are also the last generation that can do something to mitigate climate risks.”
Join us in Brazil next year
As I write to you off the back of attending COP16 in Colombia, and just a week away from COP29 in Azerbaijan, this couldn’t be a more timely message. One we look forward to reflecting on in next year’s edition of PRI in Person, which will be taking place just before COP30 in Brazil – so mark your calendars to join us in São Paulo, 5-7 November 2025. I look forward to seeing you there.
