which do not look good, like oil and tobacco, to fulfil that responsibility. It is a balance between their fiduciary duty and environmental responsibility. Gopinathan: Between the sustainability strategy and the mes- sage, there is a lot of nuance to be factored in. Is a greener port- folio what we are targeting, even if the world remains dirty? Not from our definition of sustainability. A holistic approach to sustainability is the right way, but there


will be situations where emissions may temporarily increase because of that investment strategy. For example, you may have a miner who is on a transition plan which will take time, so emissions will remain high for a few years. How is that mes- saging going to be presented to members who are expecting a greener portfolio? Your greener portfolio may not look as green next year, but if there is a story attached to it of a long-term transition, and if


Feb 2022 portfolio institutional roundtable: Sustainable investing 15


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