Disclosures:

This report is led by the Morgan Stanley Institute for Sustainable Investing (“Institute”) and presents results from an online survey of asset owners and asset managers conducted by Dynata LLC on behalf of the Institute. From August 28 to September 23, 2025, a sample of 664 asset owners and 303 asset managers were surveyed across North America, Europe and Asia Pacific for a global total of 967 institutional investors. Unless otherwise specified, “institutional investors” refers to combined responses from both asset owners and asset managers.

This material was published in November 2025 and has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or…