Responsible Investment Forum (RIF): Asia

​Yasmin Le: Hi, and welcome to Activating Sustainability, the Anthesis podcast. I’m Yasmin Le, your host for today. Recently, investors, private equity leaders and sustainability professionals came together in Singapore for the Responsible Investment Forum Asia, and that’s a gathering where long-term strategies met practical solutions across value creation, regulatory changes, and shifting market dynamics.

Before the forum, Anthesis hosted an exclusive leadership launch to set the stage for these conversations. It was an opportunity to explore global ESG trends, portfolio challenges, and the critical intersection of climate capital and innovation. In this episode, we are looking back at what mattered most.

Joining me today are Jonathan Friedman, Director in ESG Advisor in London, Gregor Theinschnack, Principal Consultant from Melbourne and Claire Soon, Director here in Singapore. Welcome all.

Together, we’ll unpack how sustainability influences portfolio value, how cross-border reporting expectations played out in the market signals, shaping strategies across Asia.

We’ll also share key insights from the leadership lunch that help frame these discussions. Let’s dive in. So, let’s start in the room. What stood out and what signal versus noise? Claire, please paint the room. What themes dominated conversations in Singapore and why do they matter for investors today?

Claire Soon: Great, thanks, Yasmin. So I do think that one of the strongest themes at the conference was really about the need to integrate sustainability into decision-making as a lever for value creation. So, this is especially relevant in the Asia Pacific region, where the operating environment tends to be more fragmented and, frankly speaking, less driven by compliance and regulation than in the EU or the UK, for example.

And what that means for all of us working in sustainability here is that we need to be able to demonstrate the long-term value of investing in sustainability. Our investors in senior management are increasingly asking, so how exactly does investing in sustainability and sustainable business drive performance resilience, and critically long-term returns?

I do think that this was a theme that just constantly emerged throughout the various discussions that we had around the conference.

Yasmin Le: Great, sounds like very insightful conversations. And now to you, Jonathan, how would you describe the overall regulatory landscape for investors and portfolio companies, and what does it mean for their long-term strategies?

Jonathan Friedman: Thank you, Yasim. I would say in Asia, most product equity firms are still operating in a very lightly regulated space. We are seeing reporting standards, coming in for large and public listed companies in, Singapore, Malaysia, India. And these give a view of, what might be coming down, later for smaller companies what expectations will be. But, generally speaking, we’re seeing a much less onerous kind of landscape, than we have over in Europe. And so I think this allows, folks in Asia to really focus on what matters for their companies, what is material, and often choosing a few topics, for each portfolio company and really focusing, on those and approaching things that way.

Yasmin Le: Very interesting, thank you, Jonathan. And now moving to the portfolio operations, Gregor. What problems kept coming up? Data resourcing or decarbonisation and where’s the momentum?

Gregor Theinschnack: All right. So the one topic there was quite a challenge everywhere and all around and throughout the whole one and a half days, was data. Data availability, quality, accuracy, we’re all mentioning in all the conversations that we have had and all the panel discussions, it came up pretty much everywhere. And I think while, data is quite critical and the quite critical element in sustainability portfolio companies should equally also put a focus on capabilities and skills. We see in Australia now that climate disclosures, for example, are mandatory, that those capabilities and resourcing, are quite critical in, putting out, solid, and founded, disclosure. So it is important to have a look at both.

Yasmin Le: And could you name one lever teams can pull in less than 12 months?

Gregor Theinschnack: When it comes to data, I would say to develop a data quality improvement plan. And really not only focus on internal data, but also what’s available externally, through sources, but also through the network. They have industry forums like the RIF are really good for that. So, attend those ones, which also then act as an upskilling event as well.

Yasmin Le: Agreed. I really liked the conference and enjoyed my time there. Let’s move now, from headlines to the mechanics of value creation. How do we turn reporting into action on the PnL[Profit and Loss]? Now, Jonathan, how are investors and companies turning regulatory compliance into an opportunity for stronger performance and resilience?

Jonathan Friedman: I would say really when you’re faced with the compliance requirement, there are two options. There’s one you can say, look, we have to do this, we’re going to do the minimum possible and get this done as fast as we can. Or there’s the approach which we’re seeing, really a lot of folks take, is saying we have to do this, let’s at least try and extract value from it.

And I think when it comes to things like, for instance, sustainability reporting requirements, it has been extremely helpful for sustainability leads and other folks to bring stakeholders together, form a common language around sustainability internally, and also move away from maybe something happening on an ad hoc basis in the portfolio where not everyone knows what’s going on to having a more centralized strategy. And that can create both efficiencies and opportunities, when, you know, say fundraising, engaging with LPs and other things. So that’s one example of where we’re seeing that Yasmin.

Yasmin Le: Great. And what practical steps did you see firms take to link Sustainability efforts with business outcomes?

Jonathan Friedman: I would say really on that front, the practical thing is try and do more with less in the sense of you can get caught up with lots of different KPIs, lots of different targets, and that’s what you’re kind of encouraged in some respects, by all the different reporting frameworks out there and initiatives. But we’re seeing the folks that have the most success really drill down on a few material topics and really find ways to extract value from those and really, achieve performance on those and that’s where we’re seeing success happening.

Yasmin Le: Indeed sometimes less is more. Claire, could you. Please tell us where do you see the clearest ROI from Operational Decarbonisation in Southeast Asia?

Claire Soon: I think absolutely the clearest ROI would be in terms of future proofing business value. So, it’s not just thinking about in terms of business continuity, but also in terms of ensuring, and uplifting demand from buyers. We’re seeing a strong push from end customers to say your Fortune five hundreds, who are really embedded in the global supply chain, who expect their suppliers now to be committed to net zero. On the private equity side, that pressure is coming from LPs and GPs who are setting expectations for their portfolio companies to demonstrate credible decarbonisation pathways and assess the climate risk profiles. Sometimes we’re seeing even before the point of investment. So, when it comes to Asia, even modest steps like improving energy efficiency or switching to renewables can deliver measurable financial and reputational returns.

It’s really not just about meeting a target; it’s more about long-term competitiveness, and operational decarbonisation helps companies stay competitive, retain your biggest contracts, and track capital.

Yasmin Le: Great, and now to Gregor. I think our listeners would really appreciate some pragmatic insights. Could you outline a three-step path for a portfolio company to improve data resource smartly and cut emissions?

Gregor Theinschnack: The three words that come to mind when we talk about a path to decarbonization is all reliant on materiality, influence and ROI. So, when we look at emissions, for example, you always look at the most material emissions first and foremost. So that’s, that’s your number one step. Don’t look at anything that comes second or third, just really go with what’s right in front of you and what you can influence. So that’s the second step would be looking at where you can have an influence or what sort of emission sources. And then, as a third one, you analyse the ROI of any investment decision. So, whether that’s an investment in a data improvement in new resources, or those initiatives that actually do cut emissions.

Yasmin Le: Thanks, Gregor. Let’s move now to cross-border regulation and reporting. We can see the portfolios juggle EU, UK, Singapore, and Australian expectations. Let’s keep this one practical.

Claire, could you please compare Singapore’s expectations with EU and UK trends. What do you think APAC managers should prioritise in 2025?

Claire Soon: That’s a great question. So, sitting here in the region, I think it’s quite clear that, say in Singapore and looking across the broader APAC region, it’s much more of an incentive driven approach and much more collaborative approach towards sustainability. So, in Singapore, for example, it’s really been positioning itself as an APAC regional hub for green finance, innovative financing models, carbon markets and services.

So again, this is very much incentive driven, emphasizing long-term investment and business opportunities. In contrast, I think for that, you and the UK, it’s very much more a regulatory driven conversation with, of course, mandatory disclosures and quite strict taxonomies.

So maybe for 2025, I would suggest that APAC managers should look to building internal ESG capabilities specifically around establishing processes to establish a database line for ESG and sustainability metrics and leveraging technology where possible.

This will help to set a foundation from which sustainability progress can be measured against international standards, whether it’s at the, the business level or a portfolio level. And this will help to attract global capital as well as build trust of stakeholders.

Yasmin Le: And Jonathan, from what you observed, how are firms approaching cross-border reporting challenges and what does that tell us about their priorities?

Jonathan Friedman: Look, Yasmin cross border reporting is not fun, it can never be fun. I don’t have a way to tell you it’s gonna become easy, but you can make it less painful if you have good ESG data management. And what we’re seeing is increasingly table-stakes, is to move out of Excel and into a purpose-built, user-friendly ESG data collection and reporting solution. At Anthesis, we have our own solution, which is called Mero. Other folks have other offerings. But the key thing here is to be allowed to input data once and report many times, and, across those kinds of different reporting requirements and also see what the actual nuances are, what you have to add on to say, comply with ASRS, reporting regulations, EDCI, Voluntary Standards, and so forth. So this is what we’re seeing increasingly as a must have in this reporting environment.

Yasmin Le: That was spot on, Jonathan. I can only agree, my day-to-day work, I experience the same when it comes to cross-border reporting. Were there any themes or practices that stood out as most helpful for managing complexity across regions?

Jonathan Friedman: That’s a great question. I think it’s having those good internal processes, understanding what’s coming down and being prepared for it. What we’re seeing, is a challenge for folks where things are being left to the last minute and you have these reporting deadlines and you’re scrambling, and it’s harder than you think sometimes to get all that data in place. And especially as, in the future, you’re going to have assurance requirements for a lot of these reporting standards, the earlier you get those robust data processes and the stronger you’re going to be placed.

Yasmin Le: Great. And before the forum Anthesis hosted a leadership launch to spark dialogue on climate capital and innovation. Let’s reflect on what resonated and how it influenced the conference. Starting with you, Gregor, which portfolio challenges discussed at the lunch carried through to RIF Asia sessions?

Gregor Theinschnack: To be fair, there was not really any particular challenge, but what was so fascinating for me, coming from Australia, was that everybody in Australia is just talking climate at the moment because it is mandatory now. Coming to Asia, the focus and the clear, indication was that the climate is currently not a top priority. So, it is all about social impact, human rights, modern slavery and so on. And the challenge there, I think is meeting LPs expectations, whilst climate, for example, might be one of those requested by the LP, but then this might not be a material topic within the portfolio company or the GP itself.

So that’s kind of the challenge of meeting LPs’ expectations, but also looking at your own portfolio company’s materiality and material topics that really have an impact on where they operate in the sector, and the country they operate in.

Yasmin Le: From your perspective, Claire, how did the launch set expectations for regional collaboration?

Claire Soon: The client lunch was a highlight for me. I felt that it created a candid space for conversations about shared opportunities and challenges. So, for example, conversations around supplier engagement and data quality. It also reinforced Anthesis’s role as a connector and reminded us that we’re not just advisors, we can also be a platform to help convene like-minded investment and sustainability practitioners so they too can collaborate with our network and really move the whole conversation forward.

Yasmin Le: Now to you, Jonathan, what global ESG trends did you highlight at the lunch, and how did they frame conversations during the following?

Jonathan Friedman: Yeah, absolutely. I think what we talked a lot about was some of the challenges actually that you’re facing the commercial side of private equity, which is, it’s been a tough exit environment. And that’s also the case in Asia, with often even longer holding periods for portfolio companies in Asia than we see in Europe. And so, one of the things that we’ve been very excited about Anthesis and the uptake from our clients on, has been some of our work around what we call “equity narratives”, which is helping to introduce, storytelling, into how you bring together the ‘why’ a company’s offer is compelling, what its purpose is, why it has a right, to win market share in the future and attract and retain the top talent. That was one topic I enjoyed talking about during the client launch.

Yasmin Le: Very interesting. Thank you. It is an event to bring great people together in sustainability and I hope more of that is soon to come. Now ,to end this, let’s get one concrete step from each of you. Very short, 30 seconds each, one action our listeners can take for this quarter.

Maybe we start with you, Gregor? Name one operational lever with fast payback you would prioritise first, be it energy efficiency, procurement, or process.

Gregor Theinschnack: I think one of the easiest ones to tackle is always, efficiency, improving efficiency, and thus also reducing operating costs. So go with energy efficiency.

Yasmin Le: Jonathan, what’s one practical step companies can take to make their sustainability data more useful for decision-making?

Jonathan Friedman: Well, I would still say focus on fewer KPIs, which isn’t exactly the answer to your question, but I think that’s what came up for me in, conversations.

Yasmin Le: Claire, please share one relationship or policy step APAC teams should initiate now.

Claire Soon: I would say that stakeholder engagement is really critical, and so one of the most strategic steps APAC teams can take right now is to deepen engagement with the LPs. Several LPs were present in RIF. The impression I got was that many LPs are not just asking for data. They’re taking an increasingly active role in shaping the sustainability agenda through their capital allocation decisions.

By proactively engaging with LPs, managers can better understand and anticipate evolving expectations, co-develop credible transition plans, and even unlock market access and new networks, as well as partnership opportunities. This time of dialogue also helps to build trust and transparency, which is really critical in a region where ESG maturity varies widely and hopefully makes those LP questionnaires easier to handle.

Yasmin Le: Great. And maybe just one last one, one extra. What’s one myth you’d debunk about ESG and APAC?

Gregor Theinschnack: It’s not as scary as it sounds.

Yasmin Le: And that’s a good one.

Jonathan Friedman: I’ll say the myth is that people don’t care about ESG or sustainability in APAC that came out very clearly at RIF that that’s not true. However, it’s a more open conversation. People are really free to do what they like on sustainability, and there’s just less of those regulatory folks than you have in Europe, and I think less of the politicisation that you see over North America.

So, it’s an open air for this, and a lot of people are interested in doing fascinating things on it. And yeah, I think there’s an exciting future for sustainability, investing in Asia.

Yasmin Le: Today, we reflected on how reporting informed value creation, why cross-border coherence mattered, and how APAC market dynamics shape decisions, insights from the leadership launch helped set the tone for these discussions. Thank you so much to Jonathan, Gregor and Claire for the insights. Thank you all for listening.

As always, we love to hear from you. Send us your feedback through our website anthesisgroup.com/podcast where you can also find resources and past episodes. Thanks again, and take care.