ESG investing funds heavy in renewable utilities like NextEra Energy and Iberdrola surged 5% in the last quarter, aided by falling solar module prices and strong carbon credit markets. The number of responses to this year’s Sustainable Investment Survey was way down, with 267 people answering at least one question and 127 completing the survey—less than half the responses and completions we had in 2024. There are a few possible explanations for this, including general survey fatigue, the politicization of the topic making it taboo to discuss in some circles, and the fact that fewer investors are still seeking information on the topic, having now settled into the heads-down execution phase of their sustainable investment journey. Amy Scott: Today, Sphere's fund is available in more than 200 401K plans, but not to public retirees in Texas. Remember the blacklist we talked about last episode? Sphere's fund is on that list, meaning Texas pension funds can't invest in it. Alex says Sphere protested the decision. Morningstar data shows that 62% of ESG investing funds outperformed their non-ESG peers over the last 12 months, substantiating investor belief in their resilience across market cycles.