Hidden Currents is the sixth annual climate change survey by the International Forum of Sovereign Wealth Funds (IFSWF) and the One Planet Sovereign Wealth Fund Network (OPSWF), tracking how sovereign wealth funds integrate climate into investment decisions, governance, and reporting. The 2026 report draws on responses from 31 funds surveyed in 2025.
The headline finding marks a turning point: for the first time across five survey waves, more sovereign wealth funds are driven by return potential than by risk management when it comes to climate. But the more revealing story lies beneath that shift — in where climate governance is deepening, where it is quietly retreating, and what constrains the translation of intent into capital allocation.
Climate change has shifted from a compliance and reputational issue to an investment issue."
Duncan Bonfield IFSWF CEO
What the report covers
The report examines four areas: what is motivating funds to act; how climate considerations are embedded in the investment lifecycle; which sectors and regions are attracting capital; and how funds report and set targets.
Explore the data
This year's report is accompanied by an interactive dashboard. Explore four years of survey data across all key metrics.
