Both we and our clients attach great value to responsible investment. So we take environmental, social and governance (ESG) factors into account in all investment decisions. PGGM’s philosophy is that responsible investment is essential for the success of an institutional investor in the long term. If the impact of the actions that arise from the investment behaviour of our clients is taken into account, only then can our clients realise sustainable returns. The relevance of sustainable investment is particularly important because of the nature of our clients. We work for pension funds, which are investors with a long time horizon. This long horizon increases the risk of, for example, climate change. We therefore want to contribute towards a habitable and more sustainable world. After all, it is in that world that the participants of our clients will receive their pensions.