EMEA Sustainability "Sustainability Brief vol. 9" Fruitiere

Research evidence excerpt

EMEA Sustainability "Sustainability Brief vol. 9" Fruitiere

Global Research

15 May 2026ab

EMEA Sustainability Equities

Europe including UKSustainability Brief vol. 9

Global Sustainability

Charles Fruitiere

Analyst

Investor feedback charles.fruitiere@ubs.com

+44-20-7567 4123

Investor feedback on the latest Energy security note - Energy Security: the grid, the real Alisa Dudchak

bottleneck?: Analyst

alisa.dudchak@ubs.com

Broad agreement on the diagnosis, with the debate shifting to timing and +44-20-7567 0844

delivery: Investors largely agreed that grids are constraining the system, but

Victoria Kalb

discussions focused on when and how this translates into real investment, policy Analyst

action and outcomes. vicki.kalb@ubs.com

+65-6495 4584

Evidence is increasingly recognised, but questions remain on materiality

and system impact: Congestion, curtailment and price signals were

acknowledged, with debate centred on whether these reflect noise or a more ESG structural and worsening constraint.

Environmental

Social

Scepticism on execution, with focus on policy credibility and pace of capex GovernanceM realisation: While the need for investment is accepted, investors questioned what

has materially changed and how policy ambition will translate into delivered

projects and earnings visibility.

News of the week

Investors are pressuring McCormick to maintain Unilever’s high ESG standards,

especially on deforestation-free sourcing and supply chain transparency, following

their $65 billion food business merger.

The European Commission proposed updated EU ETS benchmarks for 2026–2030

to support industrial decarbonisation while maintaining competitiveness, with

c.75% of emissions still eligible for free allowances.