EOS 2025 Annual Review

2025 began with Los Angeles in flames as it suffered some of the worst wildfires in Californian history. Over the course of the year, physical climate risk continued to manifest, with the UK’s summer deemed the hottest on record and European heatwave deaths in the thousands. Insured losses from natural catastrophes surpassed the US$100bn mark for the sixth consecutive year, according to Swiss Re data, with the LA wildfires alone accounting for some $40bn in damages.

The mounting losses provided stark evidence of the systemic risk building in the global economy, and the urgent need for governments, companies and investors to act. In EOS’s 2025 Annual Review of its engagement and voting activities, Will Farrell reports from COP30 in Brazil. There delegates clinched a new climate deal to triple adaptation finance by 2035 and kickstart international cooperation on a just transition.

With geopolitical tensions rising in 2025 as conflicts continued in Europe and the Middle East, responsible investor sentiment towards defence stocks began to shift. Joanne Beatty and Ellie Higgins explain how these trends have impacted our engagement approach. 

The Annual Review also includes Q&As tracking the progress of EOS’s fast fashion and climate-aligned accounting engagements, and an article on the financial materiality of supply chain worker rights, by Kenny Tsang and Ross Teverson.

To find out more, read the EOS 2025 Annual Review.