Sustainable investing is going through a reset. Labels and broad ambitions are giving way to harder questions about evidence, implementation and investment relevance. That creates an opportunity to ask a more fundamental question: not simply what the economy needs less of, but what human progress will require more of.

From less to more

For the past two decades, the language of sustainability has been the language of “less”: fewer emissions, less waste, lower resource intensity and less damage to the natural systems on which economies depend. There were good reasons for this focus. Reducing negative externalities remains an essential part of building a more sustainable economy.

But it is not, on its own, a vision for the future.

Human progress has always meant aspiration: greater prosperity and opportunity, better health and improved living standards. For many people around the world, it still means gaining access to reliable electricity, healthcare, education and economic opportunity.

The tension between these two ideas, less versus more, sits at the heart of the sustainability debate. It is also where the next chapter of sustainability needs to begin.

The question is therefore: How can we create more of what people value, while requiring less of what is scarce and producing less of what causes harm?

Sustainability after the reset means shifting the focus from sustaining today’s economy to sustaining our ability to progress.

Three structural shifts are reshaping the future

Investment discussions often separate structural change into categories. Climate is treated as an environmental issue, artificial intelligence (AI) as a technology theme and ageing as a demographic or healthcare trend.

Those distinctions are becoming less useful as the forces increasingly interact. AI is also an energy and infrastructure question. Electrification depends on grids and materials. Climate adaptation affects infrastructure, insurance, water and health. Longer lives raise questions of healthcare productivity as well as innovation.

The future does not come organized into categories. Neither should our thinking about it.

Rather than starting with those categories, it may be more useful to start with three structural shifts that are reshaping the conditions for human progress:

The climate is changing. AI is scaling. Societies are ageing.

Each is changing what economies need to sustain progress. To read the full paper and explore these themes in more detail, visit EFG Insights.

Read more: Sustainability after the reset

– Author: Melanie Beyeler, Global Head of Sustainable Investing, EFG International

– This contribution is brought to you by EFG International, a valued Silver sponsor of Building Bridges 2026.