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This preface was originally written in Dutch. This is an English translation.
Robust growth and ongoing uncertainty
The global economy is in a remarkable phase, in which robust growth and persistent uncertainty coexist. In the United States, the labour market and business investment remain resilient for the time being, whilst inflation is gradually easing but has not yet disappeared entirely. At the same time, profit growth among US companies looks set to be particularly strong in 2026, driven in part by three major waves of investment: AI, defence and sustainability.
The geopolitical environment also remains complex. On various fronts, the dynamic appears to be slowly shifting from escalation to pragmatism, largely driven by economic and strategic necessity. The war in Ukraine, for example, has accelerated the development of defence technology, whilst tensions in the Middle East once again demonstrate how closely geopolitics, energy security and economic transition are intertwined.
This brings us to the central theme of this edition: impact investing and the energy transition. How can investors contribute to structural change without losing sight of financial returns? And how can they distinguish between promising transitions and investments that actually deliver a measurable impact?
These questions formed the common thread running through three round-table discussions. It emerged from these that local impact investing is gaining in importance, driven by geopolitical uncertainty and the growing need for investments whose impact is tangible and explainable. The energy transition, too, is no longer solely a sustainability issue, but is increasingly a matter of energy security and strategic resilience. For investors, exposure to these themes can also contribute to further diversification of their portfolios.
At the same time, the need for measurable impact is growing. A clear Theory of Change forms the foundation for this. The challenge lies in striking a balance between standardisation and bespoke solutions, without losing sight of the power of storytelling.
But it is not just capital flows, technologies and measurement frameworks that shape transitions. People and organisations are at least as important, not only for impact ambitions but also for long-term performance, as the cover interview revealed. Harriet Steel, Gül Poslu and Tony Appiah of Nuveen explain that the foundation for better investment, stronger governance and sustainable value creation is built on inclusion and diversity. In their view, a focus on human capital, organisational culture and employee engagement is no longer merely a prerequisite, but crucial to long-term success.
Amid economic shifts, geopolitical tensions and societal transitions, one insight therefore remains clear: sustainable progress begins and ends with people.
I wish you a lovely summer and hope you enjoy reading this issue.
Jolanda de Groot, Editor-in-Chief