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Impact in action: Driving change in the real world
Nuveen’s alignment and contribution to the Sustainable Development Goals
The Sustainable Development Goals (SDGs), created by the United Nations in 2012, are a collection of 17 interlinked objectives which serve as a shared blueprint for peace and prosperity, for people and the planet. The goals recognize that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality and spur economic growth – all while tackling climate change and working to preserve our oceans and forests. All stakeholders, from government to civil society and the private sector are expected to contribute to the realization of the goals.
As an engaged participant in the UN SDG ecosystem, Nuveen is pleased to report that we have deployed over $31.4 billion1 in impact investment strategies that deliver measurable social and environmental benefits to people, communities and the planet. We pursue positive social and environmental impact alongside competitive financial returns across a broad range of asset classes and are a founding signatory and Advisory Board member of the Operating Principles for Impact Management (OPIM disclosure statement). We invite you to explore our investment case studies which either align or contribute to the SDGs.
No Poverty
Protecting affordability in the U.S. housing market
As part of its impact housing portfolio, Nuveen acquired Woodbridge Manor in Irvine, California - an affordable property for people aged 62+ and for those living with diverse abilities.
Impact outcome
• 213 low-income residents housed
• Installation of PV solar panels creating renewable energy
• 80% of property management are women
• >70% of residents are women, 80% of property management staff are women
• 85% discount between resident-paid rent and market rent
Asset class
Real estate
Location(s)
California, USA
SDG alignment
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Zero Hunger
Investing in the global production of sustainably produced cocoa and wheat
Nuveen is an investor in the green bond issued by Mondelez International Holdings Netherlands B.V.
Impact outcome
• 110, 942 farmers trained
• 142, 298 acres (58,000 hectares) of land restored or sustainably managed
Asset class
Fixed income
Location(s)
South America, Africa, Asia and Europe
SDG contribution
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Good Health and Well-Being
Prioritising wellbeing via the acquisition of cube Berlin - a fully digitalised smart building
cube Berlin is a 17,500 sq m customised smart office on Washingtonplatz and a flagship for the area’s long-term regeneration. The building includes intelligent heating, cooling and lighting systems and uses artificial intelligence to recognise user requirements and flexibly meet their needs.
Impact outcome
SmartScore ‘Platinum’ certification by the German Sustainable Building Council
Asset class
Real estate
Location(s)
Berlin, Germany
SDG alignment
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Quality Education
Supporting community and economic development in West Africa
Nuveen has invested in Benin's sustainability bond which supports community programs providing access to basic products and services to those in education.
Impact outcome
• 2,168 students accommodated during the 2022-2023 academic year
• 9,676 candidate teachers recruited in 2022
• 389,346 new schoolchildren benefitted from the school canteen program, taking the total number to 1,050,000 by the end of 2022 • 665,054 meals served in the nine university canteens in 2022
Asset class
Fixed income
Location(s)
Benin, West Africa
SDG contribution
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Gender Equality
Empowering female entrepreneurs in India
Nuveen’s Private Equity Impact team invested in Annapurna Finance, one of the largest microfinance institutions in India.
Impact outcome
With a loan portfolio of over $1 billion, Annapurna serves approximately 2.5 million low-income or underserved clients, 90% of which are women.
Asset class
Private equity
Location(s)
India
SDG alignment
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Clean Water and Sanitation
Financing the provision of clean water in the U.S.
Nuveen has a holding in American Water Works Company (AWK) which supplies safe, affordable and reliable drinking water and wastewater services to over 14 million people. AWK has regulated operations in over 14 states and on 18 military bases. The company is a leader in sustainability.
Impact outcome
• By 2035, AWK aim to meet customer needs while saving 15% in water delivered per customer, compared to a 2015 baseline
• By 2025, they target reducing absolute scope 1 and 2 GHG emissions by 40%
• By 2035, they target reducing absolute scope 1 and 2 GHG emissions by 50%
• By 2050, they aim to achieve net zero absolute scope 1 and 2 GHG emissions
Asset class
Equities
Location(s)
U.S.
SDG alignment
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Affordable and Clean Energy
Protecting the environment and preserving natural resources in the Middle East
Nuveen's Impact Fixed Income and Emerging Markets teams invested in the Noor solar photovoltaic array operated by Sweihan PV in UAE - a state-of-the-art facility which generates energy with a minimal carbon footprint and maximum cost effectiveness.
Impact outcome
The facility currently produces approximately 1.2 GW of electricity annually - enough to power 90,000 homes.
Asset class
Fixed income
Location(s)
United Arab Emirates
SDG contribution
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Decent Work and Economic Growth
Powering the sustainable communities of tomorrow in Finland
Nuveen Infrastructure invested in Finland’s largest onshore wind farm, Piiparinmaki, a project which provides stable and contractual income to our investors. The project brings a critical source of clean energy to the country as it aims to achieve its bold target of carbon neutrality by 2035. In conjunction with the asset, we have also partnered with BizGive, an impact platform that helps set up community benefit funds.
Impact outcome
• Piiparinmaki has 211MW of power capacity – enough to power 185,000 homes – and the project has created more than 2,700 jobs*
• From BizGive - a donation of €8000 to the Tupalankoski Recovery Project (near Piiparinmaki) to replace stones in the stream and help restore the river’s natural ecosystem to improve the environment for local trout species to breed and thrive
Asset class
Infrastructure
Location(s)
Finland
SDG alignment
*Job creation methodology based on analysis prepared by ERM for Nuveen. Direct Jobs: are created in the various life-cycle stages of the renewable energy projects. This includes design, manufacturing, delivery, construction/installation, project management and operation and maintenance of the different components of the technology. Indirect Jobs: are jobs created in the accompanying supply chains, also known as the “supplier effect”. For example, additional steel manufacturing for wind turbines will create indirect jobs. Induced Jobs: are created due to an increase in expenditure in the general economy as a result of increased spending by direct and indirect employees. E.g., non-industry jobs created such as teachers, grocery store clerks, and hospitality workers.
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Industry, Innovation and Infrastructure
Championing economic equality for women in South East Asia
Nuveen’s investment in four of the five series of the Women’s Livelihood Bond (the world’s first labelled orange bond) helps women access affordable credit, micro savings and insurance, agricultural inputs, as well as clean and affordable energy. Capital is provided up-front, allowing women to fund income-generating assets and skills to transition from subsistence to sustainable livelihoods.
Impact outcome
At the end of 2022:
37,550 women entrepreneurs provided with loans
13,013 women provided access to clean energy/energy efficient solutions including solar rooftop panels and clean cooking stoves
1,660 women smallholder farmers receiving agricultural loans
Asset class
Fixed income
Location(s)
Cambodia, India, Indonesia, Philippines, Kenya and Sri Lanka
SDG contribution
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Reduced Inequalities
Fueling small business growth via fintech lending in India
Nuveen’s private equity impact team invested in Kinara Capital, a financial technology loan provider to the MSME segment.
Impact outcome
The company currently serves more than 9,000 customers across the country and has tailored programmes for women entrepreneurs, providing access to affordable and responsible financial services.
Asset class
Private equity
Location(s)
India
SDG alignment
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Sustainable Cities and Communities
Helping to reduce carbon emissions and provide clean water to children in Vietnam
In February 2023, Nuveen participated in an innovative emission reduction-linked bond. The project aims to manufacture 300,000 water purifiers, distribute them to approximately 8,000 schools across Vietnam thereby making clean water available to around 2 million children. The project also aspires to reduce gas emissions by almost three million tonnes of carbon dioxide over five years. This, in turn, will generate carbon credits that cover the cost of the filters and their distribution.
Impact outcome
• Projected to reduce gas emissions by almost three million tonnes of carbon dioxide over five years.
• Distribution of clean water to approximately 8,000 schools (reaching circa 2 million children)
Asset class
Fixed income
Location(s)
Vietnam
SDG contribution
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Responsible Consumption and Production
Investing in a leading chain of thrift stores providing circular economy solutions
Through a network of more than 2,500 donation sites, America's Thrift Stores finds ways to reuse, recycle and repurpose goods while generating significant revenue for a number of local charity partners. The company has pioneered an innovative, data-driven approach to procuring and sorting items, enabling them to market and resell through multiple channels in high volumes.
Impact outcome
Diverts close to 50 million pounds of textile and home goods waste from landfill every year.
Asset class
Private equity
Location(s)
U.S.
SDG contribution
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Climate Action
Sourcing locally created compost to replace synthetic fertilizers and reduce GHG emissions in Australia
Nuveen Natural Capital is investing to improve soil health and structure and to reduce greenhouse gas emissions on the macadamia orchards under its management. The biggest contributor has been the shift away from using synthetic fertilizers to compost across the entire 848 acres of orchard area. The compost is created by recycling orchard by-products - offcuts, trimmings and nut husks - and combining them with manure from a local cattle feedlot and other local waste organic material.
Impact outcome
• Reduces emissions through lower synthetic fertilizer and transport fuel
• Removes atmospheric carbon through greater soil-based carbon capture and better tree growth
• Improves soil structure and fertility and promotes weed control
• Achieves an estimated GHG reduction and removal of 956 tCO2 annually
• Earned Carbon Friendly certificates of compliance under its sustainable agricultural certification
Asset class
Natural capital
Location(s)
Australia
SDG alignment
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Life Below Water
Preserving marine resources in the Seychelles
Nuveen was honoured to be approached as a seed investor in the world's first sovereign blue bond - a pioneering financial instrument designed to support sustainable marine and fisheries projects and an initiative that combines both public and private investment.
Impact outcome
Proceeds from the bond include:
Support for the expansion of marine protected areas
Improved governance of priority fisheries
Development of the Seychelles’ blue economy
Asset class
Fixed income
Location(s)
Seychelles
SDG contribution
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Life On Land
Restoring biodiversity through reforestation in the Amazon
Nuveen is the lead investor in the Amazon Reforestation Bond issued by the World Bank. The bonds were issued under the World Bank’s Outcome Bond program to lend proceeds to Mombak, a Brazilian based company, that will use funds to acquire or enter into partnerships with landowners in the State of Para in the Amazon to reforest the land with native tree species. This transaction marks the first bond to link the level of investors' financial returns to the amount of carbon removal from the atmosphere.
Impact outcome
• Expected to remove 2 million tons of CO2 over the next 50 years
• Reforestation of up to 3,300 hectares of degraded and deforested farmland with native species. 3,300 hectares is equivalent to over 5,200 Premier League football pitches or 7,425 American football fields.
Asset class
Fixed income
Location(s)
Brazil
SDG contribution
Protecting the rhino species from extinction
Nuveen is the lead investor in the Wildlife Conservation Bond issued by the World Bank. The Wildlife Conservation Bond, also known as the Rhino Bond, is the world's first financial instrument dedicated to protecting a species. This innovative transaction combines the potential for attractive total return with positive direct, measurable environmental and social impact.
Impact outcome
• Expanding protected areas for rhino habitats
• Breeding program to grow animal populations in protected areas
• Funding essential security and geospatial monitoring programs, which bring jobs to local communities
Asset class
Fixed income
Location(s)
South Africa
SDG contribution
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Peace, Justice and Strong Institutions
Championing underprivileged communities in Madrid
Nuveen invested in a sustainability bond program set up by The Autonomous Community of Madrid which seeks to significantly reduce all forms of violence and related deaths.
Impact outcome
At the end of 2022:
19,992 victims of gender violence supported
479,692 people reached through community programs
1,893,108 people benefited from access to basic products and services
Asset class
Fixed income
Location(s)
Spain
SDG contribution
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Partnerships for the Goals
A signatory of the UN Principles for Responsible Investment (PRI)
Our parent company, TIAA, was a founding signatory of the UN PRI in 2006, and Nuveen has continued that proud legacy signing as a PRI signatory in 2018. By signing the internationally recognized PRI, we publicly demonstrate our commitment to responsible investing with a clear blueprint for incorporating ESG issues into our investment decision making and ownership. With over USD$63 billion in responsible investing branded products*, we are pleased to commit and adopt the PRI Principles where consistent with our fiduciary duties. We also encourage others to adopt the Principles where appropriate.
Impact outcome
13/13 modules received star rankings at or above peer median**
Asset class
Multi-asset
Location(s)
Global
SDG alignment
*as of 30 June 2023
**Principles for Responsible Investment (PRI), 2023 Assessment Report for Nuveen, December 2022. UN PRI signatories report on their responsible investment activities annually by using the PRI’s Reporting Framework, which is comprised of 13 modules. Asset managers that report on their responsible investment activities through the PRI’s Reporting Framework receive an Assessment Report, which provides a raw score (0-100) and a corresponding ‘star score’ on each of the modules. A five-star grade is the highest possible score, awarded to those signatories that demonstrate leading practices within the responsible investment industry. The one-star grade is allocated to those whose responsible investment practices are at the lower end of the scale, including those that do not incorporate ESG factors in their investment decisions. Publicly disclosing module raw scores or star scores is at the manager’s discretion. According to the PRI, disclosing scores is a public demonstration of a firm’s commitment to including environmental, social, and governance (ESG) factors in investment decision making and ownership. The full methodology is publicly available on the PRI website.
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Learn more about a selection of our investment capabilities
1 30 Sep 2024; Impact strategies may have a varying mix of impact, ESG leaders, and traditional securities. Assets under management is inclusive of underlying investment specialists and any sleeves managed on behalf of TIAA’s General Account with specific responsible investing criteria or characteristics inherent to the investment thesis/asset class. Capabilities can be reflected in strategies/vehicles across fund families, including affiliates and sub-advised agreements.
Important information on risk
Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.
Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well.
Nuveen considers ESG integration to be the consideration of financially material ESG factors within the investment decision making process. Financial materiality and applicability of ESG factors varies by asset class and investment strategy. ESG factors may be among many factors considered in evaluating an investment decision, and unless otherwise stated in the relevant offering memorandum or prospectus, do not alter the investment guidelines, strategy or objectives. Select investment strategies do not integrate such ESG factors in the investment decision making process.
