On 17 March 2026, Old Mutual's latest Integrated Report landed—and it's a significant marker for UK investors, wealth advisors, and founders tracking the direction of institutional capital in sustainable finance. While headlines often fixate on headline-grabbing fund launches, the real story in Old Mutual's 2025 disclosure is more nuanced: a major financial services group reporting measurable progress on climate governance, financed emissions reduction, and portfolio alignment with net-zero commitments.

For UK startup founders and early-stage operators raising capital in a regulatory environment increasingly shaped by TCFD (Taskforce on Climate-related Financial Disclosures) and FCA climate risk expectations, understanding how major institutional asset owners like Old Mutual are positioning their portfolios matters. This article unpacks what the 2025 report actually reveals—and what's notably absent—to help founders navigate the sustainable finance landscape.

What Old Mutual's 2025 Report Actually Says About Climate

Old Mutual's 2025 Integrated Report confirms the group's commitment to Paris Agreement alignment and net-zero by 2050, with interim Scope 1 and 2 emissions reductions of 33% against a 2015 baseline. These are operational emissions reductions, not direct climate fund allocations.

The report's climate substance sits in three areas:

• Financed emissions tracking: Old Mutual measures and reports on greenhouse gas emissions embedded in its investment and lending portfolios—a TCFD-aligned disclosure that reflects the group's exposure to climate risk across asset classes.
• TCFD governance: Climate risk is now woven into board-level oversight, risk appetite frameworks, and portfolio construction. This signals institutional rigour rather than marketing.
• Transition financing strategy: The report details how Old Mutual is engaging portfolio companies on emissions reduction pathways, particularly in high-emitting sectors like energy and transport.

Critically, the 2025 report does not announce a ring-fenced 'UK Climate Fund' with defined ticket sizes, founder-stage focus, or infrastructure-specific allocations. Instead, it reaffirms that climate risk management is embedded across Old Mutual's existing asset management, wealth, and insurance divisions.

Financed Emissions and Portfolio Engagement: The Real Lever for Founders

Where the report becomes relevant for UK founders is in Old Mutual's approach to financed emissions and portfolio company engagement. Rather than launching new products, Old Mutual is reporting on how it manages climate risk in existing portfolios—and what this means for companies seeking institutional backing.

Old Mutual's wealth advisory and fund management operations oversee billions in assets (the group manages c.£380 billion+ in assets under administration across its global operations). In the UK, Old Mutual Wealth and Quilter—a regulated advice platform majority-owned by Old Mutual—serve high-net-worth clients, corporate pension schemes, and institutional investors.

For founders, the signal from the 2025 report is this: institutional allocators are now interrogating portfolio companies' climate credentials and transition planning. If you're pitching to UK pension funds, wealth managers, or insurance-backed investors, expect:

• Questions about your carbon footprint and emissions intensity (Scope 1, 2, and material Scope 3).
• Disclosure of climate-related governance and risk management, aligned with TCFD or similar frameworks.
• Credible transition plans if you operate in a high-emitting sector (e.g., logistics, manufacturing, energy).
• Evidence of science-based target-setting or alignment with net-zero timelines.

This is not hypothetical. The FCA's recent climate risk expectations for asset managers (published 2023, reinforced in regulatory guidance) now require firms like Old Mutual to assess and manage climate risk in their portfolios. Founders raising from UK institutional sources face heightened scrutiny on this front.

UK Regulatory Context: TCFD, FCA, and Net-Zero Mandates

Old Mutual's 2025 report sits within a rapidly tightening UK regulatory landscape. Three regulatory pillars frame institutional investor behaviour—and thus founder fundraising dynamics:

FCA Climate Governance Rules (2023)

The FCA requires asset managers and financial advisors to integrate climate risk into governance, risk frameworks, and product management. Old Mutual, as an FCA-regulated entity in the UK through its wealth and fund management divisions, must comply. This means climate risk due diligence on portfolio companies is no longer optional; it's a regulatory expectation.

TCFD Disclosure (Mandatory from 2025)

The Financial Conduct Authority has mandated TCFD-aligned climate disclosures for large UK-listed companies and in-scope financial institutions. Old Mutual's 2025 report is partly a response to this requirement. For founders, the implication is clear: if you're raising from institutional sources or planning a future exit to a UK-listed acquirer, climate disclosures will be expected sooner rather than later.

Net-Zero Investment Framework

The Financial Conduct Authority and Bank of England have signalled commitment to net-zero 2050 targets. Insurance companies, pension funds, and wealth managers—the typical LP base for UK venture capital and growth equity—face implied pressure to allocate capital toward transition-aligned companies. This creates opportunity for founders building climate solutions or demonstrating credible transition strategies.

Old Mutual's report, in this context, is less about launching new products and more about documenting institutional compliance and engagement discipline. Founders should interpret it as a signal that climate due diligence is now table stakes for institutional fundraising.

What This Means for UK Founders Raising Capital

Old Mutual's 2025 Integrated Report doesn't unlock a new pot of founder funding. Instead, it signals how institutional capital is being allocated and governed. Here's what founders should do with this information:

Audit Your Climate Credentials

If you're raising from UK institutional investors (pension funds, wealth managers, insurance-backed allocators), conduct a climate risk audit:

• Calculate your operational carbon footprint (Scope 1 and 2 emissions).
• Identify material Scope 3 emissions (supply chain, customer use, waste).
• Benchmark against sector peers and net-zero pathways (e.g., SBTi—Science Based Targets Initiative).
• Document your governance structure for climate risk oversight.

This is not about virtue signalling. Institutional investors now systematically evaluate climate risk as a proxy for management quality, operational resilience, and regulatory compliance risk. Companies with poor climate governance are increasingly seen as poorly governed overall.

Prepare TCFD-Aligned Disclosures Early

Even if you're not yet large enough to face FCA TCFD mandates, getting ahead of this curve improves your fundraising narrative. Create a simple climate risk disclosure document that covers:

• Governance: How your board/leadership oversees climate risk.
• Strategy: How climate change affects your business (risks and opportunities).
• Risk Management: How you identify, assess, and manage climate-related risks.
• Metrics & Targets: What you measure, and what targets you've set.

The TCFD Hub and TCFD official framework provide templates. This is particularly important if you're raising from pension funds, insurance companies, or wealth managers regulated by the FCA.

Explore Climate-Aligned Funding Pathways

While Old Mutual's report doesn't announce a founder-focused climate fund, the UK ecosystem has several dedicated pathways:

• Innovate UK: The UK government's innovation agency runs thematic calls on clean energy, circular economy, and net-zero transition. Check Innovate UK's latest funding calls.
• UK Infrastructure Bank: Launched in 2021, the UKIB co-invests in long-term infrastructure, including clean energy and net-zero transition projects. Relevant for scale-stage founders in climate tech.
• Regional Climate Funds: Several UK mayoral authorities and development banks have launched climate-focused investment vehicles. Examples include the London Business Fund (which includes sustainable themes) and regional growth funds.
• EIS/SEIS Relief: If you're a UK-registered climate-focused startup, you may qualify for EIS (Enterprise Investment Scheme) or SEIS (Seed Enterprise Investment Scheme) relief, which incentivises angel investment. Check HMRC guidance on eligibility.

Old Mutual's UK Wealth Platform and Advisor Engagement

While Old Mutual's 2025 report doesn't detail a new climate fund, it does confirm the group's investment in UK wealth advisory infrastructure. Quilter, Old Mutual's UK-regulated advisory platform, manages significant assets and serves high-net-worth investors, family offices, and institutional clients.

For founders, this matters in two ways:

First, advisor adoption: Wealth advisors increasingly screen for climate risk and sustainable investment themes. If you're raising from high-net-worth individuals or family offices via UK advisors, expect climate risk and impact questions to come up early in due diligence.

Second, institutional access: Quilter and similar platforms act as gatekeepers to institutional capital pools. Building credibility on climate governance can help unlock introductions to endowments, pension funds, and insurance-backed allocators.

This is indirect, but material. Founders should ensure their climate strategy is visible to advisor networks, whether through investor communications, ESG ratings platforms (e.g., Sustainalytics, MSCI), or dedicated impact investing networks.

Forward-Looking Analysis: What Comes Next

Old Mutual's 2025 Integrated Report is a data point in a broader institutional shift toward climate-integrated portfolio management. Several trends matter for UK founders:

Mandatory Climate Disclosures Tightening

From 2025 onwards, TCFD disclosures become mandatory for large UK companies and certain financial institutions. The scope is widening. By 2027-2028, expect the UK government and FCA to extend climate disclosure requirements further down the market. Early-stage founders who build climate disclosure capability now will have competitive advantage in fundraising.

Insurance and Pension Fund Divestment Pressure

UK pension funds and insurance companies face implicit pressure from net-zero commitments and climate litigation risk to divest from high-emitting, non-transitioning sectors. This creates headwinds for founders in traditional carbon-heavy industries but tailwinds for climate solutions, electrification, and circular economy businesses.

Greenwashing Scrutiny

Regulatory bodies (FCA, ICO) are increasingly cracking down on misleading climate claims. Founders should be precise about their climate impact and avoid hyperbole. Vague net-zero 2050 claims without interim targets or credible science backing will face investor scrutiny.

Integration, Not Isolation

The trend, evident in Old Mutual's report, is toward climate risk integration into mainstream portfolio management rather than siloed 'climate funds'. This means climate becomes a factor across all fundraising, not just ESG-labelled vehicles. Founders need climate credentials across the board, not as an add-on.

Actionable Takeaways for Founders

• Audit climate risk: Understand your operational carbon footprint and material climate exposures. Document governance.
• Prepare TCFD disclosures: Even pre-mandate, building climate risk disclosure capability signals institutional readiness.
• Engage with FCA-regulated networks: Wealth advisors, pension funds, and insurance companies are now screening for climate governance. Build visibility within these networks.
• Explore Innovate UK and regional pathways: Direct government support for climate-aligned startups remains available; use SEIS/EIS relief where applicable.
• Avoid greenwashing: Regulatory scrutiny is rising. Be precise and credible about climate impact; interim targets matter more than 2050 claims.
• Position transition, not just renewables: Institutional capital is increasingly focused on helping high-emitting sectors transition, not just funding greenfield renewables. If you serve transition, articulate it clearly.

Conclusion: Climate as Governance, Not Just Marketing

Old Mutual's 2025 Integrated Report doesn't announce a game-changing climate fund for UK founders. Instead, it documents something more important: how a major financial services institution is embedding climate risk into investment governance, portfolio management, and stakeholder engagement.

For founders, the signal is clear. Climate is moving from a marketing narrative to a governance requirement. Institutional investors—pension funds, wealth managers, insurance companies—are now systematically evaluating climate risk as part of due diligence. This creates both challenge and opportunity.

The challenge: founders without credible climate governance and emissions clarity will face investor scepticism, particularly from UK institutional sources. The opportunity: founders building climate solutions or demonstrating credible transition strategies are aligned with capital flow trends.

Use Old Mutual's report not as a funding announcement but as a compass. It tells you where institutional capital is paying attention. Build your climate strategy accordingly, document it rigorously, and engage with the UK funding pathways—Innovate UK, regional funds, EIS/SEIS relief—that are explicitly designed to support this transition.

The future of UK founder fundraising runs through climate governance. Old Mutual's 2025 report confirms it.