Thesis ESG enters its accounting phase: the European taxonomy, CSRD and carbon markets are transforming extra,financial data into quantifiable data , and therefore into allocation signals. Smart cities represent the physical application ground: sensor-driven buildings, mobility, energy and water, whose flows (and savings) become financeable assets.
Facts. Voluntary carbon market: ~$2 billion today, commonly…
Thesis. Raw materials are regaining a core portfolio role (hedging a multipolar world and AI electrification), while European ESG shifts from an obligation-based regime to a market-driven one, less reporting, more pricing. Key Data. January 2026 records: gold ~$5,405/oz (2025 annual average: $3,431, +44%), silver >$121/oz, LME copper $13,238/t. Citi scenarios (Q3 2026): Brent…
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