The Alliance’s activities are characterised by a combination of ambition, leadership, and an abiding commitment to collaboration. As this report reveals, recent years have witnessed a growing number of asset owners embrace their role as agents of change. Over the last year, the Alliance’s membership has risen to 74 institutional investors. The abiding message of this report is that a net-zero future remains possible. However, success depends on practical action, at scale, and urgently. Case studies from Allianz, Danica Partners, Dai-ichi Life, CalPERS, and Swiss Re demonstrate what is already being achieved. More must follow. The Alliance, together with its partners, will pull every lever at its disposal to ensure they do.