Investor pressure on AES has been led by the faith-based group Mercy Investment Services and the New York State Comptroller. Mercy submitted shareholder resolutions to AES from 2016 to 2018, each requesting a scenario analysis. The engagement broke through in 2018, with AES producing a TCFD-aligned scenario analysis in November of that year. In 2018, The New York State Comptroller filed a shareholder resolution to request that AES adopt long-term greenhouse gas reduction targets. In response, AES committed to achieving a 25% reduction in the carbon intensity of its generation from 2016 to 2020, and by a further 45% by 2030. A recent analysis by the World Benchmarking Alliance, however, concludes that AES is not on track to meet these targets. Three of AES’ peers in the United States, Dominion, Southern and Duke, have all adopted net-zero targets on the back of investor pressure.