This research aims to understand how investors can engage with companies on climate change to achieve the most impact. Studying 15 utility companies from around the world, we created and analysed a database of over 120 engagements, gathered from the period between 2015 and 2020. We also draw on insights from interviews with over 20 leading utility company engagers.


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"Investors have a radically different impact upon companies depending upon what they ask of them. Unfortunately, too few investors are making high-impact asks. There is therefore a huge shortfall between what investors can achieve, and what they are achieving."

Thomas O'Neill, Director, Universal Owner

"Engagement that focuses on risk to individual companies is like playing whack-a-mole; a company can simply transfer the risk to another party. Risk mitigation for the company is often just risk migration for the investor with diverse exposures across economies 


The most cost-effective climate engagement for investors is therefore focused on levers for system change - things like influencing governments to accelerate decarbonization or arresting corporate capture of climate and energy policy.""


 Susheela Peres da Costa, Head of Advisory, Regnan

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