This Net-Zero Asset Owner Alliance progress report summarises how Alliance members have set targets according to the 2025 Target Setting Protocol. All 29 members that were due to report the details of their targets to the Alliance internally and in the public domain did so.

In some instances targets exceed recommended thresholds, in some instances they fall short. Details can be found in the report; a brief summary includes:

• Sub-portfolio targets which are on the high-end, or beyond, the recommended range of -16 to -29%;
• Sector targets set by just 4 asset owners based on sector specific pathways;
• Engagement targets which cover a vast number of KPIs and demonstrate both high end and low end of ambition;
• Climate solutions financing amounting to 4% of AUM by asset owner (expected to grow annually).