Socialization of Climate Change

In this letter, we explore the socialized costs of climate change, particularly in the context of real estate and insurance. We share our portfolio’s climate themes, including low carbon technological innovations and changing consumer behavior, spotlighting General Motors as an example of a traditional company strategically navigating the shift toward a low carbon economy.

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2025 Climate Impact Report

This year’s report examines climate commitments within our portfolio and across the broader market—highlighting which companies are making real progress toward their goals and which are falling short. Notably, 2024 marked the first year in which more companies withdrew from Net Zero commitments than joined them, signaling a meaningful shift in the climate disclosure landscape. We also take a closer look at Big Tech—once a leader in corporate decarbonization—as it increasingly emerges as a high-emissions sector requiring greater scrutiny.

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December 20, 2024