Document summary
Key investment drivers in climate change strategies and their playing out at asset class level in terms of risk/return are analysed: managing risk and return for investors; managing economic, technology and policy risk and portfolio risk; policy as a key driver for cleaner energy; Chinese leadership - ambitious scale, scope and commitment to foment major structural change; disappointing US Federal policy; natural gas as a lower emission US transition fuel; climate markets and returns have offered varied performance across asset classes/sub-sectors; and global policymakers need greater in-depth dialogue with public/private sector funds to deliver renewable energy scale-up/access in developing countries.