Thank you, Brian. This among the clearest discussions of this issue I have seen. I do have two questions, based on my experience as an asset allocator and public pension trustee:

How do Boards and sponsors translate their goals (net zero, for example) into actionable benchmarks and compensation schemes for CIOs and investment staffs? How should they keep score ex-post to verify outcomes?

Your discussion recognizes the important political aspects of driving the energy transition ("collective advocacy with policy makers and regulators"). How far should/can asset owners dive into politics? Isn't collective action among asset owners effectively political? These are of course more relevant questions from a U.S. perspective, but climate action won't achieve much without active participation from the United States.