We recognise that there is a limited global ‘carbon budget’ of cumulative emissions that must be respected to avoid overshooting 2 ̊C and destabilising the global climate. Our view is that capital markets are failing to align during the capital allocation process, exposing the owners of fossil fuel companies – their shareholders – to potential lost value, as has already occurred in the EU utilities and US coal mining sectors. We further believe that companies have not sufficiently factored in the possibility that future demand could be significantly reduced by technological advances and changing policy. Our role is, therefore, to help markets understand and quantify these implied risks. To do so, we focus on our core competency: research and analytics to power investment engagements such as the Climate Action 100+. In this Annual Review 2018-19 we present an overview of our main areas of research over the last year and key impacts achieved for each of the following sector: