Despite the progress laid out in this report, the clock is ticking. Much still remains to be done, and the Alliance is far from complacent. While US$7.1 trillion in AUM is now encompassed by the Alliance's pledge, this amount must still grow to create a significant breakthrough in the finance industry. The Alliance will continue to work tirelessly to advance fresh ideas and novel investment vehicles to unlock the private capital required to secure a net-zero future. Yet, climate change is a collective challenge and requires a collective response. The up-coming UNFCCC summit in Egypt in November represents the final opportunity for meaningful collective action in support of a net-zero world. Failure will mean that the rapid speed of climate change continues—as now—to exceed the stop-start pace of the transition. In this context of growing climate emergency, the Alliance and its members are calling on governments to come together behind a collective plan of action at COP27 in Egypt. Half measures will no longer suffice. A practical vision for radical transformation is now desperately needed—one that mixes urgency and pragmatism in order to usher in a just transition for the whole of society, the whole of the economy, and the whole of finance-- [closing note].

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