) Orderly transition – temperature increases kept below 2C, meeting the Paris Agreement 2) Disorderly transition – temperature increases kept below 2C but with delayed and sudden policies 3) Failure to meet

areas. • A “disorderly” and rapid transition. • Some international and national climate policy (no change). • Slower changes to the energy mix and infrastructure. • Price of raw materials increases. The

Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................