In 2017, I commissioned Newton’s first TCFD (Task Force on Climate-related Financial Disclosures) report to ensure that we were holding ourselves to the same standards as our investee companies, and specifically to explain how we were considering, and preparing for, the risks and opportunities presented by climate change. Following the first report, I am delighted to introduce our second TCFD report which combines updates from 2018 and 2019, during which period we have made a number of positive changes. Highlights include establishing board-level oversight for Newton’s actions on climate-related risks, entering into new data relationships with carbon experts, undertaking significant internal education, and establishing a climate change-focused investment group to undertake climate scenario analysis.