Annual Report and Accounts

The report describes IEM's 2023 portfolio of 63 listed holdings and a 4.5% NAV total return, despite underperformance against global and environmental-market comparators. It highlights the portfolio's environmental focus, including 84% revenue exposure to six SDGs, led by Goals 12, 9 and 6. The report also presents climate-related disclosures under the TCFD framework, including operational and financed-emissions metrics. Governance disclosures show the Board overseeing climate risks and opportunities, supported by the Sustainability Reporting Committee.