This report has two objectives: to contribute to policymakers’ understanding of the factors that institutional investors consider when investing in areas such as renewable energy and energy efficiency, and to set out what institutional investors see as ‘investment-grade’ climate change and clean energy policy that would support significant low carbon, clean energy investment.The report contains recommendations for domestic and international policymakers, and features brief case studies of Australia, China, EU, Germany, India, South Africa, and the US.