This report aims to shed light on net zero portfolio targets’ internal climate prioritisation value (Do they drive financial institutions’ climate action?) and real-world impact value (What can we expect from those targets? How useful are they to achieve international climate goals? Do we need them?). Place a specific focus on the world’s 50 largest asset managers to illustrate messages, given their steering function and large volume of assets under management, and recent trends in target setting and implementation. Finally, propose a few next steps for financial institutions and regulatory bodies, looking also at alternatives to net zero portfolio targets.