In 2023, a common concern in our meetings with the financial community was confusion over the many transition assessment methodologies, each claiming to be better. This issue is now central to most of our 2024 discussions, especially with corporates feeling torn between competing approaches. Mike Coffin’s note, using the Oil & Gas sector as a case study, addresses key questions: • What are transition plans? • Why mandate them? • How do they differ across sectors? • How should they impact investment decisions? • Is there too much focus on emissions? It offers practical markers and metrics for portfolio managers to assess transition risks and provides tools for engagement with investment teams and corporates. We hope this guide will also assist financial regulators and policymakers in clarifying the intent behind transition plan requests.