This paper investigates the effectiveness of collaborative engagement in influencing corporate behaviour. Specifically, I examine the impact of Climate Action 100+, the world’s largest climate-related investor coalition, on targeted firms. To proxy the coalition’s engagement goals, I collect novel data on climate-related disclosure, sector specific carbon intensities and emission reduction targets. I find that collaborative engagement influenced only target setting among a subgroup of firms selected on a discretionary basis. Surprisingly, the coalition’s scale does not amplify impact and there is no evidence of spillovers to non-target firms. These findings question whether investor coalitions drive corporate decarbonisation.
