2024 Annual Impact Report for Global Impact Equity Strategy

This document is the 2024 Annual Impact Report for the Global Impact Equity Strategy, detailing the strategy's approach to impact investing amid evolving market dynamics. It outlines the significance of addressing environmental and social challenges through sustainable solutions, particularly in the context of advancements in artificial intelligence and ongoing geopolitical conflicts. The report emphasizes the importance of a robust impact measurement and engagement process, highlighting the achievement of the Sustainability Impact Label under the UK Financial Conduct Authority's Sustainable Disclosure Regulation. It describes the strategy's objectives, which include contributing positively to environmental and social outcomes while achieving capital growth. Additionally, the report presents a framework for measuring impact, including case studies and proxy voting records, to illustrate how T. Rowe Price engages with companies in its portfolio. The document also discusses the alignment of portfolio holdings with specific impact pillars and the ongoing enhancements to the impact investment framework.