Whether or not they have set net-zero targets, many asset owners want their responsible investment approaches to make a difference in the real economy. The dominant narrative has been that asset owners must not divest but instead roll up their sleeves and push carbon-intensive companies to change. But CO2 is accumulating in the atmosphere faster than ever before, according to the World Meteorological Organisation. There has been a wave of fossil fuel divestment in the past year, and investor groups are increasingly discussing engagement with sovereigns, and lobbying policymakers as a way of driving the change that is still outstanding. Do we need to talk about and do engagement differently?