The goal of the Paris Agreement is to prevent global temperatures from rising by more than 2°C above pre-industrial levels and pursue efforts to limit them to 1.5°C above pre-industrial levels. This requires a significant reduction in global greenhouse gas emissions and achieving net zero emissions by 2050. Portfolio alignment metrics are forward-looking metrics intended to help investors understand whether their investment portfolios are on track to meet the Paris Agreement goals. They also aim to encourage capital flows towards activities needed for a net zero transition. Since 2020, several metrics have been put forward by industry groups and explored in technical papers. Companies and actuaries have been exploring the practicalities of these metrics and starting to incorporate them into investment reporting and design. But this has not been without key challenges. The Net Zero and Implications for Investment Portfolios working party aims to help actuaries improve their understanding of what net zero means for an investment portfolio and what the key mechanisms are to achieve this, as well as key challenges to date and the outlook for development.