Sustainable Investment funds are one of the most appropriate ways for the financial system to contribute to sustainable development. However, the effective contribution of Sustainable Investment funds can vary widely depending on their management strategy. This paper aims to analyze which strategies or combinations of them allow practitioners to better manage ESG risks in ESG portfolios within a complete framework consistent with global challenges that focus on sustainability and carbon risk scores. To analyze the differences between Sustainable Investment strategies, we adopt a parametric analysis of variance method. We find that, on average, funds that only apply negative filters achieve worse ESG risk scores and show worse carbon risk. In sum, this study contributes with more in-depth knowledge about the different outcomes in terms of sustainability risks of the different SI strategies.

中文翻译：

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可持续发展和金融体系：在气候变化背景下通过可持续投资战略整合 ESG 风险

可持续投资基金是金融体系为可持续发展做出贡献的最合适的方式之一。然而，可持续投资基金的有效贡献可能因管理策略的不同而有很大差异。本文旨在分析哪些策略或它们的组合允许从业者在一个完整的框架内更好地管理 ESG 投资组合中的 ESG 风险，该框架与专注于可持续性和碳风险评分的全球挑战一致。为了分析可持续投资策略之间的差异，我们采用方差的参数分析方法。我们发现，平均而言，仅应用负面过滤器的基金会获得更差的 ESG 风险评分并显示更差的碳风险。总共，