We analyze how the use of different climate risk measures leads to different portfolio carbon outcomes and risk-adjusted returns. Our findings are synthesized in a rules-based investment framework, which selects a different type of climate metric across industries and weighs industries in the portfolio based on the variability of carbon outcomes among firms within each industry. We conclude that analyzing the merits and applicability of various climate data can help investors manage climate risk while increasing risk-adjusted returns.

中文翻译：

---

脱碳一切

我们分析了使用不同的气候风险措施如何导致不同的投资组合碳结果和风险调整后的回报。我们的研究结果综合在一个基于规则的投资框架中，该框架选择了不同类型的跨行业气候指标，并根据每个行业内公司之间碳结果的可变性对投资组合中的行业进行权衡。我们得出的结论是，分析各种气候数据的优点和适用性可以帮助投资者管理气候风险，同时增加风险调整后的回报。