The popularity of green energy-based investments has spurred, notably during the last decade. This is mainly due to the positive socio-economic externalities and an increase in the financing flow. This paper assesses the financial performance and managerial abilities of green funds and their conventional peers. Using a comprehensive data set of 2339 funds across twenty-seven emerging markets, we report that traditional energy funds outperform renewable funds. Further, while conventional fund managers exhibit market and volatility timing, we cannot deduce any support for the same in the case of renewables. These results indicate disincentives for investors who would like to go green. Finally, the performance of renewable funds degraded during Covid-19, highlighting the additional investment drag. We propose that immediate legislative, governance, and regulatory interventions are warranted to promote a sustainable financial system.

以绿色能源为基础的投资大受欢迎，尤其是在过去十年中。这主要是由于积极的社会经济外部性和融资流量的增加。本文评估了绿色基金及其传统同行的财务表现和管理能力。我们使用 27 个新兴市场的 2339 只基金的综合数据集，报告传统能源基金的表现优于可再生基金。此外，虽然传统的基金经理表现出市场和波动的时机，但我们无法在可再生能源的情况下推断出任何支持。这些结果表明，对希望走向绿色的投资者不利。最后，可再生基金的表现在 Covid-19 期间下降，突出了额外的投资拖累。我们建议立即立法、治理、