Addressing the topic of ethical investment, this paper considers stock market indices related to climate change and provides the first comprehensive analysis of the links between low-carbon equities and conventional equities. Results show that in the long run, low carbon economy indices do not behave like conventional indices, and no balance relationship is identified between the two, such that investors can find in the low-carbon sector an opportunity to diversify investment as an alternative to traditional equity investment. In the short-run, the two investment segments display identical behaviour, especially in contemporary terms, with daily dynamics driven fundamentally by market factors. These results will help regulators and policy makers to design policies for sustainable equity investment according to macroprudential policies.

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低碳股票市场：投资多元化的新选择？

针对道德投资的主题，本文考虑了与气候变化相关的股票市场指数，并首次全面分析了低碳股票和传统股票之间的联系。结果表明，从长远来看，低碳经济指数的表现并不像传统指数，两者之间没有发现平衡关系，因此投资者可以在低碳领域找到投资多元化的机会，以替代传统指数。股权投资。在短期内，这两个投资领域表现出相同的行为，尤其是在当代，日常动态基本上是由市场因素驱动的。这些结果将有助于监管机构和政策制定者根据宏观审慎政策设计可持续股权投资政策。