This paper investigates the environmental and financial performance of investments in energy firms. For this purpose, we form portfolios of green energy European stocks compared to their non-green counterparts from January 2008 to November 2020 and assess their environmental and financial performance. Within firms with environmental ratings, those that are green perform better in environmental terms than their non-green counterparts, although the difference has narrowed in recent years. Regarding financial performance, our results show that, in general, the green energy portfolio outperforms the market. Furthermore, within the energy sector, the green energy portfolio performs better than its non-green counterpart. Moreover, we find that the outperformance of the green portfolio is mainly due to a performance improvement in most recent years. Overall, our results show that over this period investments in green energy firms perform at least as well as their non-green energy counterparts.

本文调查了能源公司投资的环境和财务绩效。为此，我们将 2008 年 1 月至 2020 年 11 月期间的绿色能源欧洲股票与非绿色股票进行比较，并评估其环境和财务表现。在具有环境评级的公司中，绿色企业在环境方面的表现优于非绿色企业，尽管近年来差异已经缩小。关于财务表现，我们的结果表明，总体而言，绿色能源组合的表现优于市场。此外，在能源领域，绿色能源组合的表现优于非绿色能源组合。此外，我们发现绿色投资组合的优异表现主要是由于最近几年的表现有所改善。