Supply Chain Climate Exposure
提出一个衡量供应链气候风险的指标，反映即使绿色公司也可能因客户或供应商面临气候风险而受到实质性影响，该指标比传统气候数据和范围三排放数据更适合风险测量，并可用于投资组合和企业决策。
We propose an intuitive measure of supply chain climate risks, reflecting the fact that even a green company may have material climate exposure if its customers or suppliers face climate risks. Our measure captures price movements around climate news better than traditional climate data and shows performance patterns consistent with re-pricing of climate risks. The metric is more suitable for risk measurement than scope 3 emissions and requires raw data that is broadly accessible for large cross-sections of stocks and is of higher quality than currently available scope 3 data. We discuss applications for both portfolio and corporate decision-making.