Climate Solutions Investments
提出识别气候解决方案公司的方法，构建公开上市公司样本，分析其地理分布、财务指标和股票表现，发现这类公司收入增长高但利润率低，且与低碳指数相关性低。
An increasing number of companies are providing products and services that help reduce carbon emissions in the economy. The authors develop a methodology to identify those companies and create a sample of publicly listed climate solutions companies, allowing the authors to study their geographic composition, accounting fundamentals, valuation ratios, and stock performance over time. The sample is equally split between developed and emerging markets, with a significant number of companies located in China. A portfolio of climate solutions companies exhibits higher revenue growth, higher investments in research and development and talent, and lower profitability margin. Portfolio returns are higher for solutions in energy, fuels, battery, and transportation themes and exhibit very little correlation with the returns of portfolios that seek to reduce their carbon emissions by underweighting high-carbon-emission companies, suggesting that climate solutions portfolios are distinct from low-carbon-emission indexes.