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  "documentTitle": "Climate Tech Investments An Opportunity for Europe",
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  "notes": "Includes a specific case study on the energy sector performance during the 2022 Ukraine war.",
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      "text": "Top quintile in green revenue share vs bottom quintile per sector",
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      "text": "EPS Growth Difference; Return Difference",
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      "text": "Source: MSCI, “Foundations of Climate Investing: How Equity Markets Have Priced Climate Transition Risks”, Journal of Portfolio Management, 2021",
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      "text": "impact on stock performance. That suggests that the outperformance holds within direct comparisons in a given category. One indicator that contributes to the LCT score has a particularly strong contribution within each category: The Green Revenue Share.",
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      "text": "Overall, the earnings growth and return difference of companies with a large share of green revenue showed to be higher than their peers with a low share of green revenue.",
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      "text": "The Ukraine war's impact on companies in the energy sector based on level of LCT risk-management",
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      "text": "Another way to understand the financial value of climate alignment is to compare competitors within categories and study the correlation between how they perform on climate and financial indicators.",
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      "text": "However, within the energy sector (excl. Russia), it is notable that energy companies with above-average strategies to manage a low-carbon transition performed better than their below-average counterparts.",
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      "text": "One particularly interesting case is the performance within the Energy sector in 2022. For the sector, the invasion of Russia in Ukraine meant a significant uptick in performance, widely regarded as a win for Oil & Gas companies.",
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      "text": "MSCI evaluates the performance of companies with better Low Carbon Transition scores with their peers, where the LCT score aggregates a variety of climate performance and risk indicators.",
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      "text": "(3) Within a given sector, climate-aligned leaders outperform their peers",
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