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  "documentTitle": "Climate Tech Investments An Opportunity for Europe",
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  "notes": "The slide references MSCI research on climate transition risks.",
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      "text": "World map showing NDC pledge ambition levels",
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      "text": "Ambition of NDC Pledges vs BAU: Low, Medium, High, No Estimate",
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      "text": "The impact of climate-related news on stock performance: In a science-led study based on Refinitiv data, the authors analysed the daily returns of S&P 500 stocks, their emissions intensity, and an indicator measuring unexpected climate change concerns of same-day publications. The researchers found that, all other things being equal, green firms outperform brown firms when there are unexpected increases in climate change concerns. Furthermore, they found that the conditional exposure to shocks in climate change concerns is, for most industries, the same for firms belonging to the same industry, and apply even to firms that do not disclose their greenhouse gas emissions.",
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      "text": "Within the above mentioned MSCI study from 2021, another studied transmission channel was climate policies. The above heatmap shows the current climate pledges with respect to the current emission. The key finding was on geographic exposure as a proxy for climate policy risks. Their segmentation included the US, Developed Markets without the US - Europe is roughly 75% of this group - and Emerging Markets. They found evidence of geographic exposure as a climate risk driver particularly rewarding companies with stronger carbon performance outside of the US. The study reflects the impact of President Trump's more relaxed climate policy approach, as well as Europe's leading positioning in climate ambition. In developed markets excluding the US, they found both strong earnings growth and better returns for carbon-efficient companies, as shown in the following two graphics (see graph below).",
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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": "Target level of nationally determined contributions (NDCs) relative to 2030 business-as-usual (BAU) emissions per region",
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