AQR资本管理 · 2026/09/01

投资于变暖的世界

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完整研报正文

完整中文译文

投资于变暖的世界

随着投资者越来越多地寻求降低其投资组合的碳暴露，准确衡量进展与设定气候目标同样重要。然而，许多广泛使用的投资组合碳指标——包括碳足迹和碳强度——可能仅仅因为股票市场估值上升而改善，即使基础的企业排放变化相对较小。

在本文中，我们考察了流行的碳指标与融资排放之间的差异，并解释了这些指标为何捕捉气候风险和投资组合脱碳的不同方面。虽然相对碳指标在比较投资组合和衡量相对于基准的碳暴露方面仍然有价值，但当用作脱碳的时间序列度量时，它们可能夸大进展。相比之下，融资排放提供了与现实世界排放结果更直接的联系。

本文还探讨了气候意识投资组合构建的影响，比较了固定脱碳路径与基准相对方法，并讨论了股票扩展投资组合如何使投资者能够在保持市场暴露的同时降低净碳暴露。

下载全文，了解不同的碳指标如何影响投资组合脱碳决策，以及为什么结合多种衡量指标可能提供气候相关投资进展的更全面视图。

本文件不旨在且不具体涉及AQR提供的任何投资策略或产品。其提供仅为辅助投资者实施自己的分析和投资者对本文讨论主题的看法提供框架。

完整英文原文

As investors increasingly seek to reduce the carbon exposure of their portfolios, measuring progress accurately has become just as important as setting climate objectives. Yet many widely used portfolio carbon metrics—including carbon footprint and carbon intensity—can improve simply because equity market valuations rise, even when underlying corporate emissions change relatively little.

In this paper, we examine how popular carbon metrics differ from financed emissions and explain why these measures capture different aspects of climate risk and portfolio decarbonization. While relative carbon metrics remain valuable for comparing portfolios and measuring benchmark-relative carbon exposure, they may overstate progress when used as time-series measures of decarbonization. Financed emissions, by contrast, provide a more direct connection to real-world emissions outcomes.

The paper also explores the implications for climate-aware portfolio construction, comparing fixed decarbonization pathways with benchmark-relative approaches and discussing how equity extension portfolios may allow investors to reduce net carbon exposure while preserving market exposure.

Download the full paper to learn how different carbon metrics can influence portfolio decarbonization decisions and why combining multiple measures may provide a more complete view of climate-related investment progress.

This document is not intended to, and does not relate specifically to any investment strategy or product that AQR offers. It is being provided merely to provide a framework to assist in the implementation of an investor’s own analysis and an investor’s own view on the topic discussed herein.

机构免责声明

This document has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer or any advice or recommendation to purchase any securities or other financial instruments and may not be construed as such. The factual information set forth herein has been obtained or derived from sources believed by the author and AQR Capital Management, LLC (“AQR”) to be reliable but it is not necessarily all-inclusive and is not guaranteed as to its accuracy and is not to be regarded as a representation or warranty, express or implied, as to the information’s accuracy or completeness, nor should the attached information serve as the basis of any investment decision. This document is not to be reproduced or redistributed to any other person. The information set forth herein has been provided to you as secondary information and should not be the primary source for any investment or allocation decision. Past performance is not a guarantee of future performance. Diversification does not eliminate the risk of experiencing investment losses. This material is not research and should not be treated as research. This paper does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of AQR. The views expressed reflect the current views as of the date hereof and neither the author nor AQR undertakes to advise you of any changes in the views expressed herein. The information contained herein is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Charts and graphs provided herein are for illustrative purposes only. The information in this presentation has been developed internally and/or obtained from sources believed to be reliable; however, neither AQR nor the author guarantees the accuracy, adequacy or completeness of such information. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. There can be no assurance that an investment strategy will be successful. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such. Diversification does not eliminate the risk of experiencing investment losses. The information in this paper may contain projections or other forward-looking statements regarding future events, targets, forecasts or expectations regarding the strategies described herein, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different from that shown here. The information in this document, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.

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AI 分析

由 AI 依据上文研报生成 · 非原文直译、非机构原话 · 重要判断请核对官网原文

关键论点

碳足迹和碳强度可能仅仅因为股票市场估值上升而改善，即使企业排放变化不大。
相对碳指标在组合对比中有价值，但在时间序列脱碳度量中可能夸大进展。
融资排放与实体经济排放结果的关联更直接。
综合多个碳指标可能提供更全面的气候相关投资进展视角。
股票扩展组合可能让投资者在保持市场敞口的同时降低净碳敞口。

风险

相对碳指标可能造成脱碳进展的虚假安全感。
依赖单一碳指标可能导致次优的组合决策。
固定脱碳路径可能未考虑市场估值变化。