Climate shocks could cut ‘polluting’ EU funds’ value by 20%

Esma researchers say carbon-intensive funds also pose more of a systemic risk

Funds in the European Union holding assets of high carbon-emitting companies could suffer losses of 20% or more if the economy were to suddenly shift to a climate-friendly model.

New research published by the European Securities and Markets Authority (Esma) studied the effects of a series of climate scenarios on almost 24,000 investment funds in the EU. System-wide, losses ranged from €500 billion ($599 billion) to €1.3 trillion, or between 6.8% and 19.4% of fund assets.

However, at the fund

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