2025年第四季度：关于低碳经济转型融资的季度报告

A quarterly report on financing theshift to a low-carbon economy Linda-Eling LeeTanguy SénéKatie ToweyRumi Mahmood Fourth quarter 2025 Sections HighlightsForeword What can physical hazard data tell us about the 2026 World Cup?How have climate funds performed? Foreword The 2026 World Cup will mark nearly six weeksof nonstop soccer this summer, crisscrossing16 scenic locations across the U.S., Canada andMexico.The breadth of geographies also offers Taken together, the data echoes the outlook byour colleagues, who note intheir latest annuallookat sustainability and climate trends that forthe right technologies, declining costs are The report also takes a snapshot of two othertopics on investors’ radar. One is wonky: howshould technology giants account for theirenergy purchases—a carbon-accountingquestion that is timely given community In short, there remains more than one energytransition, and capital continues to be guided As this analysis shows, each of the 16 citiesthat will host the games confronts a mix ofnear-and long-term physical hazards. We’veranked them for each of the stadiums, not toforecast the weather but to show location-specific exposure to such hazards. The datawon’t tell you how to dress for the match (if Along the way, we look at some of the latestdata on the investment performance of climatefunds (up in 2025) and the setting of corporateclimate targets (also up). We highlight demand Linda-Eling LeeFounding Director, Highlights 7.Companies retired carbon credits totaling 202milliontonnesof CO2-equivalent(MtCO2e)emissions in 2025, the fourth consecutive year ofgrowth and the highest total since 4.Investors incorporatebondscan have a wide range 1.AT&T Stadium and SoFi Stadium, Levi’s Stadium andHard Rock Stadiumtop the list of 2026 World Cuplocations based on their exposure to heat waves,rain-induced floodingand lightning, respectively, according to our analysis usingMSCIGeoSpatial carbonenergyrelativeto fossil-fuel energy.Ahypothetical portfoliotrackingan index designed todecarbonize in line with the goals of the ParisAgreement can finance USD 2.57 oflow-carbon 8.The emissions trajectories of the world’s listedcompanies imply warming of 3°C (5.4°F) abovepreindustrial levels this century,based on their 5.Nearly one-fifth (19%) of listed companies had aclimate targetvalidatedby the Science BasedTargets initiative (SBTi) as of Dec. 31, 2025,up from14% a year earlier.Almost a third 2.Listed climate-themed funds had a median return of12.2% last year,up from5.2%in 2024.Assetsinthesefunds reached USD 652 billion as of Dec. 3.The use of emissions credits obtained via power-purchase agreements has enabled tech giantssuch as Amazon, Alphabet, Microsoft and Metatomatch against the overwhelming share of their 6.An estimated79% of listed companiesdisclosedtheir Scope 1 and/or Scope 2 emissions asof Dec. 31,2024,up from 76%a year earlier.Amajority (56%)of companies reported at least some What can physical hazarddata tell us about the2026 World Cup? •The 2026 World Cup kicks off June 11 at 16 stadiums acrossthe U.S., Canada and Mexico, showcasing the diversity of localsoccer cultures and natural beauty across the continent. Each •The scorecards rank stadiums slated to host the games bycurrent exposure to three acute hazards: heat waves, rain-induced flooding and lightning, usingMSCI GeoSpatial AssetIntelligence, which investors use to assess location-specificphysical risk globally.1(Hazard intensity values are normalizedto each hazard type and expressed on a scale of 1 to 10, with 1 •For investors, location-specific exposures of assets tophysical risk are becoming a piece of critical marketintelligence that is especially relevant to valuing infrastructureand other real assets. If you’re financing a stadium, you may How have climate fundsperformed? Capital in climate funds (USD billion) •Investor backing for technologies such as alternative energy,energy efficiency, batteries and smart grids has held up, •Listed climate-themed funds had a median return of 12.2% lastyear, up from 5.2% in 2024. Assets in listed climate-themedfunds reached USD 652 billion as of Dec. 31, 2025, up 16.4% •In addition to the listed universe, there were about 227 climate-named private-capital funds globally—including private equity,private credit, infrastructure and venture capital—withcombined capitalization of about USD 143 billion, as of Sept. How do tech giants’ energy-relatedemissions compare? •Companies have become used to the practice of reporting lower emissions of theirfossil-fuel-based electricity if they purchase renewable energy such as through •That practice might change, however, with potentially significant implications forcompanies’ reported carbon footprints. A pending proposal from the GGP, theleading setter of carbon-accounting standards, would require Scope 2 emissions •The proposed change would have an impact on Scope 2 reporting for technologycompanies that operate power-hun