Scope 1 and 2 weighted-average carbon intensity by climate fund type (tCO2e/USDm sales)

Climate transition funds have high carbon intensity (measured in tons of emissions per million dollars in sales), at nearly 3x that of so-called Paris-aligned funds, in keeping with their stated mission of investing in emissions-intensive sectors with the aim of supporting decarbonization.

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Source: MSCI ESG Research, data as of March 31, 2025.