Since the start of the year, the share of capital in climate funds invested in U.S. equities has dropped by about 11%. While some of that fall ties to a sell-off in the U.S. dollar and investors reducing exposure to the U.S. broadly, we estimate about half, between 5-6%, comes from climate funds’ reallocating investments to companies in Europe and the Asia-Pacific region, marking the first such shift in at least seven years.