Désinvestissement des combustibles fossiles: quelles conséquences pour la gestion de portefeuille ?

Fossil fuel divestment and portfolios implications

Chloë Delâtre

MPRA Paper from University Library of Munich, Germany

Abstract: Individual investors and financial institutions are increasingly seeking to divest from fossil fuel producers. This article investigates the financial implications of such a move by comparing two types of stock indices: (1) a traditional stock index that includes companies producing fossil fuels and (2) a stock index where companies producing fossil fuels are completely excluded, but not necessarily extended by clean energy companies. Using a series of measures, we find that fossil fuel-divested indices do not have significantly different risk-adjusted returns from their parent indices. We also find that combining fossil fuel divestment with negative and positive screening methodologies yields significantly higher risk-adjusted returns.

Keywords: Désinvestir des combustibles fossiles; changement climatique; performance financière; indices boursiers (search for similar items in EconPapers)
JEL-codes: G0 G1 G2 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-ene and nep-env
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:114633

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