转型金融追踪器：向低碳经济转型融资季度报告（2025年第四季度）（英文）.pptxVIP

Transition

Finance

Tracker

Aquarterlyreportonfinancingtheshifttoalow-carboneconomy

Fourthquarter2025

Linda-ElingLeeTanguySéné

KatieTowey

RumiMahmoodUmarAshfaq

Foreword

Whatcanphysicalhazarddatatellusaboutthe2026WorldCup?

Highlights

Howhaveclimatefundsperformed?

Howdotechgiants’energy-relatedemissionscompare?

Keyterms

Howmuchlow-carbonenergyrelativetofossil-fuelenergyarebondinvestorsfinancing?

Acknowledgements

Howmucharecompaniesinvestingincarboncredits?

Whatpercentageofcompanieshavesetclimatetargets?

Whatpercentageofcompaniesdisclosetheiremissions?

Arecompaniesontracktomeetglobalclimategoals?

Howdocompanies’emissionstrajectoriescomparewiththoseoftheirhomecountries?

TransitionFinanceTracker–Q42025

Sections

MSC

Institute

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2

The2026WorldCupwillmarknearlysixweeksofnonstopsoccerthissummer,crisscrossing

16sceniclocationsacrosstheU.S.,CanadaandMexico.Thebreadthofgeographiesalsooffersareminderofthemultiplicityofphysical

hazardsthatcommunitiesacrossNorthAmericanowface.

Asthisanalysisshows,eachofthe16cities

thatwillhostthegamesconfrontsamixof

near-andlong-termphysicalhazards.We’verankedthemforeachofthestadiums,notto

forecasttheweatherbuttoshowlocation-

specificexposuretosuchhazards.Thedata

won’ttellyouhowtodressforthematch(if

you’refortunateenoughtogettickets),butit— andmuchmoregranulardatalikeit—couldhelpyouanalyzethephysicalriskstoyour

investmentifyouwereinthemarkettofinanceastadiumorotherinfrastructure.

Thereportalsotakesasnapshotoftwoothertopicsoninvestors’radar.Oneiswonky:howshouldtechnologygiantsaccountfortheir

energypurchases—acarbon-accounting

questionthatistimelygivencommunity

concernsoverpower-hungrydatacenters.Theotheriswonkier:calculatingaratiotoilluminatehowmuchlow-carbonversusfo