Geddes, Patrick, Lisa Goldberg, Robert Tymoczo, and Michael Branch. “Building a Carbon-Free Equity Portfolio.” Aperio Group, 2014.
[This is an updated and expanded version of similar reports from 2012 and 2013.]
"Our key findings are:
• Optimized carbon-free portfolios closely tracked the U.S. market since 1988 and the global market since 1997
• Carbon-free portfolios in markets with large concentrations in Oil, Gas and Consumable Fuels have historically incurred significant tracking error
• On average, divesting has transferred assets from the Energy Sector to Utilities and Materials"