We’ll Always Have Paris: How Institutional Exposures to Carbon Emissions Have Evolved Since 2015

“We’ll always have Paris” is the inspiration behind the State Street S&P Global Institutional Investor Carbon Indicator.

May 2023

The 2015 Paris Agreement marked a milestone by which all nations agreed to work together to tackle climate change, with the goal of limiting global warming to well below two degrees Celsius, and adapt to its effects.

In this analysis, we seek to understand to what degree real money investors (unlevered institutional portfolios such as mutual funds, pensions and insurance) as a group have decarbonized their portfolios, as well as to characterize the drivers and nature of any such decarbonization.


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