Carbon footprint
Measuring financed emissions

WARNING: Carbon footprint data is no longer being updated.

As of 2023, we are no longer updating fund carbon footprint data. This is due to a lack of access to regularly-updated company-level carbon footprint data. We are looking into whether we can find a new source for this data. Until then, all fund carbon footprint data should be considered out of date.

Measure the carbon emissions financed by your mutual fund investments

Fossil fuel companies and those emitting large quantities of CO2 have come under increasing levels of scrutiny for their large and direct responsibility for climate change. For investors, such companies are increasingly seen as potentially risky investments, as they are likely to face increasing costs, shrinking profits, and a need to fundamentally redesign their business models.

"Carbon footprinting" a mutual fund means accounting for the quantification and management of GHGs. It is the first step towards understanding an investor’s impact on climate change. A carbon footprint is calculated by measuring and/or estimating the quantities and assessing the sources of various GHG emissions that can be directly or indirectly attributed to the activities of the underlying holdings.

To independently analyze and calculate carbon footprints for the mutual funds, we used the Carbon Footprint Analysis Tool of

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The concept of financed emissions

The basis for a carbon footprint is the annual GHG emissions of each company within the respective fund. All direct operations, as well as energy and heat consumption, are measured in metric tonnes of carbon dioxide equivalent (tCO2e). The footprint is based on the full holdings of each fund per the most recently available Morningstar data, and the corresponding greenhouse gas emission data.

To allocate company GHG emissions to a fund, the value of shares held by the fund is set in relation to the company’s market capitalization. This ratio is multiplied with the emissions of the company, resulting in the emissions "owned" by the investor. By aggregating the information on a fund level, an investment carbon footprint for the fund is established and expressed in absolute and relative terms.

The described approach allows for the direct association and quantification of the emissions per investment and per fund. It also enables investors to compare the climate-intensity of one fund with another. For the ranking of the assessed funds, a relative metric has been applied to avoid any bias resulting from the size of the funds.’s company GHG data covers the entire investable universe. This is achieved through collecting data from different data sources, data validation and estimation of missing data points with 800 proprietary models. Thorough stress tests of the data are conducted to ensure accuracy.

Read the Carbon Footprint Analysis Tool methodology document

Relative carbon footprint

The relative carbon footprint expresses the greenhouse gas footprint of an investment sum. It is a normalized measure of a portfolio’s contribution to climate change that enables comparison with a benchmark, between portfolios, and between individual investments. The relative carbon footprint is measured in Total Carbon Emissions expressed as per currency invested.

Scope 1, 2, and 3 emissions

Greenhouse gas (GHG) emissions are classified as per the Greenhouse Gas Protocol and are grouped in categories called Scope 1, Scope 2 and Scope 3.

Scope 1 GHG emissions are those directly occurring “from sources that are owned or controlled by the institution, including: on‐campus stationary combustion of fossil fuels; mobile combustion of fossil fuels by institution owned/controlled vehicles; and &slquo;fugitive emissions’. ”

Scope 2 emissions are “indirect emissions generated in the production of electricity consumed by the institution.”

Scope 3 emissions are all the other indirect emissions that are “a consequence of the activities of the institution, but occur from sources not owned or controlled by the institution such as commuting; embodied emissions from extraction, production, and transportation of purchased goods; outsourced activities; contractor‐owned vehicles; and line loss from electricity transmission and distribution”. In the data, Scope 3 emissions are conceptually divided into (a) upstream emissions, i.e. emissions stemming from a company’s supply chain and (b) downstream emissions, i.e. emissions from product “use phases” during their life cycle.

With its online platform, CSSP helps asset managers and asset owners worldwide to adequately manage risks related to ESG and Carbon issues. Investors can use the online tool to score mainstream mutual funds, portfolios, and mandates to efficiently benchmark and to compare investments with peers.

Visit online to learn more

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As You Sow is not an investment adviser as that term is defined under federal and state (California) laws and regulations. As You Sow is a tax-exempt, nonprofit organization dedicated to educating and empowering shareholders to change corporations for the good through the collection, analysis and dissemination of relevant information to the public, free of charge. As You Sow does not provide financial planning, legal or tax advice. Nothing on this website shall constitute or be construed as an offering of financial instruments, or as investment advice or investment recommendations.
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