Using our proprietary valuation framework to infer, from the price of all stocks, the impact of carbon footprint on share price. We observe that carbon considerations are ‘baked in’ to investors’ assessment of business lines and importantly, we find evidence that investors appear to be treating carbon as an ‘expense’ when we model it as an income statement item, holding other factors constant. The result is a single implied priced of carbon that demonstrates carbon is impacting share price.
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