Author/Year/ Publication	Assets Covered fields	Geographical coverage/ Period	Analysis method	Results
Hsu et al. (2021) Working Paper	All areas	US (1990-2014)	Portfolio analysis	Pollution premium. High-carbon firms are more exposed to the policy regime shift risk and are therefore expected to earn a higher average return than low-carbon firms.
Zhang and Gregory-Allen (2018) Theoretical Economics Letters	Firms participating in Chinese Shenzhen Pilot ETS system	China (Jun. 2013- Aug. 2015)	Portfolio analysis	No saliently positive carbon premium. And find a negative premium on “very dirty” portfolios.
Wen et al. (2020) Energy Economics	Firms covered by Chinese Shenzhen Pilot ETS system	China (2013-2018)	Portfolio analysis	Carbon premium. The carbon premium has had a steady upward trend after 2014.
In et al. (2017) International Association for Energy Economics (Singapore Issue)	All areas	US (Jan. 2005- Dec. 2015)	Portfolio analysis	Significant abnormal returns (alpha). Low-carbon portfolios perform outperform high-carbon ones.
Görgen et al. (2020) Working Paper	All areas	Global (2010-2018)	Portfolio analysis	Low-carbon portfolios outperform high-carbon portfolios.
Ravina and Hentati Kaffel (2019) Working Paper	All areas	EU (Jan. 2008- Dec. 2018)	Portfolio analysis	Green premium. Green premium is highly statistically significant.
Cheema-Fox et al. (2019) Working Paper	All areas	US (2010-2016)	Portfolio analysis	Significantly positive alphas were detected. Investment strategies that aggressively reduce carbon emissions are found to perform better.
Halcoussis and Lowenberg (2019) The North American Journal of Economics and Finance	All areas	US (January 4, 2010-July 3, 2017)	Portfolio analysis	The low-carbon portfolio generally earns a slightly higher rate of return than the overall market.
Monasterolo and de Angelis (2020) Ecological Economics	Renewable energy, ESG, and Fossil	EU & US (1999-2018, depending on stock indices)	Portfolio analysis	Low-carbon assets become more attractive after the Paris Agreement.
Pástor et al. (2021a) Working Paper	All areas	US (Nov. 2012- Dec. 2020)	Portfolio analysis	Green stocks typically outperform brown stocks when climate concerns increase.
Bernardini et al. (2021) Journal of Sustainable Finance & Investment	Utilities	EU (2008-2016)	Portfolio analysis	Significant low-carbon premium. Low-carbon portfolios perform better than high-carbon portfolios.
Reboredo and Ugolini (2022) International Review of Financial Analysis	All areas	EU & US 2013-2018	Portfolio analysis	Stocks with lower exposure to transition risk earned higher investment returns. Stock prices do not fully capture the potential climate transition risks.
Boermans and Galema (2019) Ecological Economics	All areas	Dutch 2009-2017	Portfolio analysis	Decarbonization portfolios have no excess return performance.