Alessandro Orso
Portfolio Analysis Through TCFD Metrics: Total Carbon Emissions and Carbon Footprint.
Rel. Luca Dall'Asta, Stefano Battiston, Guido Caldarelli. Politecnico di Torino, Corso di laurea magistrale in Physics Of Complex Systems (Fisica Dei Sistemi Complessi), 2025
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Abstract
Climate change is driving long-term shifts in global temperatures and weather patterns, already triggering extreme weather events and significant economic disruptions. The Task Force on Climate-related Financial Disclosures (TCFD), established in 2017, provides key metrics to support financial institutions and investors in monitoring and reporting their environmental impact. This study investigates the temporal behavior of Total Carbon Emissions (TCE) and Carbon Footprint (CF) within investment portfolios, addressing their variability and potential misinterpretations. We analyze TCE and CF across four portfolio types, composed of companies that have disclosed emissions data at least once between 2011 and 2020. By quantifying these metrics and assessing their trends, we determine whether they exhibit alignment or divergence over time.
Furthermore, we evaluate the impact of excluding Scope 3 emissions from these calculations
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