本书结合大数据科学和经济学原理，深入探讨了碳交易市场与机构投资者之间的关系。具体而言，本书重点研究了减排成本对欧盟排放交易系统（EU ETS）中公司股价的影响，企业减排合规对负责任投资者增持行为的影响，以及机构所有权对欧盟排放交易系统内监管公司碳泄漏风险的缓解作用。本书通过大数据分析和实证研究，深入洞察了碳市场与机构投资者之间互动的关键机制，为该领域的专业人士和学术研究人员提供了宝贵的参考和理论指导。

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1. 非晶合金锯齿流变中的数学问题，河南省科技进步二等奖，2017年，排名第一。 2. 三阶非线性常微分方程的分析与应用，河南省科技进步二等奖，2014年，排名第一。

Contents
About the Authors v
Chapter 1 Introduction 1
1.1 Why and How Climate Change Matters to the Financial World 2
1.2 The Value of Big Data Science in Climate Finance 4
1.2.1 Climate Pre-investing Phase 5
1.2.2 Climate Investing Phase 8
1.2.3 Climate Post-investing Phase 10
1.3 Outline of the Book 12
1.3.1 Research Question 14
1.3.2 Overall Outline 15
Part I Fundamental Pillar of Advancing Climate Research in Finance: Climate Investment Data 17
Chapter 2 The Category of Climate Data for Investment 19
2.1 Introduction to Climate Disclosure Data 19
2.2 Introduction to Climate Event-Based Data 24
2.3 Introduction to Location-Based Physical Climate Data 25
2.4 Introduction to Carbon Footprint Data 27
Chapter 3 The Construction of Climate Rating System 31
3.1 Introduction to Climate Rating Framework: Management, Risk and Opportunity 31
3.2 Climate Indicator Scope 35
3.3 Climate Indicator Measurement 38
3.3.1 Management Indicators 38
3.3.2 Risk Indicators 41
3.4 Climate Indicator Weight 46
Chapter 4 Integration of Big Data Analytics in Propelling Climate Data Development 51
4.1 Overview and Case Studies of Applying Large Language Models on Climate Data Extracting, Summarizing, and Rating 52
4.1.1 Background 52
4.1.2 Method 55
4.1.3 Experiment and Results 58
4.2 Overview and Case Studies of Applying Machine Learning Techniques on Carbon Footprint Predicting 74
4.2.1 The Necessity of Estimating Carbon Emission 74
4.2.2 Existing Model Review 75
4.2.3 Methodology in the Current Case 80
4.2.4 Prediction Performance (Carbon Footprint Evaluation) 83
Part II Essential Framework for Financing the Net-zero Journey: Climate Investment Index Built from Climate Data 85
Chapter 5 Climate Performance-Based Index Based on Quantitative Climate Data 87
5.1 Types of Climate Performance-Based Index Accommodating Diverse Targets and Preferences 87
5.2 Methodology of Constructing Climate Performance-Based Index 91
5.3 Case Results of Index Fundamental Characteristics and Performance Incorporating Big Data Techniques 97
5.3.1 Index Construction Methodology 98
5.3.2 Index Key Performance 101
5.3.3 Merits of Applying Big Data Techniques on Climate Index Maintaining 102
Chapter 6 Climate Perception-Based Index Based on Textual Climate Data 105
6.1 Overview of Climate Perception-Based Index Accommodating Diverse Targets and Preferences 105
6.2 Methodology of Constructing Climate Perception-Based Index 110
6.3 Case Results of Index Fundamental Characteristics and Performance Incorporating Big Data Techniques 114
6.3.1 Index Construction Methodology 115
6.3.2 Integration of Big Data Analytics in Advancing Climate Sentiment Index Construction 117
6.3.3 Index Value and Application 120
Part III Holistic Picture of Pricing Climate Risk: Climate Investing with Valuation and Integration of Climate Data and Index 123
Chapter 7 Definition and Category of Climate Risk 125
7.1 Definition and Analysis of Climate Physical Risk 125
7.2 Definition and Analysis of Climate Transition Risk 127
Chapter 8 Stock Market Response to Climate Events 131
8.1 Overview and Methodology of Employing Event Study Analysis to Value Market Response to Climate Events 131
8.2 Case Results of Testing Stock Market Response to Climate Extreme Events 133
8.2.1 Conceptual Framework 133
8.2.2 Data and Sample 135
8.2.3 Basic Methodology 139
8.2.4 Event Study Results 140
8.3 Case Results of Testing Stock Market Response to Climate Bond Issuance 145
8.3.1 Theory and Hypotheses 145
8.3.2 Corporate Climate Bonds 148
8.3.3 Stock Market Response to the Issuance of Climate Bonds 152
8.4 Advantages and Examples of Incorporating Big Data Analytics into Testing Market Response 155
Chapter 9 Factor-Based Approach to Pricing Climate Risk 159
9.1 Overview and Methodology of Estimating Climate Beta 160
9.1.1 Module A: Master Dataset 162
9.1.2 Module B: Scoring Concept 163
9.1.3 Module C: Climate Risk Factor 164
9.1.4 Module D: Factor Model 165
9.2 Case Results of Estimating Climate Beta 165
9.3 Advantages and Examples of Incorporating Big Data Analytics into Factor-Based Climate Investing 168
9.3.1 Empirical Data and Samples 169
9.3.2 Empirical Results with Realized Return 170
9.3.3 Approaches to Estimate the Expected Return 171
Chapter 10 Global Perspectives: Carbon Markets Across Countries 175
10.1 Fundamental Information of Carbon Market 176
10.1.1 Definition and Classification 176
10.1.2 Operating Mechanisms 177
10.2 Case Studies of Carbon Markets Around the World 177
10.2.1 European Union Emissions Trading System 177
10.2.2 China’s Emissions Trading System 179
10.2.3 The California Cap-and-Trade Program 180
10.2.4 Other Carbon Markets 181
10.3 The Economic Impact of Carbon Markets on Investment Strategies, Corporate Operations, and Market Competitiveness 181
10.3.1 Impact on Investment Strategies 181
10.3.2 Impact on Corporate Operations 182
10.3.3 Impact on Market Competitiveness 182
Part IV Accountability and Alignment to Client Needs and Human Development: Climate Investment Reporting and Engagement 185
Chapter 11 Fundamental Pieces within Investment Mandate Supporting Climate Reporting and Engagement 187
11.1 Climate Belief Defining the Climate Investment Strategy 188
11.2 Tailoring the Climate Investment Approach to Expectations 191
11.2.1 General Climate Investment Approach 191
11.2.2 4i Pillars 192
11.3 Holding Investment Managers to Account by Monitoring Delivery and Setting Measurement 195
Chapter 12 Case Results of Climate Reporting and Engagement 203
12.1 Methodology of Portfolio Climate Metrics and Analysis 203
12.2 Case Results and Dashboard Reporting of Portfolio Climate Metrics and Analysis 208
12.2.1 Carbon Apportioned in Terms of Real Impact 208
12.2.2 Carbon Apportioned by Scope 208
12.2.3 Carbon Intensity by Method 211
12.2.4 Time-series Analysis 212
12.2.5 Attribution Analysis 212
12.2.6 Carbon Disclosure Analysis 218
12.3 How to Engage in Climate Stewardship Based on Climate Reporting 219
12.3.1 Engagement Definition, Value, and Type 219
12.3.2 Tools and Approaches to Identify Targets for Climate Engagement 221
12.3.3 Engagement Progress Report 225
Chapter 13 Integration of Big Data Analytics in Advancing Climate Reporting and Engagement 229
13.1 Overview and Case Studies of Applying Large Language Models on Writing Climate Report 229
13.2 Overview and Case Studies of Applying Big Data Techniques on Portfolio Construction with Climate Constraints or Impact 232
Conclusion and Outlook 237
Appendices 243
Appendix A Prompt for Extracting and Summarizing Relevant Data (Qualitative or Quantitative Information) 245
Appendix B Prompt for Judging Climate Events and Writing Abstract 247
Appendix C Prompt for Automatic Expert-Involved Prompt Engineering 249
Appendix D Guidelines for Question Answering (QA) 251
Appendix E Questions for Extracting and Summarizing Information 253
Appendix F Prompt for Climate Guidelines Conformity Assessment 255
Appendix G Prompt for Climate Controversial Event Materiality Assessment 257
References 259
Index 267