The bonus question
The world commits to net zero. You manage $1bn.

The carbon price moves every number here except the allocation. The missing data moves the money.

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S&P 500/mandatory filings only/build

There is no one sustainability ranking of the S&P 500. Ours included.

Commercial ESG ratings run on numbers a company chooses to publish about itself. 74% of the S&P 500 later revised those numbers (Cohen, Rouen and Sachdeva, Nature Climate Change, 2026). So we scored the index only on what it files under legal penalty, ran every defensible modelling choice at once, and kept what held.

ranks wide, for the median company
Rank intervals
miss their own emissions promise
Say and do
of the carbon cut is money moving, not companies cutting
The $1bn fund
Zero vendor ESG inputs.
Finding / credibility

Say and do

Every listing is accounted for
A company we cannot measure is a declared state, never a zero and never a deletion.
Finding / uncertainty

Every company is an interval, not a rank

We rebuilt the ranking ten thousand times, changing every modelling choice a defensible method could make. The order fell apart. The weights, which is the thing everyone argues about, came fifth.

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Finding / reallocation

A Paris-Aligned fund sells the decarbonisers

We built the EU’s Paris-aligned fund from the regulation itself, article by article, plus a control book with no carbon rule in it at all. Then we split the carbon cut to find out who did the cutting.

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Honesty / coverage

What we cannot see, stated as a number

Where the mandatory record stops, the score stops with it.

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