No, over the long term performance remains close to conventional MSCI World: since late 2013, the MSCI World Climate Paris Aligned index has returned around 11% a year, like MSCI World (net US-dollar returns at the end of August 2026, according to MSCI). It does fall behind during energy shocks, however, since it excludes a large share of the sector: -21.6% in 2022, compared with -18.1% for MSCI World. Diversification remains global (around 400 securities, compared with nearly 1,300 for MSCI World) and fees are equivalent (0.20-0.40% per year at Amundi, BNP Paribas Easy, iShares). The main relative risk comes from excluding the traditional energy sector, which may underperform or outperform depending on the cycle.
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