Changes in the portfolio’s carbon footprint may occur for two reasons: a change in portfolio composition or a change in the emissions of investee companies. Not until companies reduce their real emissions will we see a reduction of atmospheric carbon and an improvement in the climate. In the past, it was not possible to show the reasons for changes in portfolio carbon footprint. However, the AP funds in 2019 were for the first time able to quantify changes over time in total carbon emissions and portfolio-weighted carbon intensity. Nevertheless, the metrics have limitations that restrict their applicability for measuring total portfolio climate risk and impact. This is because the figures do not, for example, include carbon emissions caused indirectly by investee business activities.