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(Mark Hulbert, an author and longtime investment columnist, is the founder of the Hulbert Financial Digest; his Hulbert Ratings audits investment newsletter returns.)
CHAPEL HILL, N.C. (Callaway Climate Insights) — Your most climate-friendly investment strategy may be to buy shares in ExxonMobil XOM 0.00%↑ , Royal Dutch Shell SHEL 0.00%↑ and other huge producers of greenhouse gas emissions — and then let them know how you feel.
That’s just the opposite of what most climate-friendly investors want to do. They want nothing to do with those companies, choosing divestment over engagement. But that is likely to be counterproductive, according to a new study that the National Bureau of Economic Research began circulating two weeks ago.