Weighted average carbon intensity (WACI)

    ESG & Governance

    A portfolio's exposure to carbon-intensive companies, calculated as the portfolio-weighted average of each holding's emissions per unit of revenue.

    WACI was the main metric the TCFD originally recommended for asset owners and managers. It is easy to calculate and does not depend on share prices, but it measures exposure, not ownership of emissions. Moving money from high-intensity to low-intensity holdings cuts WACI without any change in real-world emissions.

    Related terms

    Financed emissionsCarbon intensityImplied temperature rise (ITR)Paris-aligned benchmark (PAB)

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