As the climate heats up, so too are requirements around carbon reporting. Unfortunately for investors who want to incorporate this form of ESG data into their investment portfolios, it’s difficult to make like-for-like comparisons between companies, and materiality is—like efforts to reduce carbon emissions globally—a moving target, reports Rebecca Natale.

Six years ago, Matt Moscardi was in Europe, trying to win some new business for MSCI from an institutional asset manager. He was showing off