Three of the most influential climate policy and economics research institutions – the ‹Potsdam Institute for Climate Impact Research›, ‹Germanwatch› and the ‹Deutsches Institut für Wirtschaftsforschung› (DIW) – have launched a multi-year research programme on the risks (and opportunities) that climate change and carbon mitigation strategies are expected to pose to the financial industry. onValues is part of the consortium and will contribute dedicated research and support. As part of a first set of research tasks, onValues has assessed the way in which sell-side investment research is dealing with these aspects and developed a conceptual framework through which carbon and climate risks could better be factored into current stock valuation models. Special attention was dedicated to dealing with the intrinsic uncertainty related to these aspects.