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A few years ago, the hundreds of members of France’s Mulliez family, with a global retail empire worth more than $38 billion, decided they should take climate change more seriously — or rather, their investment portfolio should.

But where to start? Climate change and the fight against it could transform almost every sector of the economy as companies clamor for ways to cut emissions and even pull carbon dioxide from the air. “This space is very broad, and it’s complicated,” says Delphine Descamps, managing director at Creadev, the Mulliez family office, which has about €200 million ($236 million) to invest each year.

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