Policies designed to combat climate change could permanently slash the value of companies around the world by up to USD 2.3 trillion. The energy sector is expected to be hit the hardest by the shift, followed by autos and utilities.

That’s according to a new report from Principles for Responsible Investment that examines how “inevitable” policies such as banning internal combustion engines will affect stock prices.

The analysis concludes that up to USD 2.3 trillion, or 4.5%, could be wiped off the value of companies listed on a global stock index from MSCI. The report was prepared by Vivid Economics and Energy Transition Advisers.

But there are also opportunities for investors. Companies that adapt to changing policies would see their combined share prices increase by hundreds of billions of dollars, according to the UN-backed group. Principles for Responsible Investment is supported by nearly 2,600 asset owners and investors that have a combined $86 trillion of assets under management, according to CNN.