If you’re looking to start an investment portfolio, you may want to steer clear of fossil fuels. A report released Tuesday from Carbon Tracker, a financial think tank, shows the losses for oil stocks have been piling up.

Over the past 10 years, the report finds, the share value of fossil fuel companies and companies tied with their production dropped by $123 billion. This isn’t just market volatility, the report says: This sector underperformed a key world financial index by more than 50% when compared to MSCI All Country World Index, a key world financial index. In other words, if an investor had bought only fossil fuel stocks over the past decade, they would have gotten 52% less of a return on their investment than their peers with more varied portfolios.

Yet according to the report, investors can’t keep their mitts off fossil fuels despite those companies being a losing investment. The fossil fuel industry sold around $640 billion in equity to global investors during that time, the report finds, including 2,360 stock exchange transactions managed by almost 450 investment banks. This number dwarfs the amount of renewable energy investments. Over that same time period, there were only $56 billion worth of issuances made in the renewable energy sector—less than a tenth of the investment made in fossil fuels.

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Source: Gizmodo