Journal of International Economics · 2026 · Galina B. Hale、Brigid Meisenbacher、Rami Najjar、FERNANDA FEITOSA NECHIO
中文摘要
过去二十年间,多家银行加入了旨在加强资产披露与气候承诺的全球倡议。我们研究加入此类倡议的银行是否改变了其银团贷款的排放敞口。我们利用覆盖全球的贷款层面数据,并结合国家—行业层面的排放数据。我们发现,平均而言,银行已降低了其银团贷款组合的排放敞口。然而,我们并未发现加入与未加入气候承诺的银行之间存在统计显著或稳健的差异。在少数我们发现签署气候倡议后出现统计显著变化的情形中,该效应是暂时性的,或未能通过我们的稳健性检验。我们的结论是:平均而言,尽管银行减少了对高排放行业的相对贷款,但自愿性气候承诺并未促使银团贷款从这些行业重新配置出去。
Abstract
In the past two decades, several banks have joined global initiatives aimed at enhancing the disclosure of their assets and climate commitments. We study whether banks that joined such initiatives have altered the emissions exposure of their syndicated loans. We rely on loan-level data with global coverage combined with country-industry data on emissions. We find that on average, banks have reduced the emissions exposure of their syndicated loans portfolio. However, we do not find statistically significant or robust differences between banks that did and those that did not subscribe to climate commitments. In the few instances where we found a statistically significant change after becoming a signatory to a climate initiative, the effect was temporary or did not survive our robustness testing. We conclude that, on average, while banks reduced their relative lending to high-emission sectors, voluntary climate commitments did not contribute to syndicated loan reallocation away from those sectors.