Journal of Development Economics · 2026 · Mariana Bernad、Ralph De Haas、Juan Pablo Rud
中文摘要
我们记录了银行的自愿气候承诺如何与其绿色贷款实践及借款人的环境投资相关联。基于对 33 个低收入和中等收入国家 648 位银行首席执行官及信贷主管的结构化调查, 我们构建了银行绿色管理与贷款实践指数。这些独特的组织数据显示, 签署国际气候倡议 (“说”) 的银行确实比未签署者表现出更强的绿色实践 (“做”)。随后, 我们将银行数据与对 4,719 家企业的详细调查相匹配, 结果表明, 向有气候承诺的银行借款的企业更有可能进行绿色投资。利用地理编码的银行分支机构与企业位置, 我们进一步发现了空间匹配的证据: 具有环境导向的企业更倾向于向其邻近的有气候承诺的银行借款。这些模式与 “自愿气候承诺反映了真实的环境导向而非漂绿” 这一解释相一致。
Abstract
We document how banks’ voluntary climate commitments relate to both their green lending practices and their borrowers’ environmental investments. Using structured surveys of 648 bank CEOs and heads of credit across 33 low- and middle-income countries, we develop indices of banks’ green management and lending practices. These unique organizational data reveal that banks signing international climate initiatives (‘talk’) indeed exhibit stronger green practices (‘walk’) than non-signatories. We then merge our bank data with detailed surveys of 4,719 firms and show that firms borrowing from climate-committed banks are more likely to undertake green investments. Exploiting geocoded bank branch and firm locations, we further find evidence of spatial matching: environmentally-oriented firms preferentially borrow from climate-committed banks in their vicinity. These patterns are consistent with voluntary climate commitments reflecting genuine environmental orientation rather than greenwashing.