中文摘要
绿色金融——包括环境、社会与治理 (ESG) 投资以及可持续金融监管——已广泛存在, 但它能否替代碳定价来应对气候变化? 在一个统一的模型中, 我表明: (i) 当碳价格反映碳的社会成本时, 不应使用绿色金融; (ii) 当碳价格过低时, 若每家企业的资本成本能够被设定为其可持续贴现率——该贴现率随碳排放与企业价值之比的上升而提高——则绿色金融可以实现社会最优。我提供了校准分析, 考察了搁浅资产, 并展示了通过补贴或面向绿色企业的优惠融资来加以实施的方案。
Abstract
ABSTRACT Green finance—including environmental, social, and governance investing and sustainable finance regulations—is widespread, but can it substitute for carbon pricing in fighting climate change? In a unified model, I show that (i) when carbon prices reflect the social cost of carbon, green finance should not be used; (ii) when carbon prices are too low, green finance can implement the social optimum if each firm's cost of capital can be set to its sustainable discount rate , which increases with the ratio of carbon emissions to firm value. I provide calibrations, analyze stranded assets, and present implementations through subsidies or preferential financing for green firms.