Climate Impact Investing
研究绿色投资如何通过提高高碳公司的资本成本来促使其减排，发现绿色投资者的财富份额和气候敏感性主要影响长期排放，但当前影响有限。
This paper shows how green investing spurs companies to mitigate their carbon emissions by raising the cost of capital of the most carbon-intensive companies. Companies’ emissions decrease when the wealth share of green investors and their sensitivity to climate externalities increase. We show that the impact of green investors primarily governs companies’ long-run emissions. Companies are further incentivized to reduce their emissions when green investors anticipate tighter climate regulations and climate-related technological innovations. However, heightened uncertainty regarding future climate risks alleviates green investors’ pressure on the cost of capital of companies and pushes them to increase their emissions. Calibrated on U.S. data, our model suggests that, albeit effective, the impact of green investors remains limited given their current wealth share and practices. This paper was accepted by George Serafeim, Special Section of Management Science on Business and Climate Change. Funding: This work was supported by the Europlace Institute of Finance. T. De Angelis received funding from the Engineering and Physical Sciences Research Council [Grant EP/R021201/1], and P. Tankov received funding from the Finance for Energy Markets research initiative of the Institut Europlace de Finance. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2022.4472 .