Climate transition risk and bank lending
研究了2015年巴黎协定后，全球银团贷款市场中的银行是否因气候转型风险调整了贷款定价和供给，发现贷款与二氧化碳排放呈非线性关系，政策事件和政府环保意识会放大银行对气候风险的感知。
Abstract We investigate whether and how banks in the global syndicated loan market adjusted the pricing and supply of credit to account for higher climate transition risk (CTR) in the years following the 2015 Paris Agreement. We measure CTR by considering the pollution levels of borrowers and the engagement of countries where borrowers are headquartered in addressing climate change issues. The evidence is mixed and points to nonlinear relations between lending variables and CO2 emissions. Policy events such as the Paris Agreement and government environmental awareness are significant climate risk drivers that, when combined, may amplify banks' perception of CTR.