Do banks price environmental risk? Only when local beliefs are binding!
研究发现，银行在发放贷款时会对环境损害更大的企业收取更高利率，尤其当银行资本不足或企业所在地区更重视环保时；生物多样性风险也会影响利率。适合关注银行信贷与绿色金融的读者。
<div> What is the impact on the cost of bank credit of local corporate environmental and biodiversity&nbsp;<span>exposure? At loan origination, banks charge higher rates to firms creating more environmental&nbsp;</span><span>damage, especially when they are lowly capitalized, and when the firms operate in “greener” states&nbsp;</span><span>with lower climate denial and more negative environmental news. Biodiversity risk is also priced,&nbsp;</span><span>especially when public interest in it intensifies. Following the Trump withdrawal from Paris, banks&nbsp;</span><span>modulate their environmental risk pricing in “browner” states. In sum, environmental risk pricing&nbsp;</span><span>in bank lending is also driven by local beliefs and attitudes.</span> </div>