Carbon Pricing versus Green Finance
研究绿色金融能否替代碳定价应对气候变化，发现碳价反映社会成本时不应使用绿色金融，碳价过低时绿色金融可通过差异化资本成本实现社会最优。
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.