Bank activities and the evolving exposures of banks and society to climate disasters
研究了1994-2024年间美国银行在十亿美元级气候灾害中的股价反应，发现银行市值损失超过灾害损失的10%，且比例翻倍；银行抵押贷款与灾害暴露和FEMA拨款正相关，并在高风险地区开设新分行，表明银行和社会面临的气候相关成本在上升。
Research finds that climate disasters have had minimal effects on banks’ performance to date, and it has devoted limited attention to how banks shape societal exposure to the disasters. This study addresses this puzzle and gap. Examining the share price reactions of banks affected by billion-dollar disasters from 1994–2024, we find that on average these banks lost market value around the disasters exceeding 10 percent of the estimated damages, with this percentage more than doubling during the sample period. We next show that banks’ county-level mortgage lending is positively associated with property exposures to disasters and FEMA appropriations when disasters occur. Finally, we show that banks open new branches in counties that experience growth in socially advantaged population, especially counties with high climate risks. Given accelerating climate change, property-casualty insurers backing away from climate-risky counties, and FEMA’s uncertain status, our evidence highlights growing climate-related costs for banks and society.