Arbeitspapier
Do banks fuel climate change?
Do climate-oriented regulatory policies affect the flow of credit towards polluting corporations? We match loan-level data to firm-level greenhouse gas emissions to assess the impact of the Paris Agreement. We find that, following this agreement, European banks reallocated credit away from polluting firms. In the aftermath of President Trump's 2017 announcement that the United States was withdrawing from the Paris Agreement, lending by European banks to polluting firms in the United States decreased even further in relative terms. It follows that green regulatory initiatives in banking can have a significant impact combating climate change.
- ISBN
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978-92-899-4550-9
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Working Paper ; No. 2550
- Classification
-
Wirtschaft
Money Supply; Credit; Money Multipliers
Financial Institutions and Services: Government Policy and Regulation
Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies
- Subject
-
Climate change
Paris Agreement
Trump
loan-level data
difference-in-differences
- Event
-
Geistige Schöpfung
- (who)
-
Reghezza, Alessio
Altunbaðs, Yener
Marqués Ibáñez, David
D'Acri, Costanza Rodriguez
Spaggiari, Martina
- Event
-
Veröffentlichung
- (who)
-
European Central Bank (ECB)
- (where)
-
Frankfurt a. M.
- (when)
-
2021
- DOI
-
doi:10.2866/825242
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Reghezza, Alessio
- Altunbaðs, Yener
- Marqués Ibáñez, David
- D'Acri, Costanza Rodriguez
- Spaggiari, Martina
- European Central Bank (ECB)
Time of origin
- 2021
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