欧洲央行-一切如常：银行气候承诺、贷款和参与（英）-2024.3_市场营销策划_2024年市场报告-.docx

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欧洲央行-一切如常：银行气候承诺、贷款和参与（英）-2024.3_市场营销策划_2024年市场报告-.docx

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ECB

ECBWorkingPaperSeriesNo2921

PAGE10

Abstract

Thispaperstudiestheimpactofvoluntaryclimatecommitmentsbybanksontheirlendingactivity.Weuseadministrativedataontheuniverseofbanklendingfrom19Europeancountries.Thereisstrongselectionintocommitments,withincreasedparticipationbythelargestbanksandbankswiththemostpre-existingexposuretohigh-pollutingindustries.Settingacommitmentleadstoaboostinalender’sESGrating.Lendersreducecreditinsectorstheyhavetargetedashighpriorityfordecarbonization.However,climate-alignedbanksdonotchangetheirlendingorloanpricingdifferentiallycomparedtobankswithoutclimatecommitments,suggestingtheyarenotactivelydivesting.Wecanrejectthatclimate-alignedlendersdivestfromfirmsintargetedsectorsbymorethan2.6%.Firmborrowersarenomorelikelytosetclimatetargetsaftertheirlendersetsaclimatetarget,whichcastsdoubtonactiveengagementbylenders.Theseresultscallintoquestiontheefficacyofvoluntarycommitments.

Keywords:Banks,GreenLending,Voluntarytargets

JELCodes:Q50,G21

Non-technicalsummary

Financialinstitutionsfaceincreasingpressurefromexternalstakeholderstosupporttheeconomy’stransitionawayfromcarbon-intensiveactivities.Inresponsebanksaroundtheworldhavejoinedarangeofclimate-relatedinitiatives.Inthispaper,weevaluatetheimpactofbanks’voluntaryclimatecommitmentsontheirlendingbehaviorandontheclimateimpactofborrowingfirms.Weorganizeourempiricalanalysisaroundthreehypothesesforhowbankclimatecommitmentscanimpacttheirfinancedemissions.First,climate-alignedbankscandivestfrompollutingfirmsandreallocatecapitaltolessemission-intensivefirms.Second,bankscanengagewithhigh-pollutingfirmstopushthemtoreducetheiremissions.Athirdisthatgreencommitmentshavelimitedimpactonfinancedemissions.Ouranalysisreliesontwoadministra