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Rethinking finance, investment and sustainability, with an application to green bonds
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About this seminar:
One of the striking features of the economy today is that there is so much finance and so little investment. In this environment, ‘green’ finance is hoped to reduce emissions. This seminar examined the effects of green bond issuance in a matched-firm analysis of a global sample of 147 corporates across 10 industries over 2010-2020. Green-bond issuers do not significantly improve their greenhouse gas emissions and energy intensity post-issuance, neither in the full sample nor within industries. There are large differences between industries, which suggest entry points to improve the effectiveness of green bonds. The results will be interpreted in the context of the broader literature on finance and investment.
One of the striking features of the economy today is that there is so much finance and so little investment. In this environment, ‘green’ finance is hoped to reduce emissions. This seminar examined the effects of green bond issuance in a matched-firm analysis of a global sample of 147 corporates across 10 industries over 2010-2020. Green-bond issuers do not significantly improve their greenhouse gas emissions and energy intensity post-issuance, neither in the full sample nor within industries. There are large differences between industries, which suggest entry points to improve the effectiveness of green bonds. The results will be interpreted in the context of the broader literature on finance and investment.
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