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Examining the impact of climate related policy changes and intergovernmental climate conferences on the returns of high esg rates equities in the Usa and Europe
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This paper aims to establish the relationship between climate-related policy changes and
global climate conferences in Europe and the United States (U.S.) with the returns of high
ESG-rated stocks in both respective markets. A set of regression analyses based on the Fama
French three-factor model were employed to inform the paper's conclusions. This paper
suggests that climate change will cause a fundamental shift in the flow of capital in financial
markets. The findings of this research suggest that in Europe, contrary to intuitive
expectations, climate policy has not positively affected the returns of high ESG-rated stocks.
Surprisingly, the opposite relationship was discovered in the United States (U.S.) analysis for
the period analysed. However, further analysis has suggested that the effect of climate policy
in the U.S. may be very dependent on the administration in control. The implications of these
findings guide policymakers and investors alike on how climate change will affect financial
markets in the future whilst also showing the limitations to current climate regulation in both
the U.S. and Europe
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Climate Finance Markets Sustainability