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Testing green bond issuance impact on total Co2 emissions of top Esg score corporations: evidence from the US
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Orientador(es)
Resumo(s)
Although green bonds are becoming more common, there is limited evidence about their
implications and effectiveness. Using difference-in-differences specification and unexploited
data from 2016 to 2022, I investigate the green bond issuance impact on total CO2 emissions of
sustainable corporations. Amongst top ESG score American firms, I find that, compared with
regular bond issuers with analogous financial and environmental characteristics, green bond
issuers improve their environmental performance (i.e., decrease total CO2 emissions) after
borrowing on the green market. Overall, sustainable investing seems to turn "green" firms
greener by reducing their emissions post-issuance, prominently in the long run.
Descrição
Palavras-chave
Sustainable finance Green bonds Esg Co2 emissions Green financing