Energy, Environment, Economic Growth
Open access
Peer reviewed
Abstract
Abstract
Abstract We study how firm-level carbon emissions affect bank lending and real outcomes in a sample of global firms with syndicated loans. We exploit bank-level climate commitments as firm-level shocks to lending relationships, using firms' prior credit exposures to identify credit supply effects. Firms with higher emissions that previously borrowed from committed banks receive less bank credit. Evidence from lending volumes, prices, and within-firm-time loan-level data indicates a supply-side shift away from high-emission firms, not explained by borrower risk. Affected firms reduce debt, leverage, size, and investment, yet we find no reduction in future emissions, instead documenting evidence consistent with greenwashing. (JEL G21, G23, G30, D62, Q50)
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@article{Kacperczyk2026Carbon,
title = {Carbon Emissions and the Bank-Lending Channel},
author = {Marcin Kacperczyk and José‐Luis Peydró},
journal = {Review of Financial Studies},
year = {2026},
doi = {10.1093/rfs/hhag078},
url = {https://doi.org/10.1093/rfs/hhag078}
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