Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Finance and Transition Risk Location: B128 Session Chair: Patrick Zeitinger, Technical University of Munich | |
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Sustainable Banking and Credit Market Segmentation 1: University of Miami, United States of America; 2: Point Loma University We assess the feasibility, optimality, and policy implications of Environmental, Social, and Governance (ESG) linked lending. Privately informed borrowers signal low financial risk to banks by engaging in green investments. We derive conditions where banks segment the market into green and brown loan products. Signal value determines equilibrium green investments, not environmental impact, and the market sustains only limited green lending. The optimal carbon tax replaces the signaling value with the marginal damage and outperforms a brown reserve requirement. Overall, green lending enhances welfare in an unregulated market, but can make the social optimum infeasible, even with carbon tax regulation. | |