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 Change and Finance Location: B136 Session Chair: Christoph Meinerding, Deutsche Bundesbank | |
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Can Easing Financial Constraints Reduce Carbon Emissions? Evidence from a Large Sample of French Companies University of Milan and FEEM We study how monetary policy shapes firm-level carbon emissions by exploiting the ECB's 2012 entry into the zero lower bound as a plausibly exogenous credit easing. Using administrative and survey data on French manufacturing firms from 2000–2019 and a difference-in-differences design with debt-to-asset ratios as exposure, we show that financially constrained firms cut emissions 9.4\% more than unconstrained ones, primarily through lower energy intensity and capital-deepening productivity gains. Small and medium enterprises drive the results. Aggregating our estimates implies average annual reductions of 3.3\%, amounting to 5.3 million tonnes of $CO_2$ saved | |