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).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:50:46am WEST
External resources will be made available 30 min before a session starts. You may have to reload the page to access the resources.
|
Daily Overview |
| Session | |
|
Egg-Timer: Climate Finance and Carbon Policy Location: D-110 Session Chair: Jeroen van den Bergh, Autonomous University of Barcelona | |
    | |
Climate Change and Bank Lending: Evidence from Physical and Transition Risks Technical University of Denmark, Denmark This paper studies how banks adjust credit allocation in response to firms’ exposure to climate-related physical and transition risks. Using granular firm-level measures of both risk types matched to a universal bank–firm credit dataset from Danish administrative registers, I document that banks reduce credit growth to firms with higher exposure to either risk. A one standard deviation increase in physical (transition) risk is associated with a 1.1–1.4% (1.6–2.2%) decline in loan growth. Beyond average effects, I find evidence of credit reallocation toward firms with low joint exposure to physical and transition risks and toward high-risk firms that engage in greening activities. The contraction in credit is strongest for financially constrained firms and among banks with greater climate risk exposure and repeat lending relationships. Additional results indicate that banks’ credit risk considerations play an important role in driving these lending responses. | |