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| We ask if bank supervisors’ efforts to combat climate change affect banks' lending and their borrowers’ transition to the carbon-neutral economy. Combining information from the French supervisory agency’s climate pilot exercise with borrowers' emission data we first show that banks that participate in the exercise increase lending to high-carbon emitters but simultaneously charge higher interest rates. Second participating banks collect new information about climate risks and boost lending for green purposes. Third receiving credit from a participating bank facilitates borrowers’ efforts to improve environmental performance. Our findings establish a hitherto undocumented link between banking supervision and the transition to net-zero. |
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