Journal article
The city never sleeps, but when will investment banks wake up to the climate crisis?
- Abstract:
- Using a global dataset of over 840,000 equity, bond and syndicated loan investment banking deals, we build the fossil fuel investment brokerage profile of financial centres worldwide between 2000 and 2018. We also study whether city-level fossil fuel divestment commitments and country level green banking policies impact the profile of fossil fuel financial centres over our study timeframe. We find that several financial centres shift their fossil fuel investment brokerage profiles substantially, including the asset classes which they are active in. However, we do not find any evidence that this is driven by city-level divestment commitments. We do find however that fossil fuel investment banking brokers situated in financial centres exposed to voluntary green banking policies reduce their fossil fuel financing. This is driven by foreign brokers whose behaviour signals an anticipation of forthcoming mandatory green finance policies.
- Publication status:
- Accepted
- Peer review status:
- Peer reviewed
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(Preview, Version of record, pdf, 2.6MB, Terms of use)
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- Publisher copy:
- 10.1080/00343404.2021.1995601
Authors
- Publisher:
- Taylor and Francis
- Journal:
- Regional Studies More from this journal
- Volume:
- 57
- Issue:
- 2
- Pages:
- 268-286
- Publication date:
- 2021-11-25
- Acceptance date:
- 2021-09-16
- DOI:
- EISSN:
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1360-0591
- ISSN:
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0034-3404
- Language:
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English
- Keywords:
- Pubs id:
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1185595
- Local pid:
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pubs:1185595
- Deposit date:
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2021-11-12
- ARK identifier:
Terms of use
- Copyright holder:
- Cojoianu et al.
- Copyright date:
- 2021
- Rights statement:
- © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/bync-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.
- Licence:
- CC Attribution (CC BY)
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