Business as usual: bank climate commitments, lending, and engagement

This paper studies the impact of voluntary climate commitments by banks on their lending activity. We use administrative data on the universe of bank lending from 19 European countries. There is strong selection into commitments, with increased participation by the largest banks and banks with the most pre-existing exposure to high-polluting industries. Setting a commitment leads to a boost in a lender’s ESG rating. Lenders reduce credit in sectors they have targeted as high priority for decarbonization.

Business as usual: bank climate commitments, lending, and engagement

This paper studies the impact of voluntary climate commitments by banks on their lending activity. We use administrative data on the universe of bank lending from 19 European countries. There is strong selection into commitments, with increased participation by the largest banks and banks with the most pre-existing exposure to high-polluting industries. Setting a commitment leads to a boost in a lender’s ESG rating. Lenders reduce credit in sectors they have targeted as high priority for decarbonization.

Why are Americans fighting over no-fault divorce? Maybe they can’t agree what marriage is for

“First comes love, then comes marriage” – so goes the classic children’s rhyme. But not everyone agrees. Increasingly, the idea that love is the most important reason to marry – or at least to stay married – is under attack. Republican pundits and lawmakers have been pushing back on the availability of no-fault divorce, challenging the idea that not being in love is a valid reason to end a marriage.

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