Do Fossil Fuel Divestment Commitments and Green Finance Policies Impact Fossil Fuel Investment Brokerage within and between Financial Centres?
27 Pages Posted: 4 Mar 2021 Last revised: 12 Mar 2021
Date Written: November 30, 2020
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 financial centre fossil fuel divestment commitments and country level green banking policies impact this profile over our study time period. We find that several financial centres shift their fossil fuel investment brokerage profiles substantially, including the asset classes which they are active in, and that divestment commitments and green banking policies fail to restrain fossil fuel investment, in particular the inter-financial centre brokerage of fossil fuel finance.
Keywords: fossil fuel financing, financial centres, green central banking, fossil fuel divestment
JEL Classification: G20, G30, Q28, Q32, Q38, Q50
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