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

See all articles by Theodor Cojoianu

Theodor Cojoianu

Queen's University Belfast; University College Dublin (UCD) - Michael Smurfit Graduate School of Business; University of Oxford - Smith School of Enterprise and the Environment

Andreas G. F. Hoepner

Smurfit Graduate Business School, University College Dublin; European Commission's Platform on Sustainable Finance

Fabiola Schneider

UCD Michael Smurfit Graduate School of Business

Michael Urban

University of Oxford

Anh Vu

University College Dublin (UCD), College of Business and Law, UCD School of Business, Michael Smurfit Graduate School of Business, Students

Dariusz Wojcik

University of Oxford, St. Peter's College

Date Written: November 30, 2020

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 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

Suggested Citation

Cojoianu, Theodor and Hoepner, Andreas G. F. and Schneider, Fabiola and Urban, Michael and Vu, Anh and Wojcik, Dariusz, Do Fossil Fuel Divestment Commitments and Green Finance Policies Impact Fossil Fuel Investment Brokerage within and between Financial Centres? (November 30, 2020). Michael J. Brennan Irish Finance Working Paper Series Research Paper No. 21-4, Available at SSRN: https://ssrn.com/abstract=3759048 or http://dx.doi.org/10.2139/ssrn.3759048

Theodor Cojoianu (Contact Author)

Queen's University Belfast ( email )

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

University College Dublin (UCD) - Michael Smurfit Graduate School of Business ( email )

Blackrock, Co. Dublin
Ireland

University of Oxford - Smith School of Enterprise and the Environment ( email )

United Kingdom

Andreas G. F. Hoepner

Smurfit Graduate Business School, University College Dublin ( email )

Blackrock, Co. Dublin
Ireland

European Commission's Platform on Sustainable Finance ( email )

2 Rue de Spa
Brussels, 1000
Belgium

Fabiola Schneider

UCD Michael Smurfit Graduate School of Business ( email )

Blackrock
Ireland

HOME PAGE: http://https://www.smurfitschool.ie/facultyresearch/phdresearch/phdstudents/fabiolaschneider/

Michael Urban

University of Oxford ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

Anh Vu

University College Dublin (UCD), College of Business and Law, UCD School of Business, Michael Smurfit Graduate School of Business, Students ( email )

Blackrock
Ireland

Dariusz Wojcik

University of Oxford, St. Peter's College ( email )

New Inn Hall Street
Oxford, OX1 2DL
United Kingdom

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