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Contribution Details

Type Conference Presentation
Scope Discipline-based scholarship
Title Banks and Climate
Organization Unit
  • Steven Ongena
Presentation Type speech
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Event Title Research Centre Impact Day
Event Type workshop
Event Location Birbeck University London
Event Start Date July 18 - 2022
Event End Date July 18 - 2022
Abstract Text One of the concerns in the debate on climate change is whether financial flows contribute to the reduction of emissions. This presentation looks at the role bond market- and bank-based debt play in the allocation of resources to fossil fuel in the context of the risk of stranded assets. The presentation shows that banks continue to provide financing to fossil fuel firms that the bond market would not finance as long as they do not price the risk of stranded assets. In this setting, stranded assets risks may have shifted to large banks.
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