Exploiting the unique features of the CDP, the world-leading platform of corporate climate risk disclosures, we study the relationship between institutional investors' demand for climate-related information (as reflected in their CDP signatory status), firms' decision to disclose this information, and corporate carbon emissions. We provide systematic international evidence that ownership by CDP signatories is positively associated with the probability of disclosing information to the CDP, and that such disclosure is associated with subsequent lower carbon emissions. We also observe that CDP signatories are more likely to engage with and divest from top emitters disclosing to the CDP. Overall, these results are consistent with the notion that investor demand for climate-related information results in greater corporate disclosure and contributes to firms’ decisions to lower future carbon emissions.

我们利用世界领先的企业气候风险披露平台 CDP 的独特功能，研究机构投资者对气候相关信息的需求（反映在其 CDP 签署身份中）与企业披露该信息的决定之间的关系和企业碳排放。我们提供系统的国际证据表明，CDP 签署方的所有权与向 CDP 披露信息的可能性呈正相关，并且此类披露与随后的较低碳排放量相关。我们还观察到，CDP 签署方更有可能与向 CDP 披露信息的顶级排放者进行接触或撤资。总体而言，这些结果与投资者对气候相关信息的需求导致公司披露更多信息并有助于公司做出降低未来碳排放的决策这一观点是一致的。