Achieving international climate targets may require more than $8 trillion in annual investments to 2030. We investigate the extent to which third‐party environmental scores for banks reflect lending and underwriting in fossil‐fuel and low‐carbon industries, and how ratings are influenced by outward signals of commitment to climate action. We provide empirical evidence on the performance of leading Environmental, Social and Governance (ESG) ratings providers and offer actionable guidance as to how ESG ratings may be improved in this context. We find that banks' environmental scores are most strongly influenced by signals of future intention regarding climate action, rather than by prior and current lending and underwriting behaviour. Our analysis highlights the need for rating providers, when constructing environmental scores for banks, to place more weight on key capital allocation decisions, and less on future intentions. We recommend that banks disclose breakdowns of their financing activities in key carbon‐intensive and low‐carbon industries.

中文翻译：

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金融机构的环境和气候得分是否反映了贷款和承销活动？全球银行案例研究


到 2030 年，实现国际气候目标可能需要每年超过 8 万亿美元的投资。我们调查了银行的第三方环境评分在多大程度上反映了化石燃料和低碳行业的贷款和承销，以及评级如何受到外部因素的影响。致力于气候行动的信号。我们提供有关领先环境、社会和治理 (ESG) 评级提供商绩效的经验证据，并就如何在此背景下改进 ESG 评级提供可行的指导。我们发现，银行的环境得分最强烈地受到气候行动未来意图信号的影响，而不是之前和当前的贷款和承销行为。我们的分析强调，评级机构在为银行构建环境评分时，需要更多地关注关键资本配置决策，而不是未来的意图。我们建议银行披露其在重点碳密集和低碳行业的融资活动明细。