Ralph De Haas, of the European Bank for Reconstruction and Development, and colleagues show how these constraints can lead to less green investment and higher carbon dioxide emissions. They combined data on emissions from 3,387 industrial facilities with local credit constraints and green management data from firm surveys in 12 emerging European countries. A counterfactual analysis shows that without credit constraints and weak management practices, carbon emissions would have been 4.5% and 2.3% lower than with these conditions, respectively. They further show that global financial crises can slow down the process of decarbonization of economic production, tempering optimism about the green benefits of the recent COVID-19 pandemic. They also suggest that low-cost measures, such as implementing an environmental strategy or appointing specialized managers, can help promote firms’ green transition.

Original reference: Manage. Sci. https://doi.org/10.1287/mnsc.2023.00772 (2024)

欧洲复兴开发银行的拉尔夫·德哈斯及其同事展示了这些限制如何导致绿色投资减少和二氧化碳排放增加。他们将 3,387 个工业设施的排放数据与当地信贷约束以及来自 12 个新兴欧洲国家的企业调查的绿色管理数据结合起来。反事实分析表明，如果没有信贷约束和薄弱的管理实践，碳排放量将分别比这些条件下低 4.5% 和 2.3%。它们进一步表明，全球金融危机可能会减缓经济生产的脱碳进程，从而削弱人们对近期 COVID-19 大流行带来的绿色效益的乐观情绪。他们还建议，实施环境战略或任命专门管理人员等低成本措施有助于促进企业绿色转型。

Original reference: Manage. Sci. https://doi.org/10.1287/mnsc.2023.00772 (2024)