Firm commitments

Abstract

NBER WORKING PAPER SERIES FIRM COMMITMENTS Patrick Bolton Marcin Kacperczyk Working Paper 31244 http://www.nber.org/papers/w31244 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2023 We are grateful to Trucost for giving us access to their corporate carbon emissions data. This project has received funding from the European Research Council (ERC) under the ERC Advanced Grant program (grant agreement No. 885552 Investors and Climate Change). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2023 by Patrick Bolton and Marcin Kacperczyk. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Firm Commitments Patrick Bolton and Marcin Kacperczyk NBER Working Paper No. 31244 May 2023 JEL No. D62,D82,G23,G30 ABSTRACT A growing fraction of companies globally have made commitments to reduce their carbon emissions by a certain date. While the companies that make commitments subsequently reduce their emissions, the effect on overall emissions of companies (including those that do not commit) has been small; the companies …

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