Strategic commitments to decarbonize: The role of large firms, common ownership, and governments

Abstract

NBER WORKING PAPER SERIES STRATEGIC COMMITMENTS TO DECARBONIZE: THE ROLE OF LARGE FIRMS, COMMON OWNERSHIP, AND GOVERNMENTS Viral V. Acharya Robert F. Engle III Olivier Wang Working Paper 33335 http://www.nber.org/papers/w33335 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2025 Yihao Zhao and Xinlin Yuan provided excellent research assistance. We are grateful to Richard Berner, Abhishek Bhardwaj, Chris Conlon, Max Croce, Dieter Helm, Jacob Kim-Sherman, Monika Piazzesi, Martin Schneider, Lee Seltzer, Johannes Stroebel, Xavier Vives, and participants at the Volatility and Risk Institute Conference, ASSA Meetings, ECB, Columbia, NYU, Peking University, New York Fed, and Harvard Corporate Carbon Targets Research Workshop for helpful comments. 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 They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2025 by Viral V. Acharya, Robert F. Engle III, and Olivier Wang. 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. Strategic Commitments to Decarbonize: The Role of Large Firms, Common Ownership, and Governments Viral …

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