本文探討重視氣候風險之銀行是否會給予碳排較低之企業較低的貸款利差,以支持 TCFD 作為銀行重視企業氣候風險之依據,研究對象為美國之銀行與標普 500之企業,涵蓋期間為 2015 年至 2021 年間。研究結果顯示企業範疇一與範疇二碳排放強度與銀行貸款利差為正向關係,說明支持 TCFD 之美國銀行有給予碳排較低之企業較低的貸款利差,並在研究中發現範疇三碳排放可能並未受到監管,然其排放量龐大不應被忽視,因此未來應多加管制與重視。

This paper investigates whether banks that value climate risk give lower loan spreads to companies with lower carbon emissions, using banks that support TCFD to represent that banks value corporate climate risk. The study is conducted on U.S. banks and S&P 500 companies for the period from 2015 to 2021. The results of the study show a positive relationship between carbon intensity and spread in Scope1 and Scope2, suggesting that banks supporting TCFD might offer lower loan spread to companies with lower carbon emissions. In robustness tests, this paper also find out that Scope3 of carbon emissions may not be regulated, but the large amount of emissions should not be ignored, so more control and attention should be paid in the future.

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