Climate Risk and Finance: A Literature Review of Asset Pricing, Disclosure, and Climate-Policy Effects
気候リスクと金融：資産価格、開示、気候政策効果に関する文献レビュー (AI 翻訳)
Jiayu Bao
🤖 gxceed AI 要約
日本語
気候リスクが株式・債券・オプション市場で価格付けされる実証結果を整理。義務開示は公的可視性を通じて排出削減効果を持ち、炭素価格の排出弾力性は約2。サプライチェーンを通じた気候ショックの伝播や、適応投資の社会的不足も指摘。今後の課題として新興市場の開示、排出権取引の拡大効果、適応と緩和の識別を挙げる。
English
This literature review synthesizes recent evidence on climate risk pricing in financial markets, the effectiveness of mandatory disclosure in reducing emissions, carbon pricing elasticity around two, supply-chain propagation of climate shocks, and underinvestment in adaptation. It identifies three open questions: mandatory disclosure in emerging markets, anticipation effects of emissions-trading expansion, and disentangling adaptation from mitigation in firm-level data.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本レビューは気候リスクの価格付けや開示効果のエビデンスを提供し、日本のSSBJ義務化やカーボンプライシング政策に示唆を与える。特に供給網伝播の知見は、Scope3開示対応やサプライヤー管理に重要。
In the global GX context
This review informs global TCFD/ISSB disclosure implementation and carbon pricing design by summarizing empirical findings on market pricing of transition and physical risks, disclosure-driven emission reductions, and the role of institutional investors. The discussion of supply-chain termination risk is directly relevant for corporate climate risk management.
👥 読者別の含意
🔬研究者:A comprehensive synthesis of recent empirical findings and open questions, useful for designing new studies on climate risk and disclosure.
🏢実務担当者:Insights on how mandatory disclosure and carbon pricing affect firm-level emissions and supply-chain relationships can guide corporate strategy and investor engagement.
🏛政策担当者:Evidence on the effectiveness of disclosure and carbon pricing, plus gaps in adaptation investment, provide a basis for policy design and evaluation.
📄 Abstract（原文）
Research conducted over the past five years from financial, accounting and economic perspectives has offered a clearer view of financial markets’ treatment of climate risk. Today, transition and physical risks are being priced in equity, corporate bond, and option markets, and the differences in firm-level emissions are larger than the differences between countries. The U.S. carbon premium is in part an artifact of vendor-estimated emissions and is reduced when firm-disclosed emissions and environmental-concern shocks are considered. Mandatory climate disclosure cuts facility-level emissions through peer benchmarking, with the active channel running through public visibility rather than internal measurement. Institutional investors shape disclosure quality and subsequent emission paths, while ESG rating disagreement carries a separately priced uncertainty premium. Carbon pricing reduces firm emissions at an elasticity close to two, with sharp heterogeneity by financial constraint. Climate shocks propagate through global supplier-customer networks: customers terminate supplier relationships seven percentage points more often when realized exposure exceeds prior expectations. Private adaptation investment remains systematically below the social optimum because spillovers are unpriced. Three open questions concentrate on mandatory disclosure in emerging markets, anticipation effects from large-scale emissions-trading expansion, and the identification of adaptation distinct from mitigation in firm-level data.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.54254/2754-1169/2026.gt34764first seen 2026-06-24 05:48:53
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