Linking Climate Transition Risk into Credit Risk—A Firm-level Analysis for India
気候移行リスクと信用リスクの連関：インドの企業レベル分析 (AI 翻訳)
Arindam Bandyopadhyay, P. Ray
🤖 gxceed AI 要約
日本語
本論文は、インドの上場企業を対象に、CO2排出量・ESG格付と信用格付・財務パフォーマンスの関連を分析。CRISIL格付データを用い、ESGリスクの高まりが格下げ確率を高めること、CO2排出量も直接的に信用格付に悪影響を与えることを実証。また、ESGスコアの改善が市場評価・収益性を有意に向上させることを確認。
English
This paper analyzes the link between CO2 emissions, ESG ratings, and credit ratings for Indian listed firms. Using CRISIL ratings and CDP data, it finds that higher ESG risks and CO2 emissions significantly increase the likelihood of lower credit ratings. Better ESG scores are associated with improved market performance and profitability.
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
インド事例だが、ESG・CDP情報を信用格付に組み込むプロセスは日本の格付機関や金融機関にとっても参考になる。SSBJ開示や移行金融の実践において、企業の気候リスクを信用リスク評価へ統合する方法論を示唆。
In the global GX context
This study provides empirical evidence from an emerging economy on how climate transition risk (CO2, ESG) translates into credit risk, supporting the global trend of integrating climate factors into credit ratings. It reinforces the materiality of climate disclosure for financial stability, as highlighted by TCFD and ISSB.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the transmission of climate risk to credit risk in an emerging market, relevant for further research on climate stress testing and credit models.
🏢実務担当者:Credit analysts and risk managers can use these findings to incorporate ESG and carbon data into credit assessment frameworks.
🏛政策担当者:Regulators in emerging economies can consider mandating ESG and climate disclosures to improve credit market stability.
📄 Abstract（原文）
This article explores the connection between carbon emissions (CO 2 EM), climate risk ratings and firm performance in India. We analyse the environmental, social and governance (ESG) ratings and financial information provided by the Refinitiv EIKON database and information given in the Carbon Disclosure Project (CDP) of the leading 69 corporations listed on the Bombay Stock Exchange (BSE) top 200 list, from 2017 to 2022. We have also examined CRISIL’s ESG ratings for 517 listed companies for 2022. We find that a firm’s heightened ESG risks increase its chance of being rated lower by the credit rating agency CRISIL. Moreover, CO 2 EM also have a significant adverse effect on the firm’s credit rating. We find empirical support that better ESG scores significantly improve a firm’s market performance as well as profitability performance. Also, a lower ESG rating and CDP disclosure quality have a significant negative impact on firm profitability. Thus, higher CO 2 EM by companies diminish their export earnings. Our panel, as well as cross-sectional analysis, reveals that there is a significant association between CO 2 EM, ESG ratings, and a firm’s creditworthiness. JEL Codes: G14, G20, G35
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1177/00194662251410144first seen 2026-06-29 08:23:08
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