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Abstract：
The development of a green financial intermediation channel is imperative to achieve zero-carbon economies. In this study, we assess the impact of carbon-neutral lending on the credit risk in the Eurozone. We employ quarterly data for a sample of 344 lending institutions of 19 member states spanning over ten years from 2011 to 2020. Using two specific credit risk measures, the findings show that the exposure to carbon-neutral lending is negatively related to the default risk. The results remain consistent for the various size sorts, depicting that regardless of the bank size, the impact of green financing on the credit risk is the same. We attribute the credit risk reduction to the lower volatility of the borrowers\' earnings and cash flows emanating from their sustainable business model. As a consequence of lower credit risk, financial institutions can benefit from lower loan loss provisions and economic capital requirements. This incentive is vital to increase the carbon neutral credit and contribute towards pro-environmental goals.
摘要：
发展绿色金融中介渠道是实现零碳经济的当务之急。在这项研究中,我们评估了碳中性贷款对欧元区信用风险的影响。从2011年到2020年，我们采用了19个成员国的344个贷款机构样本的季度数据。使用两种特定的信用风险度量，研究结果表明，碳中和贷款的风险敞口与违约风险负相关。对于各种大小的种类，结果保持一致，描绘了无论银行规模如何，绿色融资对信用风险的影响是相同的。我们将信用风险降低归因于借款人可持续商业模式产生的收益和现金流的波动性较低。由于信用风险较低，金融机构可以从较低的贷款损失准备金和经济资本要求中受益。这种激励措施对于增加碳中和信用并促进环保目标至关重要。
