ABSTRACT

A theoretical framework is provided for the innovative tool of green securitisation. We test the effects of this strategy on financing institutions' exposure to climate risk and their alignment with global climate targets. We also estimate bondholders' returns when they invest in these ‘green’ securities. We discuss the extent to which ‘green’ securitisation can be an effective strategy for climate risk management and a promising way to yield more resilient and mission-aligned financing institutions.

中文翻译：

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绿色证券化

摘要

为绿色证券化这一创新工具提供了理论框架。我们测试了这一战略对融资机构气候风险敞口及其与全球气候目标的一致性的影响。我们还估计了债券持有人投资这些“绿色”证券时的回报。我们讨论了“绿色”证券化在多大程度上可以成为气候风险管理的有效战略，以及产生更具弹性和使命一致的融资机构的有希望的方式。