The financial system plays a major role in the transition to a low-carbon economy. We shed light on this analyzing recent developments in the bond and debt markets. First, we study the pricing of green bonds at issuance. We find a premium for green bonds issued by supranational institutions and corporates but no yield differences in case of issuances by financial institutions. We also document an effect for external review and repeated access to the green bond market. Second, we show that banks that issue green bonds reduce lending towards carbon-intensive sectors, but limited to the loan amounts granted in the role of lead bank in the deal. This mixed evidence about lending suggests that, at the time of issuance, investors may not be able to identify a clear link between the green bond issued by a financial institution and a specific green investment project, which would explain the absence of a green premium for financial issuers.

金融体系在向低碳经济过渡中扮演着重要角色。我们通过分析债券和债务市场的最新发展来阐明这一点。首先，我们研究发行时的绿色债券定价。对于超国家机构和公司发行的绿色债券，我们发现溢价，但对于金融机构发行的债券，收益率没有差异。我们还记录了外部审查和反复进入绿色债券市场的影响。其次，我们表明，发行绿色债券的银行减少了对碳密集型行业的贷款，但仅限于牵头银行在交易中所授予的贷款额。有关贷款的各种证据表明，在发行时，