{
  "title": "Limits to Private Climate Change Mitigation",
  "publication": "IMF Working Papers, April 29, 2021",
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  "summary": "As climate change looms larger, many look to sustainable investing that incorporates environmental, social, and governance (ESG) concerns as part of the way forward.",
  "authors": [
    "Dalya Elmalt",
    "Divya Kirti",
    "Deniz O Igan"
  ],
  "publishDate": "2021-04-29",
  "series": "IMF Working Papers",
  "sections": [
    {
      "heading": "Summary and central finding",
      "content": "- The paper examines the link between emissions growth and ESG scores using firm-level data for the largest emitters worldwide.\n- Main empirical result: at best a weak relationship between ESG scores and emissions growth.\n- Firms with better ESG scores display somewhat slower emissions growth, but:\n  - The relationship is substantially attenuated and no longer statistically significant when analyses are limited to within-country variation.\n  - The relationship is substantially attenuated and no longer statistically significant when analyses are limited to within-firm variation.\n- Conclusion: limited scope for sustainable investing strategies conditioned solely on ESG indicators to meaningfully help mitigate climate change."
    },
    {
      "heading": "Implications for policy and practice",
      "content": "- Sustainable investing based only on ESG indicators is unlikely to achieve climate change goals on its own.\n- The findings underscore the need to continue building consensus toward effective economy-wide policies to address climate change."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Climate change, Climate finance, Corporate social responsibility, Economic sectors, Environment, Greenhouse gas emissions\n- Keywords: Climate change, climate change goal, climate change mitigation, Climate finance, Corporate social responsibility, emissions growth, ESG indicator, ESG score, Global, Greenhouse gas emissions"
    },
    {
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      "content": "- Pages: 48\n- Volume: 2021\n- Issue: 112\n- Series: Working Paper No. 2021/112\n- DOI: https://doi.org/10.5089/9781513582504.001\n- Stock No: WPIEA2021112\n- ISBN: 9781513582504\n- ISSN: 1018-5941\n- Authors: Dalya Elmalt, Divya Kirti, Deniz O Igan\n- Publication date: April 29, 2021\n\nIMF Working Paper: \"Limits to Private Climate Change Mitigation\" (Working Paper No. 2021/112).\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/04/29/limits-to-private-climate-change-mitigation-50297"
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    "Authors: Dalya Elmalt, Divya Kirti, Deniz O Igan",
    "Published: April 29, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513582504.001",
    "The paper examines the link between emissions growth and ESG scores using firm-level data for the largest emitters worldwide.",
    "Main empirical result: at best a weak relationship between ESG scores and emissions growth.",
    "Firms with better ESG scores display somewhat slower emissions growth, but:",
    "Conclusion: limited scope for sustainable investing strategies conditioned solely on ESG indicators to meaningfully help mitigate climate change.",
    "Sustainable investing based only on ESG indicators is unlikely to achieve climate change goals on its own.",
    "The findings underscore the need to continue building consensus toward effective economy-wide policies to address climate change.",
    "Subject: Climate change, Climate finance, Corporate social responsibility, Economic sectors, Environment, Greenhouse gas emissions",
    "Keywords: Climate change, climate change goal, climate change mitigation, Climate finance, Corporate social responsibility, emissions growth, ESG indicator, ESG score, Global, Greenhouse gas emissions",
    "Pages: 48",
    "Volume: 2021",
    "Issue: 112",
    "Series: Working Paper No. 2021/112",
    "DOI: https://doi.org/10.5089/9781513582504.001",
    "Stock No: WPIEA2021112",
    "ISBN: 9781513582504",
    "ISSN: 1018-5941",
    "Authors: Dalya Elmalt, Divya Kirti, Deniz O Igan",
    "Publication date: April 29, 2021",
    "**Working Paper**"
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