国际清算银行-共同基金和气候新闻（英）-2025.2_47页_773kb

• Introduction and Background: The study analyzes the impact of rising public awareness of climate change, as reflected in climate news, on mutual fund investments and capital flows. It examines how this awareness influences fund inflows and portfolio allocations, focusing on green funds compared to non-green ones, and assesses the role of physical and transition risks.

• Methods: Using fund-level data from Refinitiv Lipper (December 2006–June 2022) and climate news from the Media and Climate Change Observatory (MeCCO) index, the research employs panel regressions with fixed effects to control for fund and time variations. Key variables include fund flows, holdings, and emission intensities. Robustness checks include physical vs. transition risk components and sub-period analyses around the 2016 climate agreement.

• Key Findings:

  • Climate news increases significantly (by about 1.3% in standard deviation) the capital inflows into green funds, with effects persisting up to four months post-news shock.
  • Green funds respond more strongly to climate news by reducing investments in high-emission firms and increasing allocations to low-emission firms, indicating a shift toward environmentally conscious portfolios.
  • Transition risks (e.g., regulatory changes) drive larger inflows and portfolio adjustments, while physical risks also contribute but with a smaller effect in some cases.
  • Results are robust across various specifications, such as analyzing primary funds only, funds with holding data, and benchmarks, showing consistency.

• Contributions: The paper highlights that public climate attention amplifies the role of green funds in reallocating capital toward sustainable investments, supporting the green transition. This provides evidence for the effectiveness of climate news in shaping investor and manager behavior, distinguishing from prior studies on greenwashing.

Summary of BIS Working Paper: Mutual Funds and Climate News

• Introduction: Explores how growing climate awareness via news influences mutual fund flows and portfolio decisions, leveraging data from 2006-2022.
• Methods: Utilizes MeCCO climate news index and regression models with controls for size, performance, and emissions, assessing persistence and risk components.
• Key Results: Climate news boosts green fund inflows significantly (1.3% effect size), and green funds reduce high-emission exposures more than non-green funds. Transition risks have a stronger impact, with effects lasting up to four months.
• Robustness: Results hold across sub-periods (post-2016), risk splits (physical/transition), and fund subsets, confirming the driving force of climate news on sustainable investing.