This study examines the effects of urbanization and industrialization on carbon emissions for a panel of 156 countries and various income groups over the period 1990-2014 employing the first and second-generation tests. To address the issues of heterogeneity, endogeneity, and cross-sectional...

Global efforts towards mitigating climate change gain momentum; reducing carbon dioxide (CO2) emissions and aiming for zero emissions, or carbon neutrality, is the main goal. Economic factors are main determinants of CO2 emissions coming from production and energy consumption. This paper aims to...

We examine whether and how lending banks around the world respond to borrowers' carbon emissions – the major contributors to global warming – in their lending decisions. We find that banks charge a higher loan spread and apply stricter non-price terms to borrowing firms with larger direct...