欧洲央行-ESG银行监管对新可持续技术融资的影响（英）

Working Paper Series Impacts of ESG banking regulation on financing new sustainable technologies Lena Schreiner, Andreas Beyer Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. No 3089 Abstract How does environmental, social and governance regulation of banks affect capital provision to the sustainability transition? As ambitious sustainability targets face funding challenges, the financial sector is tasked with channeling more private capital into sustainable investments. However, scaling sustainable technologies often requires investment in non-ESG-compliant assets. The mobility transition to electric vehicles, for example, demands increased supply of battery raw materials like Lithium, Cobalt, Manganese, and Nickel. This paper analyzes how ESG regulation impacts capital provision to mining companies supplying these materials. Concretely, we assess effects of the European Union’s Sustainable Finance Disclosure Regulation and of the Taxonomy on banks’ public holdings and cost of capital, using two large, novel data sets. We find that the introduction of the ESG regulations has a dampening effect on banks’ holdings in battery raw material mining companies, in particular those with poor ESG performance. The companies’ cost of capital and lending behavior remain unchanged. Keywords: Banking, ESG Regulation, Lending, Public Holdings, Sustainable Finance JEL Classification: G21, G28, Q50 ECB Working Paper Series No 30891Non-technical Summary This paper provides an analysis of the evolving landscape of banking regulation focused on environmental, social, and governance (ESG) criteria. It sheds light on the trade-off arising if the scale-up of technologies necessary to reach policy sustainability targets (partially) requires investments into non-ESG-compliant assets, as it is the case, for instance, in the production of windmills, solar panels, and the mobility transition. Regarding the latter, an extensive shift to battery electric vehicles (BEV) requires a considerable expansion of the supply of battery raw materials, such as Lithium, Cobalt, Manganese, and Nickel. The sourcing of such materials often exhibits severe adverse ESG impacts, such as health risk of miners and child labor, corruption, and the financing of conflicts, as well as risks for the protection of land-based ecosystems including extensive energy and water consumption. The paper focuses on understanding the implications of the European Union’s (EU) Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy for Sustainable Activities (“the Taxonomy”) on banks' capital allocation decisions—i.e., public holdings—to companies active in the mining of BEV battery raw materials. Based on two new comprehensive datasets merged from S&P’s CapitalIQ, Refinitiv Eikon, Bloomberg and the ECB’s AnaCredit database, this paper present