ESG Performance and Climate Risk

Zifeng Feng, Xun Bian, Ryan Chacon and Ran Lu-Andrews

ERES from European Real Estate Society (ERES)

Abstract: We investigate how climate risk impacts ESG performance. Publicly listed real estate firms (real estate investment trusts, REITs) are an ideal setting to examine this relation because we can observe ESG performance at the firm level and climate risk at the property level. Using a sample of Equity REITs from 2007-2022, we document a positive relation between abnormal temperatures and ESG scores. The environmental pillar of ESG is the dominant driver of the relation between abnormal temperatures and ESG. Managers of property portfolios experiencing abnormal temperature changes respond by investing more in ESG.

Keywords: abnormal temperature; Climate Risk; Esg; REIT (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
New Economics Papers: this item is included in nep-cfn and nep-env
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