Climate governance actions, financing constraints, and green transformation of energy-intensive firms

Min Fan, Ruba Khalid Shira, Ahmed Imran Hunjra and Shikuan Zhao

Research in International Business and Finance, 2025, vol. 79, issue C

Abstract: Climate governance actions are of great significance in promoting energy transition. We analyze impact of climate governance actions on green transformation of energy-intensive enterprises by using a double difference model. We find that green transformation of energy-intensive enterprises is significantly enhanced after implementation of the climate-adaptive city building pilot. Mechanism analysis shows that climate governance actions can promote green transformation by reducing financing constraints, mitigating supply chain risks and enhancing supply chain resilience. In addition, lower energy consumption intensity of enterprises located in non-resource cities or non-old industrial base cities, more significant effect of climate governance actions on green transformation of energy-intensive enterprises. Our paper contributes to climate policy and energy transition of energy-intensive enterprises in context of green transition.

Keywords: Green transition; Energy-intensive firms; Climate governance action; Financing constraints; Supply chain risk (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:79:y:2025:i:c:s0275531925002971

DOI: 10.1016/j.ribaf.2025.103041

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