Climate Impact Investing

The authors appreciate feedback from Marco Ceccarelli, Patricia Crifo, Joost Driessen, Caroline Flammer, Jesse Grabowski, Ying Jiao, Sonia Jimenez Garces, Rüdiger Kiesel, Frank de Jong, Lionel Melin, Martin Oehmke, Christian-Yann Robert, Bert Scholtens, Luca Taschini, and Dimitri Vayanos, as well as of participants at the Bachelier Finance Society One World Seminar, the seminairs of Center for Research in Economics and Statistics–Ecole Polytechnique, the University of Zurich, the Universität Duisburg–Essen, the University of Edinburgh, the 2020 Global Research Alliance for Sustainable Finance and Investment Annual Meeting, and the 2020 Principles for Responsible Investment Academic Network Conference. The authors thank Institutional Shareholder Services for kindly providing the data on shareholder proposals. The comments of the two anonymous reviewers, the associate editor, and the department editor George Serafeim are gratefully acknowledged. This paper previously circulated under the title “Environmental Impact Investing.”