“Glossy Green” Banks: The Disconnect Between Environmental Disclosures and Lending Activities

The authors thank an anonymous associate editor and two anonymous referees, Margherita Bottero, Zahn Bozanic, Huaizhi Chen, Jess Cornaggia, Maria Correira, Emilia Garcia-Appendini, Igor Kadach, Shohini Kundu, Igor Kadach, Alejandro Lopez-Lira, Thorsten Martin, Patricia Naranjo, Eva Ortega, Min K. Park, Jose-Luis Peydro, Pari Sastry, Lee Seltzer, Federico Siano, Judith Stroehle, Tamon Takamura, Boris Vallee, Luana Zaccaria, and seminar and conference participants at Columbia University, the Federal Reserve Board, the Federal Reserve Bank of New York, the 3rd Centre for Economic Policy Research (CEPR) WE_ARE_IN Macroeconomics and Finance Conference, the 3rd Finance and Productivity (FINPRO): Green Deal: reformation, evolution, and revolution Workshop at the Bank of Italy, the CEPR European Summer Symposium in Financial Markets, Escuela Superior de Administración y Dirección de Empresas (ESADE) Spring Workshop, the European Finance Association (EFA) Annual Meeting, the European Central Bank Annual Banking Supervision Research Conference, the Bank of Spain Conference on Financial Stability, the KU Laeven Sustainability and Finance Conference, the Money and Finance Research Group (MoFir) Workshop on Banking, the New York University (NYU) Stern Big Apple Accounting Conference, the Washington University in Saint Louis, Bayes Business School, the Sustainable Finance Lab and Sveriges Riksbank conference on climate change and the financial system, the Basel Committee Research Group and Office of Comptroller of the Currency Workshop, the Paris Financial Management Conference, the LUISS Finance Workshop, the Shanghai Advanced Institute for Finance at Jaotong University, the Swiss Accounting Research Alpine Camp (SARAC), the University of Texas (UT) at Dallas, Bank of Canada Financial System Research Centre (FSRC) Macro Finance Conference, the Central Bank Research Association (CEBRA) Conference, the European Summer Symposium in Financial Markets (ESSFM) Gerzensee 2023, E-Axes Forum, the Workshop on Banking and Society at the University of Strasbourg, the Sustainable Architecture for Finance in Europe (SAFE)/Halle Workshop on Financial Regulation-Going Green, the Swiss Society for Financial Market Research (SGF) Conference 2025, the American Finance Association (AFA) Annual Meeting, the Midwest Finance Association (MFA) Annual Meeting, Embedding Sustainability in Credit Risk Assessment, the Society for Financial Studies (SFS) Cavalcade 2024, Singapore Management University, the Financial Intermediation Research Society (FIRS) Conference 2024, the 2024 Global Corporate Governance Colloquium, and the 13th Institutions, Individual Behaviour and Economics Outcomes (IBEO) workshop for comments; and Ge Yu, Dominika Ehrenbergerova, Daniel Carter, and Emma Peng for superb research assistance.