ADB亚洲开发银行：气候法与绿色金融：法律承诺的价值（英文版）

Using newly compiled cross-economy data on national climate legislation matched with mutual fund portfolio holdings, this paper finds that enshrining a climate commitment in law redirects capital toward green assets. A staggered difference-in-differences design reveals that legally binding climate commitments lead to a substantial increase in the share of environmental, social, and governance (ESG) holdings in total mutual fund assets. The effect is driven by laws setting net-zero emission re