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Technological greenness and long-run performance
Firms’ investments in green technology are crucial for investors’ alignment to the Net Zero target. However, it is still unclear whether these investments are rewarded by the market, particularly in the long run. Using a science-based technological measure of greenness, we find that adopting sustainable technologies leads to a long-run improvement in fundamentals that is only partially reflected in stock prices. Correspondingly, firms with greener technologies achieve higher returns over a multi-year period and are better positioned for the transition to a low-carbon economy. These effects are especially pronounced in financially developed countries and among firms with better climate-related disclosure.
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