Scandinavian Working Papers in Economics

Misum Working Paper Series,
Stockholm School of Economics, Mistra Center for Sustainable Markets (Misum)

No 2024-15: Climate Polarization and Green Investment

Anders Anderson () and David Robinson ()
Additional contact information
Anders Anderson: Mistra Center for Sustainable Markets (Misum), Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
David Robinson: Fuqua School of Business, Duke University; Swedish House of Finance; NBER

Abstract: In a nationally representative sample of Swedes, we find asymmetric updating of climate change expectations driven by extreme weather exposure and political polarization. We use the updating of beliefs to analyse the development of the Swedish retirement system that went from offering relatively few fossil fuel exclusion funds to being dominated by them. We find that the revision of climate beliefs translates into action only for the financially sophisticated and the politically motivated.

Keywords: Household Finance; Carbon Emissions; Sustainability; Exclusions; Retirement Savings

JEL-codes: G51

Language: English

57 pages, First version: January 22, 2024. Revised: February 5, 2024. Earlier revisions: February 5, 2024, February 5, 2024.

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