Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/260367 
Year of Publication: 
2022
Series/Report no.: 
EIB Working Papers No. 2022/08
Publisher: 
European Investment Bank (EIB), Luxembourg
Abstract: 
This study uses unique firm-level data from EIBIS to identify EU firms' climate strategies and their associated factors. To do so, we initially run a clustering analysis that results in five distinct clusters in line with the literature and then investigate the role of various firms' characteristics in their adoption based on a multi-logit regression. Our findings show that almost half of the EU firms adopt either "wait-and-see" strategies or plan to invest in tackling climate change risks. More climate-friendly strategies appear to be positively associated with the awareness of climate-related risks, especially with firms that see the transition to a lowcarbon future as an opportunity. Similarly, those strategies are followed by large firms that are innovative, face fewer credit constraints and operate in an environment where there is a strong push for climate actions from various stakeholders. These findings are valuable as they can guide policymakers on supporting firms' transformation to play their part, as an integral part of our society, in the road to a clean, affordable, and secure energy future.
Subjects: 
EIBIS
climate strategies
climate change risks
perception analysis
clustering analysis
Persistent Identifier of the first edition: 
ISBN: 
978-92-861-5331-0
Document Type: 
Working Paper

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