We examine how climate change risk impacts corporate social responsibility using an international firm-level sample. Exploiting a new firm-level measure of climate change risk, we find that firms significantly adjust their CSR standards upwards in response to climate change risk shocks. Using...

Economists have come to an almost consensus that climate change is a new source of uncertainty that expose financial markets to large uncertainties. According to Lemoine (2021), “uncertainty is fundamental to climate change.” The impact of climate change on businesses is highly uncertain...