題目：THE ESG-INNOVATION DISCONNECT: EVIDENCE FROM GREEN PATENTING

摘要：No firm or sector of the global economy is untouched by innovation. In equilibrium, innovators will flock to (and innovation will occur where) the returns to innovative capital are the highest. In this paper, we document a strong empirical pattern in green patent production. Specifically, we find that oil, gas, and energy-producing firms – firms with?lower Environmental, Social, and Governance (ESG) scores, and who are often explicitly excluded from ESG funds’ investment universe – are key innovators in the United States’ green patent landscape. These energy producers produce more, and significantly higher quality, green innovation. Our findings raise?important questions as to whether the current exclusions of many ESG-focused policies – along with the increasing incidence of explicit divestiture campaigns – are optimal, or whether reward-based incentives would lead to more efficient innovative outcomes

1.Main Story & Results

In this paper, we aim to address this gap in the literature by being the first paper to systematically investigate who produces green patents, the most influential of these green patent producers, and whether the capital of investors who desire to allocate capital toward ESG objectives actually do end up investing in these producers

研究發(fā)現(xiàn)石油、天然氣和能源生產(chǎn)企業(yè)是美國綠色專利領(lǐng)域的關(guān)鍵創(chuàng)新者。（環(huán)境、社會(huì)和治理 (ESG) 績效較差，并且經(jīng)常被明確排除在 ESG 基金的投資范圍之外）這些能源生產(chǎn)商生產(chǎn)更多、質(zhì)量更高的綠色創(chuàng)新產(chǎn)品。即當(dāng)前排除許多以 ESG 為重點(diǎn)的政策是否是最優(yōu)的，是否導(dǎo)致更有效的創(chuàng)新成果。（投資沒有給到這些部門，但是這些部門做出很多創(chuàng)新）

Put differently, the evidence thus far suggests that: i.) traditional energy sector firms (which have lower ESG scores, along with being explicitly restricted by many ESG-focused vehicles and campaigns) appear to be substantive contributors to the universe of the entirety of green patenting;and ii.) that firms with higher environmental scoring seem to produce fewer green patents, on average.