为气候变化风险定价（英文版）

We estimate the risk premium for firm-level climate change exposure from 2003 to 2019. Exposure is constructed from discussions of climate-related risks and opportunities in earnings calls. When extracted from realized returns, the unconditional risk premium is zero. This insignificant overall effect masks risk premium increases during the sample period, but with a slump in the financial crisis. Forward-looking proxies deliver an unconditionally positive expected risk premium, with subtle dif