Does Climate Risk Drive Green Transformation? Evidence from the Chinese Energy Enterprises

Against the backdrop of the global climate governance paradigm shifting from “consensus building” to “action implementation”, how climate risk drives the green transformation of energy enterprises has become a critical research topic. Based on a sample of Chinese A-share listed energy enterprises from 2016 to 2024, this paper systematically examines the impact of climate risk on green transformation and the mediating role of R&D innovation. This study finds that climate risk accelerates the green transformation of energy enterprises, and this conclusion remains robust after replacing the measurement approaches of core variables. Second, mechanism tests indicate that R&D innovation serves as a potential mediating pathway through which climate risk drives green transformation. Third, heterogeneity analysis reveals significant industry boundaries: climate risk significantly drives green transformation in new energy enterprises but not in traditional ones constrained by carbon lock-in. Fourth, both high and low-resilience enterprises, as well as large and small-size enterprises, achieve green transformation, and small-size enterprises exhibit relatively higher response elasticity. The findings offer decision-support insights for energy system planners to differentiate transition strategies between incumbent fossil fuel enterprises and emerging renewable enterprises.