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This paper matched the data for all non-financial listed firms in China from 1990 to 2017 with weather data and used temperature and precipitation to represent climate change. Using daily temperature and daily precipitation data, we constructed temperature bins and precipitation bins. This study presents a potential first empirical analysis that applies the risk perception theory to comprehensively examine the impacts of daily temperature and daily precipitation on firms' debt financing costs. Compared to a day with a suitable temperature, a day with temperatures above 30 °C increases firms' debt financing costs by 0.2411%. Compared to a sunny day, a day with torrential rain increases firms' financing costs by 0.2697%. Approximately $122.13 million and $20.49 million in extra costs were incurred across all firms in 2017. We conducted a series of heterogeneity tests. We found that the negative impacts of climate change on debt financing costs are greater for firms that investor considers more vulnerable. Finally, we found two possible mechanisms. First, from the firm's subjective initiative perspective, firms that respond proactively during seasons of high temperatures and heavy rains can reduce the negative impacts. Second, adverse weather caused by climate change may also increase firms' debt financing costs by blocking travel. These results enrich the literature on firms' debt financing costs and contribute to the understanding of climate change's impact on firms. [Display omitted] • An extra high-temperature day increases firms' debt financing cost by 0.2411%. • An extra heavy-rain day increases firms' debt financing costs by 0.2697%. • The negative impacts will be greater for those firms that investor considers more vulnerable. • Firms' response proactively can reduce the negative impacts. • Climate change also may increase firms' debt financing costs by blocking travel. [ABSTRACT FROM AUTHOR]

Universities, the important locations for scientific research and education, have the responsibility to lead ecological civilization and low carbon transition. Ecological footprint evaluation (EFE) is usually used to measure sustainability of campuses. Although it can provide guidance and reference for overall campus planning, it lacks effective significance for individual behavior, especially when the reduction of carbon emissions is the aim. On the other hand a possible solution can be represented by machine learning. It can identify the key factors that will influence individual's overall carbon emissions caused by students' daily behavior, it can be used to find effective ways to reduce individual carbon emissions. This paper applied EFE and machine learning to comprehensively evaluate campus sustainability and students' carbon emissions. Huazhong University of Science and Technology (HUST), a "University in the Forest", was used as a study case in China. Even if HUST is endowned with a forest coverage of 72%, here we showed that its Ecological Footprint Index was −12.52, indicating strong unsustainability. This is mainly due to the high energy and food consumption, caused by the large population living in the campus and the lacking of energy saving measures. The per capita ecological footprint was relatively high, compared with other universities in the world, which meant more efforts needed to be done on ecological sustainability. Low carbon emission is a key feature for a sustainable campus. Based on the questionnaire survey delivered to 486 students who live in the campus, their daily active data were collected in terms of students' personal clothing, food, housing, consumption and transportation. And their associated carbon emissions were calculated based on emission intensities of Chinese population. Based on 486 detailed datasets, machine learning was then used to identify the key daily behavior to influence students' total carbon emission. Results showed that making behavior changes in air conditioning, food and electric bicycle were the most effective ways to reduce carbon emissions. Finally, while effective suggestions were proposed based on qualitative and quantitative evaluations, it is concluded that it is imperative for universities in China to formulate effective low-carbon policies, to achieve sustainable development and to confront global climate change. • A review of main initiatives of sustainable campus construction worldwide. • An evaluation combining campus ecological footprint and individual carbon footprint. • The ecological footprint of "China Forest University" reflects unsustainable. • Machine learning identifies internal driving force of campus carbon emissions. • Targeted guidelines on campus low-carbon construction are provided. [ABSTRACT FROM AUTHOR]