We then studied if the diffusion of green technologies between firms is mediated by firmto-firm linkages, notably buyer-supplier relationships and innovation partnerships. We report robust evidence that suppliers and buyers of firms that mention green technologies in their earnings calls are significantly more likely to mention them as well in their own ECTs. These effects are especially relevant when firms are linked to green high-emissions firms. Although our data consists mainly of multinational enterprises (MNEs), we also find some evidence of green technology diffusion through firms-to-firm linkages to (and from) firms that are not MNEs.

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