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Dec. 17, 2020 5:30 am ET Cash is pouring into investments intended to combat climate change and otherwise benefit society. Now, evidence is emerging that all of the money is starting to have an impact. A growing body of research shows that companies and governments that borrow using so-called green bonds can save a bit of money. The market for these bonds, which fund environmental objectives such as renewable power, is booming. All that money is driving up the prices and pushing down yields on the bonds, making borrowing slightly cheaper. Analysts around the world are mining bond market data to quantify what they call “the greenium,” a measurement of how much extra investors will pay for green bonds compared with conventional bonds. ....