Yes. The reward is a decline in sovereign bond yields of countries that commit to reducing greenhouse gas emissions under a climate agreement. This decrease is likely due to climate-aware investors incentivizing governments for such climate-friendly decisions. Transition and regulatory climate risks are expected to increase after signing a climate agreement, so they cannot explain a decrease in yields. Exposures to physical climate risks play a role, but their effect is weaker than the incentive effect. Overall, our findings suggest that climate-aware investors are nudging governments to cooperate in international climate agreements.