Journal of Climate Finance最新文献_第2页

Banking in the storm: How natural disaster influence non-performing loans and the path to sustainability in Vietnam 风暴中的银行：自然灾害如何影响越南的不良贷款和可持续发展之路

Journal of Climate Finance Pub Date : 2025-12-01 Epub Date: 2025-11-05 DOI: 10.1016/j.jclimf.2025.100076

Huan Huu Nguyen, Anh Chieu Hoang Phan, Nghi Thuc Thuy To, Nguyet Minh Song Nguyen, Tram Bao Huynh Nguyen

{"title":"Banking in the storm: How natural disaster influence non-performing loans and the path to sustainability in Vietnam","authors":"Huan Huu Nguyen, Anh Chieu Hoang Phan, Nghi Thuc Thuy To, Nguyet Minh Song Nguyen, Tram Bao Huynh Nguyen","doi":"10.1016/j.jclimf.2025.100076","DOIUrl":"10.1016/j.jclimf.2025.100076","url":null,"abstract":"<div><div>Natural disasters, including seismic events, inundations, storms alongside the COVID-19 pandemic, pose substantial challenges to economic stability, particularly within the banking industry. This research examines the influence of natural disasters on non-performing loans at Vietnamese commercial banking institutions from 2008 to 2023, utilizing the System Generalized Method of Moments (SGMM) econometric framework to mitigate potential endogeneity concerns. By incorporating lagged variables and internal instruments, the SGMM estimator ensures robust and unbiased estimations. The empirical evidence reveals that economic damage caused by natural disasters significantly amplifies the non-performing loans (NPLs) ratio, particularly in high-exposure sectors such as agriculture, forestry, fisheries, tourism and entertainment industries. Severe storms further exacerbate systemic stress within the banking sector by disrupting economic activities and undermining the solvency of individuals and businesses. In contrast, the COVID-19 pandemic demonstrates a negative association with NPLs, largely attributable to government-led policy intervention instruments such as debt restructuring and financial policy intervention instruments. These findings suggest that the escalation of NPLs stems not only from unforeseen shocks but also from factors including capital buffers, external financial assistance, and internal risk management competencies. In this context, the study underscores the strategic importance of green finance and sustainability-oriented frameworks as long-term trajectories. Investments in advanced technologies for disaster-prone sectors and the promotion of green credit initiatives can mitigate credit risks, reinforce systemic resilience, and facilitate the transition toward a sustainability-aligned banking architecture.</div></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"13 ","pages":"Article 100076"},"PeriodicalIF":0.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Lending over the technology lifecycle: Strategies for information search by banks in renewable energy project finance 技术生命周期内的贷款：可再生能源项目融资中银行信息搜索策略

Journal of Climate Finance Pub Date : 2025-12-01 Epub Date: 2025-09-05 DOI: 10.1016/j.jclimf.2025.100073

Anurag Gumber , Bjarne Steffen

引用次数: 0

Efficient mobilization of climate finance: Donors and receiving countries 有效调动气候资金：捐助国和受援国

Journal of Climate Finance Pub Date : 2025-12-01 Epub Date: 2025-11-06 DOI: 10.1016/j.jclimf.2025.100077

Gabriela Mundaca , Jon Strand

引用次数: 0

Digital transformation, financial performance and firm valuation: The moderating effect of environmental risk 数字化转型、财务绩效与企业估值：环境风险的调节作用

Journal of Climate Finance Pub Date : 2025-12-01 Epub Date: 2025-11-01 DOI: 10.1016/j.jclimf.2025.100075

Mongkhol Moolkham

{"title":"Digital transformation, financial performance and firm valuation: The moderating effect of environmental risk","authors":"Mongkhol Moolkham","doi":"10.1016/j.jclimf.2025.100075","DOIUrl":"10.1016/j.jclimf.2025.100075","url":null,"abstract":"<div><div>This study investigates how digital transformation affects firm valuation via financial performance, highlighting the moderating role of environmental risk, namely climate change and air pollution. It employs panel data from companies listed on the Stock Exchange of Thailand and utilizes partial least-squares structural equation modeling (PLS-SEM) for analysis. The results indicate that both core digital technologies and their applications have a positive and direct influence on financial performance and firm value, aligning with the national \"Thailand 4.0\" agenda. Additionally, the analysis suggests that improved financial performance serves as the primary mechanism by which digital transformation enhances firm value. However, this research presents a significant paradox when compared to existing literature. While previous studies propose that environmental risk can drive corporate digital adoption, the findings demonstrate that these same risks diminish the efficiency of the value-creation process. The study reveals that environmental risk not only directly undermines financial performance and firm value but, more critically, significantly reduces the positive, performance-mediated effect of digital transformation on firm value. This study advances key theoretical perspectives by showing that the value of digital assets is conditional on organizational resilience, reinforcing the resource-based view, contingency theory, and dynamic capabilities theory. It also extends signaling and stakeholder theories by highlighting the critical role of environmental context in shaping investor responses and strategic outcomes. The study suggests that, in an era characterized by increasing environmental risk, dependence solely on technology is insufficient. Firms must integrate environmental resilience to successfully convert digital transformation into sustainable long-term value gains.</div></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"13 ","pages":"Article 100075"},"PeriodicalIF":0.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Enhancing sustainable development in West Africa despite uncertainty: The transformative potential of green financing 在不确定的情况下促进西非的可持续发展：绿色融资的变革潜力

Journal of Climate Finance Pub Date : 2025-12-01 Epub Date: 2025-09-11 DOI: 10.1016/j.jclimf.2025.100074

Joshua Adeyemi Afolabi

引用次数: 0

Public climate concern and policy shifts: Understanding the joint impact on carbon prices in China 公众气候关注与政策转变：了解对中国碳价的共同影响

Journal of Climate Finance Pub Date : 2025-09-01 Epub Date: 2025-08-08 DOI: 10.1016/j.jclimf.2025.100071

Haoxi Chen

引用次数: 0

What determines the price of carbon? New evidence from phase III and IV of the EU ETS 是什么决定了碳的价格？来自EU ETS第三和第四阶段的新证据

Journal of Climate Finance Pub Date : 2025-09-01 Epub Date: 2025-07-21 DOI: 10.1016/j.jclimf.2025.100070

Bente Dittmann , Tobias Lauter , Marcel Prokopczuk , Philipp Sibbertsen

引用次数: 0

Structural changes and volatility forecasting in China’s carbon markets: A hybrid approach integrating GARCH-SVR with LASSO-weighted windows method 中国碳市场结构变化与波动性预测：GARCH-SVR与lasso加权窗口法的混合方法

Journal of Climate Finance Pub Date : 2025-09-01 Epub Date: 2025-08-15 DOI: 10.1016/j.jclimf.2025.100072

Gaoxiu Qiao , Jinghui Wang , Feipeng Zhang , Yijun Pan

{"title":"Structural changes and volatility forecasting in China’s carbon markets: A hybrid approach integrating GARCH-SVR with LASSO-weighted windows method","authors":"Gaoxiu Qiao , Jinghui Wang , Feipeng Zhang , Yijun Pan","doi":"10.1016/j.jclimf.2025.100072","DOIUrl":"10.1016/j.jclimf.2025.100072","url":null,"abstract":"<div><div>As a newly established and rapidly developing financial market, China’s carbon markets are highly susceptible to structural changes driven by policy adjustments, external shocks, and immature trading mechanisms, which pose critical challenges for volatility forecasting. This study focuses on volatility forecasting of China’s carbon markets, proposing a novel hybrid forecasting approach to address these challenges. We first apply the hybrid GARCH-SVR method that combines the strengths of GARCH models in capturing volatility clustering with SVR’s ability to model nonlinear dynamics. To address model uncertainty arising from structural changes, we further develop a LASSO-weighted window method, where weights of GARCH-SVR forecasts across different windows are determined via LASSO regression. Empirical results show that LASSO-weighted window approach outperforms standalone GARCH models and GARCH-SVR in forecasting accuracy. Robustness tests with alternative windows and volatility proxies confirm this superiority. Importantly, economic value evaluation based on portfolio performance demonstrates that our method enhances asset allocation efficiency, providing practical guidance for carbon asset management.</div></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"12 ","pages":"Article 100072"},"PeriodicalIF":0.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144866428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Extreme temperatures and the profitability of large European firms 极端气温和欧洲大公司的盈利能力

Journal of Climate Finance Pub Date : 2025-06-01 Epub Date: 2025-05-08 DOI: 10.1016/j.jclimf.2025.100068

Gian Pietro Bellocca , Pilar Poncela , Esther Ruiz

引用次数: 0

Did we open the flood gates? climate risk and infrastructure loans probability of default 我们打开闸门了吗？气候风险与基础设施贷款违约概率

Journal of Climate Finance Pub Date : 2025-06-01 Epub Date: 2025-04-30 DOI: 10.1016/j.jclimf.2025.100066

Abderrahim Assab

{"title":"Did we open the flood gates? climate risk and infrastructure loans probability of default","authors":"Abderrahim Assab","doi":"10.1016/j.jclimf.2025.100066","DOIUrl":"10.1016/j.jclimf.2025.100066","url":null,"abstract":"<div><div>I provide a novel approach to estimating asset-level expected damage from flooding for 952 airports, ports, and power plants globally. This study contributes to the understanding of climate risks in infrastructure finance by focusing on the impact of flood damage on loan default probabilities—a critical aspect for investors and policymakers managing climate adaptation in high-risk areas. Using multivariate regression models with sectoral and geographic controls, I find that the expected damage from flood increases the probability of default on infrastructure project finance loans and that the presence of stringent flood adaptation standards decreases it. A standard deviation increase in the expected damage from flood increases the probability of default by one percent, while the presence of enforced flood adaptation standards leads to a 4 percent decrease in the probability of default. I find that the effect of expected damage from floods is higher for long-maturity loans, as well as projects including financial risk mitigation mechanisms such as Power Purchase Agreements. I also find that flood adaptation standards decrease probability of default only when these are enforced. The presence of non-enforced flood management policies leads to an increase in probability of default. These findings have important implications for project finance as an instrument to finance infrastructure and infrastructure as a distinct financial asset class.</div></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"11 ","pages":"Article 100066"},"PeriodicalIF":0.0,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0