Journal of Climate Finance最新文献_第3页

Journal of Climate Finance Pub Date : 2024-06-14 DOI: 10.1016/j.jclimf.2024.100045

Matthias Pelster , Matthias Horn , Andreas Oehler

引用次数: 0

Do policy uncertainty and ESG sentiment drive ESG commitment of green funds? 政策的不确定性和 ESG 情绪是否会推动绿色基金的 ESG 承诺？

Journal of Climate Finance Pub Date : 2024-06-12 DOI: 10.1016/j.jclimf.2024.100044

Manel Kammoun , Djerry C. Tandja M , Naceur Essaddam

引用次数: 0

Carbon data isn't the whole story: A price signal approach to measure climate transition risk and improve asset pricing 碳数据并非全部：衡量气候转型风险和改进资产定价的价格信号方法

Journal of Climate Finance Pub Date : 2024-06-01 DOI: 10.1016/j.jclimf.2024.100042

Jeanne Mansoux , Thibault Soler

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Sovereign climate bonds: Policy innovation for just transitions in developing countries 主权气候债券：发展中国家公正过渡的政策创新

Journal of Climate Finance Pub Date : 2024-06-01 DOI: 10.1016/j.jclimf.2024.100041

Adriana Chavarría-Flores , Peter Warren

{"title":"Sovereign climate bonds: Policy innovation for just transitions in developing countries","authors":"Adriana Chavarría-Flores , Peter Warren","doi":"10.1016/j.jclimf.2024.100041","DOIUrl":"10.1016/j.jclimf.2024.100041","url":null,"abstract":"<div><p>This paper proposes sovereign climate-aligned bonds (SCBs) as an innovation that could mobilise climate investment towards developing countries. The research focuses on identifying the mechanisms underlying the issuance of SCBs in developing countries to unlock climate investment from capital markets and what they imply for facilitating just transitions. The research bridges scholarship across three fields: policy innovation, climate finance and just transitions, undertaking semi-structured interviews in two samples: SCB direct managers and intermediary and expert organisations. Drawing on Seychelles’s blue bond and Indonesia’s green sukuk as case studies, the research found that gaps in the public budgets of both countries were the main triggers for issuing SCBs and internationally, the influence of international organisations (World Bank and UNDP). Domestically, national wealth, access to international markets, alignment of the instruments' characteristics with political agendas and compatibility with regulations were key factors. SCB benefits, such as capital mobilisation, new investors and transparency, were perceived to outweigh additionality concerns or reputational risks (though higher transaction costs compared with non-green issuances remained a consideration). SCBs may be used as political statements in support of climate agendas, surpassing the perceived benefits of the mobilised capital. A legacy of exclusive dynamics in private markets remains a structural barrier for SCBs to be transformational in addressing climate change. Risk-return rationales and the exclusion of climate from countries’ risk profiling place developing countries in a more challenging position. While these instruments may not be sufficient to close the climate investment gap, they have an important role to play.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"7 ","pages":"Article 100041"},"PeriodicalIF":0.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000117/pdfft?md5=092645c4f2664e139a5019630a5ff935&pid=1-s2.0-S2949728024000117-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141135406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate financialization and green technological innovation: Evidence from China 企业金融化与绿色技术创新：来自中国的证据

Journal of Climate Finance Pub Date : 2024-06-01 DOI: 10.1016/j.jclimf.2024.100043

Yue-Jun Zhang , Mengfan Du

引用次数: 0

Macroeconomic impact of environmental policy uncertainty and monetary policy implications 环境政策不确定性的宏观经济影响和货币政策含义

Journal of Climate Finance Pub Date : 2024-05-01 DOI: 10.1016/j.jclimf.2024.100040

Bihong Huang , Maria Teresa Punzi

引用次数: 0

Risk transference between climate variability and financial derivatives: Implications for global food security 气候多变性与金融衍生品之间的风险转移：对全球粮食安全的影响

Journal of Climate Finance Pub Date : 2024-04-20 DOI: 10.1016/j.jclimf.2024.100038

Hamid Yahyaei , Vassili Kitsios , Lurion De Mello

{"title":"Risk transference between climate variability and financial derivatives: Implications for global food security","authors":"Hamid Yahyaei , Vassili Kitsios , Lurion De Mello","doi":"10.1016/j.jclimf.2024.100038","DOIUrl":"10.1016/j.jclimf.2024.100038","url":null,"abstract":"<div><p>We investigate the impacts of the El Niño-Southern Oscillation (ENSO) on global food security by using information embedded in financial derivatives. Using a state-of-the-art general circulation model (GCM) climate forecasting system that generates observations on the phase and magnitude of ENSO, we create novel indices that track its uncertainty throughout time. Together with the option implied volatilities of core food inputs (wheat, maize, rice, and soybean), we model the time-varying volatility spillover from ENSO to each commodity, capturing the direction and intensity of risk transference. Simulating Gaussian and non-Gaussian impulse responses that mimic an increase in climate variability show a persistent impact on the price uncertainty of the commodities lasting up to three months. We also show that shocks are contingent on the phase of ENSO, with warmer conditions in the Eastern Pacific (i.e., the El Niño phase) increasing risk transference for soybean and rice. In contrast, the La Niña phase has a material influence on the uncertainty of wheat and maize. In all, we reveal a volatility transmission channel of climate variability that affects financial markets, suggesting valuable inferences about the impact of climate shocks can be derived from the rich information embedded in commodity-linked derivatives.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"7 ","pages":"Article 100038"},"PeriodicalIF":0.0,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000087/pdfft?md5=2faef50db8fba4f31915748ef8c6b804&pid=1-s2.0-S2949728024000087-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140774063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How photovoltaics make energy refurbishment more affordable in apartment buildings 光伏发电如何使公寓楼的能源翻新更加经济实惠

Journal of Climate Finance Pub Date : 2024-04-10 DOI: 10.1016/j.jclimf.2024.100039

Ray Galvin

{"title":"How photovoltaics make energy refurbishment more affordable in apartment buildings","authors":"Ray Galvin","doi":"10.1016/j.jclimf.2024.100039","DOIUrl":"https://doi.org/10.1016/j.jclimf.2024.100039","url":null,"abstract":"<div><p>The costs of energy efficiency renovation of Germany’s postwar apartment buildings have sharply increased since pre-covid years, as have interest rates and hence the costs of servicing loans that finance these renovations. Despite increases in energy costs, it has become virtually impossible to recoup energy-efficiency renovation costs through energy cost savings, with many projects bringing substantial losses. The common method of third parties offering rotating finance to ease the initial costs, and being repaid after short payback periods, therefore no longer works. On the other hand, rooftop photovoltaics have decreased sharply in price, and continue to do so. This study explores the economics of installing photovoltaics, with or without heat pumps, along with energy-efficiency renovation, based on two typical case study apartment buildings in North Rhine-Westphalia. Using fine-grained energy flow modelling and net-present value cost-benefit analysis, it finds that energy-efficiency renovation brings losses of over 80% but that these can be substantially reduced by the gains from rooftop PV, especially when a heat pump is included. The larger the PV system, the larger the gains, but roof size limits this. The study recommends that shared rooftop PV systems be promoted as the norm with comprehensive energy-efficiency renovation in Germany.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"7 ","pages":"Article 100039"},"PeriodicalIF":0.0,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000099/pdfft?md5=1f20dfe9c2e3b9647328da876efd428e&pid=1-s2.0-S2949728024000099-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140545729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The asymmetric nexus between the cryptocurrency market and the carbon market: Evidence from the quantile-on-quantile method 加密货币市场与碳市场之间的非对称关系：量化对量化法的证据

Journal of Climate Finance Pub Date : 2024-03-19 DOI: 10.1016/j.jclimf.2024.100037

Wei Jiang , Pinlin Zhu , Aslihan Gizem Korkmaz , Haigang Zhou

引用次数: 0

External reviews and green bond credibility 外部审查和绿色债券信誉

Journal of Climate Finance Pub Date : 2024-03-15 DOI: 10.1016/j.jclimf.2024.100036

Elsa Allman , Brandon Lock

引用次数: 0