Journal of Climate Finance最新文献_第3页

The role of cost-effectiveness in multisector climate investment programs: The Swedish Climate Leap 成本效益在多部门气候投资计划中的作用：瑞典气候飞跃

Journal of Climate Finance Pub Date : 2024-10-15 DOI: 10.1016/j.jclimf.2024.100051

Abenezer Zeleke Aklilu , Rebecca Swärd , Katarina Elofsson

{"title":"The role of cost-effectiveness in multisector climate investment programs: The Swedish Climate Leap","authors":"Abenezer Zeleke Aklilu , Rebecca Swärd , Katarina Elofsson","doi":"10.1016/j.jclimf.2024.100051","DOIUrl":"10.1016/j.jclimf.2024.100051","url":null,"abstract":"<div><div>To increase the speed of implementation of carbon mitigation technologies, many countries set up publicly funded investment programs, where private and/or public entities can apply for support. These schemes are often criticized for not being cost-effective. The purpose of this study is to evaluate the Swedish Climate Leap Program, which differs from most other programs through the multisector approach. We examine determinants of project approval and evaluate the heterogeneity in implicit carbon pricing across sectors. Several econometric methods are used to assess equality in carbon pricing. Results show that although the cost-effectiveness ratio plays an important role in project approval, carbon pricing differs significantly across project types. Project guidelines favor charging stations and transport measures that aid in adopting new technology and reaching economies of scale. However, the preference for transport measures is not reflected in the carbon pricing while instead energy conversion measures have a higher probability of being funded given the cost-effectiveness of the investment. Funding decisions favor densely populated municipalities, which could be motivated for investments in public goods, but is questionable for transport and housing.</div></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"9 ","pages":"Article 100051"},"PeriodicalIF":0.0,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445583","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

Bridging the green gap: Unveiling the complex interplay of national cultural dimensions, management effectiveness and corruption in driving green innovations 缩小绿色差距：揭示国家文化因素、管理效率和腐败在推动绿色创新中的复杂相互作用

Journal of Climate Finance Pub Date : 2024-10-12 DOI: 10.1016/j.jclimf.2024.100050

Wan Masliza Wan Mohammad , Ennie Salina Roseli

{"title":"Bridging the green gap: Unveiling the complex interplay of national cultural dimensions, management effectiveness and corruption in driving green innovations","authors":"Wan Masliza Wan Mohammad , Ennie Salina Roseli","doi":"10.1016/j.jclimf.2024.100050","DOIUrl":"10.1016/j.jclimf.2024.100050","url":null,"abstract":"<div><div>The objective of this research is to investigate the relationship between national culture, management score, corruption, and its implication on firms’ green innovation. This paper analyses 2588 firm year data using panel corrected standard errors (PCSE), two stage least regression (2SLS) and Generalized Method of Moments (GMM). This paper also conducts quantile regressions and propensity score matching (probit regression) for the effect of national cultures on country’s corruption. Our initial observation found that national culture of long-term orientation is positively associated with green innovation. But in contrast to earlier findings, green innovation is negatively associated with individualism and indulgence. Nonetheless, when management score is used as a moderating variable for long term orientation national culture, a negative observation is made, likely due to restrictive regulatory compliance, conflict of interest or even inconsistent ideas amongst the management and the employees during the long-term execution of the project.</div></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"9 ","pages":"Article 100050"},"PeriodicalIF":0.0,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533620","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

Regional dependence and contagion structure of carbon tail risk 碳尾部风险的区域依赖性和传染结构

Journal of Climate Finance Pub Date : 2024-09-14 DOI: 10.1016/j.jclimf.2024.100049

Zhang-Hangjian Chen , Huixiang An , Xiang Gao , Kees G. Koedijk , Yaping Xu

引用次数: 0

A first analysis on the green securitizations in Italy 对意大利绿色证券化的初步分析

Journal of Climate Finance Pub Date : 2024-08-24 DOI: 10.1016/j.jclimf.2024.100048

Francesco Cusano, Danilo Liberati, Stefano Piermattei, Lorenzo Rubeo

{"title":"A first analysis on the green securitizations in Italy","authors":"Francesco Cusano, Danilo Liberati, Stefano Piermattei, Lorenzo Rubeo","doi":"10.1016/j.jclimf.2024.100048","DOIUrl":"10.1016/j.jclimf.2024.100048","url":null,"abstract":"<div><p>This paper represents one of the first empirical analyses of the market for green securitizations in Italy. Green securitizations are financial instruments for which there are currently no universally accepted definitions or standard methodologies to identify them. We thus discuss possible definitions and limitations in identifying these instruments. To overcome practical constraints, we argue that, for the time being, a feasible way is to label a securitization as ‘green’ based on the assessment of the sustainability of the economic activity of the borrower of the underlying securitized loans. We also describe the main characteristics of the market for green securitizations originated by banks in Italy during the decade 2010–19. Empirical and econometric analysis show that banks’ securitized loans to ‘brown’ (less sustainable) economic activities grew much more rapidly than those to ‘green’ ones suggesting that banks preferred to keep loans to ‘green’ activities in their balance sheets and to derecognize loans to ‘brown’ ones. Finally, we show that the usual indexes of carbon content of Italian banks’ loans overestimate the amount of financed emissions if they do not take banks’ securitizations into account.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"9 ","pages":"Article 100048"},"PeriodicalIF":0.0,"publicationDate":"2024-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142164390","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

Firms’ voluntary climate action disclosures and stock market reaction: A BERT-based analysis of earnings conference calls in China 企业自愿气候行动披露与股市反应：基于 BERT 的中国财报电话会议分析

Journal of Climate Finance Pub Date : 2024-07-08 DOI: 10.1016/j.jclimf.2024.100047

Mengxin Shao, Minggao Xue

{"title":"Firms’ voluntary climate action disclosures and stock market reaction: A BERT-based analysis of earnings conference calls in China","authors":"Mengxin Shao, Minggao Xue","doi":"10.1016/j.jclimf.2024.100047","DOIUrl":"10.1016/j.jclimf.2024.100047","url":null,"abstract":"<div><p>Climate information disclosure plays a pivotal role in fostering sustainable practices and enhancing transparency in climate risk. However, it is unclear whether firms’ voluntary climate-related disclosures effectively convey incremental information to investors. In the empirical context of Chinese listed firms, we explore the valuation effect of firms’ voluntary climate action disclosures, which is quantified from the transcripts of earning conference calls using a novel natural language model, BERT. Our results reveal that firms with more voluntary climate action disclosures experience more positive stock market reactions, indicating that investors value transparency on corporate commitment to future climate actions. The positive valuation effect of disclosures tends to be more pronounced in firms with higher disclosure quality, more green-preference investors, and higher investor attention. Moreover, we find that the positive valuation effect is achieved through enhancing corporate reputation and investor confidence. We further show that firms’ voluntary climate action disclosures exhibit a significant positive correlation with green innovations and environmental pillar scores, dispelling concerns of mere “greenwashing”. Overall, our evidence contributes to understanding the role of climate disclosures in investor assessment of firms’ climate risks and opportunities. The findings provides fresh insights for policymakers and regulatory bodies involved in shaping disclosure frameworks that promote sustainable business practices.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"8 ","pages":"Article 100047"},"PeriodicalIF":0.0,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141714225","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

Who cares about ESG? 谁关心 ESG？

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

引用次数: 0

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