Journal of Climate Finance最新文献_第4页

A taxonomy of earth observation data for sustainable finance 用于可持续金融的地球观测数据分类标准

Journal of Climate Finance Pub Date : 2024-03-01 DOI: 10.1016/j.jclimf.2023.100029

Seonaid Rapach , Annalisa Riccardi , Bin Liu , James Bowden

{"title":"A taxonomy of earth observation data for sustainable finance","authors":"Seonaid Rapach , Annalisa Riccardi , Bin Liu , James Bowden","doi":"10.1016/j.jclimf.2023.100029","DOIUrl":"10.1016/j.jclimf.2023.100029","url":null,"abstract":"<div><p>Corporate Environmental, Social and Governance (ESG) reporting has been subject to heightened attention and demand within the financial sector, with the objective of efficiently directing capital towards firms engaging in sustainable practices. Effective ESG monitoring is challenging, given the prevalence of self-disclosed internal data and managerial signalling incentives, presenting a need for comprehensive and diverse external data sources to augment existing ESG-related disclosure. Earth Observation (EO) technologies – particularly satellite data – play a crucial role in collecting spatial data on land, water, and atmosphere, making them highly useful for facilitating transition in the sector. This paper aims to outline the various ways in which EO data can be applied for the purposes of (i) future academic research in the subject area of sustainable finance and (ii) detailed ESG reporting and monitoring by practitioners. Using the ESG Key Performance Indicator (KPI) framework established by the European Commission and EFFAS, we present a framework listing all applicable KPIs against the types of satellite imagery that can be utilised in each case. Additionally, for ESG KPIs that EO data cannot directly address, we compile an ancillary list to explore potential indirect applications. To underscore the wealth of available EO data sources that can be used for sustainable finance research, we present a comprehensive catalogue of all open-access and relevant private satellite missions. Listed missions are categorised based on their spatial resolution, temporal resolution, and mission duration, facilitating research with specific requirements for these parameters.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100029"},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000251/pdfft?md5=91cd9a8971a6eef8f33e1704a07fb8a4&pid=1-s2.0-S2949728023000251-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139017342","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

Does ownership structure influence carbon emission? Different roles of institutional investors 所有权结构影响碳排放吗？机构投资者的不同角色

Journal of Climate Finance Pub Date : 2024-03-01 DOI: 10.1016/j.jclimf.2023.100030

Pengda Fan , Xuepeng Qian , Jian Wang , Kazuo Yamada

{"title":"Does ownership structure influence carbon emission? Different roles of institutional investors","authors":"Pengda Fan , Xuepeng Qian , Jian Wang , Kazuo Yamada","doi":"10.1016/j.jclimf.2023.100030","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100030","url":null,"abstract":"<div><p>This study seeks to understand the impact of different ownership structures on carbon emissions. We use data from listed firms in Japan, where the government requires firms to disclose the volume of carbon they emit. Our empirical findings are summarized as follows. First, the cross-sectional analysis reveals that firms with foreign institutional investors tend to emit less CO<sub>2</sub>. In contrast, we do not find evidence that domestic institutional investors reduce carbon emissions. The results are robust under various alternative estimations, such as firm-fixed effects, propensity score matching, and IV (instrumental variable) estimation; they are also robust when the enactment of Principal Responsible Investment (PRI) by the United Nations is included as an exogenous shock. While various studies have examined the factors affecting a firm’s carbon emissions, few studies examine the influence of its ownership structure. We focus on firm ownership structure, especially ownership by institutional investors, because of their substantial impact on managerial decision-making.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100030"},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000263/pdfft?md5=d9ec9c23250d0f3963d2f082d3a44919&pid=1-s2.0-S2949728023000263-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140187680","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

Green monetary policy to combat climate change: Theory and evidence of selective credit control 应对气候变化的绿色货币政策：选择性信贷控制的理论与证据

Journal of Climate Finance Pub Date : 2024-01-22 DOI: 10.1016/j.jclimf.2024.100035

Amit Roy

{"title":"Green monetary policy to combat climate change: Theory and evidence of selective credit control","authors":"Amit Roy","doi":"10.1016/j.jclimf.2024.100035","DOIUrl":"10.1016/j.jclimf.2024.100035","url":null,"abstract":"<div><p>Recognizing climate change as a formidable threat to global economic stability, the study underscores the inadequacies of existing fiscal tools, such as carbon taxes and carbon trading, in effectively mitigating carbon emissions and explores the potential impact of climate-related uncertainties on the global financial and monetary system. The paper delineates the necessity of integrating environmental goals into monetary policy frameworks, proposing a Green Monetary Policy (GMP) Framework that explicitly incorporates emission reduction targets into traditional monetary instruments to confront the growing challenges of climate change. Innovating an economic model for the GMP, the paper presents nuanced insights into the potential role of central banks in addressing climate change. The consequent mathematical calibration and findings advocate for a strategic shift in credit allocation from high carbon-intensive activities to low carbon-emitting industries using selective credit control instruments by central banks to combat climate change. Moreover, using Panel VAR and Impulse Response Functions (IRF), the study examines the period spanning 2004–2020 across diverse economies—Brazil, China, the EU, India, and the US. The results suggest that central banks can achieve the dual objectives of maintaining price stability and sustainability by exerting effective control over emissions. In essence, this research lays the foundation for a comprehensive understanding of alternative economic policy tools and strategies available to policymakers in navigating the intricate landscape of climate-related economic challenges.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100035"},"PeriodicalIF":0.0,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000051/pdfft?md5=387ccfdec5ab394d4eeb98717e24bc0a&pid=1-s2.0-S2949728024000051-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139633931","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

Climate Change and Volatility Forecasting: Novel Insights from Sectoral Indices 气候变化与波动性预测：部门指数的新见解

Journal of Climate Finance Pub Date : 2024-01-20 DOI: 10.1016/j.jclimf.2024.100034

Usman Ghani , Bo Zhu , Feng Ma , Maria Ghani

{"title":"Climate Change and Volatility Forecasting: Novel Insights from Sectoral Indices","authors":"Usman Ghani , Bo Zhu , Feng Ma , Maria Ghani","doi":"10.1016/j.jclimf.2024.100034","DOIUrl":"10.1016/j.jclimf.2024.100034","url":null,"abstract":"<div><p>This study investigates the impact of climate policy uncertainty (CPU) on sectoral indices and clean energy exchange-traded funds (ETFs) by using a GARCH-MIDAS model. The stock indices include renewable energy (NEX), transportation, mining, industrial, real estate, green economy US, green economy Europe, green economy Asia index, and ETFs clean energy (PBW), global clean energy (PBD). The research also evaluates the forecasting power of uncertainty factors, including equity market volatility (EMV), economy policy uncertainty (EPU), trade policy uncertainty (TPU), fiscal policy uncertainty (FPU), global economy policy uncertainty (GEPU), and geopolitical risk (GPR), to predict the volatility. We obtained some notable results. First, the out-of-sample findings show that CPU index information is useful to predict the volatility of the NEX renewable energy, green economy US, transportation, energy index for the US, and clean energy (PBW), global clean energy (PBD) ETFs. Second, EMV, EPU, and GPR also contain valuable information for the real estate, industrial, energy, and NEX renewable energy index. Additionally, we find evidence during low and high volatility and upheaval of the COVID-19 pandemic. The <span><math><msubsup><mrow><mi>R</mi></mrow><mrow><mi>oos</mi></mrow><mrow><mn>2</mn><mspace></mspace></mrow></msubsup></math></span> square and model confidence set (MCS) tests verify each model's out-of-sample forecasting performance.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100034"},"PeriodicalIF":0.0,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S294972802400004X/pdfft?md5=ad5d08d625c692e3dfd075e3379c6055&pid=1-s2.0-S294972802400004X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139632462","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

ESG Factors and Firms' Credit Risk 环境、社会和治理因素与企业的信用风险

Journal of Climate Finance Pub Date : 2024-01-13 DOI: 10.1016/j.jclimf.2024.100032

Laura Bonacorsi , Vittoria Cerasi , Paola Galfrascoli , Matteo Manera

引用次数: 0

A modelling framework for equity portfolio projections under different carbon price scenarios 不同碳价格情景下股票投资组合预测的建模框架

Journal of Climate Finance Pub Date : 2024-01-13 DOI: 10.1016/j.jclimf.2024.100033

Lorenzo Prosperi , Luca Zanin

{"title":"A modelling framework for equity portfolio projections under different carbon price scenarios","authors":"Lorenzo Prosperi , Luca Zanin","doi":"10.1016/j.jclimf.2024.100033","DOIUrl":"https://doi.org/10.1016/j.jclimf.2024.100033","url":null,"abstract":"<div><p>It is recognised that climate risks (including carbon pricing policy) are a new source of risk for the financial system. We propose a modelling framework for medium-term projections of stock returns under different carbon price scenarios. First, we construct a green factor to augment the classic capital asset pricing model (CAPM) and capture a firm’s exposure to climate policy risks. Then, we project to 2040 the factors of the CAPM, conditional on different carbon price pathways, using the estimated medium-scale Bayesian vector autoregressive model (MBVAR). Finally, we project the stock returns of each firm in the portfolio. Our scenarios suggest that the impacts of a carbon price policy are not confined to the most polluting firms (mining and quarrying, transportation and storage firms) for the effect of systematic risk. Moreover, in the short term, the negative impacts of a carbon price policy are more accentuated under a disorderly than an orderly transition. In the medium term, the projections suggest that the stock market progressively adapts to new conditions and believes in the benefits of rigorous carbon policies to incentivise the transition to a low-carbon economy. The proposed toolbox may represent effective support for investors in preparing portfolios for climate transition risks in the context of uncertainty regarding the timing of the introduction of a carbon policy. For policymakers, it can help shed light on how policies to prevent or mitigate climate change effects can affect financial stability.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"6 ","pages":"Article 100033"},"PeriodicalIF":0.0,"publicationDate":"2024-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728024000038/pdfft?md5=597dd913e556b44a54ee6ca7fb2656c0&pid=1-s2.0-S2949728024000038-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139504282","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 impact of natural disasters on banks’ impairment flow – Evidence from Germany 自然灾害对银行减值流的影响--来自德国的证据

Journal of Climate Finance Pub Date : 2024-01-08 DOI: 10.1016/j.jclimf.2024.100031

Iliriana Shala , Benno Schumacher

引用次数: 0

External finance for climate change mitigation: Assessing the impact of energy aid and total aid inflows on the ecological footprint 缓解气候变化的外部资金:评估能源援助和援助总额流入对生态足迹的影响

Journal of Climate Finance Pub Date : 2023-10-30 DOI: 10.1016/j.jclimf.2023.100028

Muhammed Ashiq Villanthenkodath , Mohd Arshad Ansari , Mantu Kumar Mahalik , Hooi Hooi Lean

{"title":"External finance for climate change mitigation: Assessing the impact of energy aid and total aid inflows on the ecological footprint","authors":"Muhammed Ashiq Villanthenkodath , Mohd Arshad Ansari , Mantu Kumar Mahalik , Hooi Hooi Lean","doi":"10.1016/j.jclimf.2023.100028","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100028","url":null,"abstract":"<div><p>This study examines the role of energy aid and total aid inflows in the ecological footprint of BRICS countries while controlling the economic growth, energy consumption, remittance inflows, and foreign direct investment inflows for the period spanning from 1992 to 2016. The empirical outcome of this work shows the long-run relationship for the selected variables. We find that overseas energy aid, total aid, and foreign direct investment inflows reduce ecological footprint while economic growth, remittance inflows, and energy consumption fuel it. These findings are robust across the alternative panel techniques used. However, the results imply that the energy aid, total aid, and investment capital coming from other countries and international agencies to BRICS countries are enhancing green energy plans rather than profiteering. This may be one of the reasons for the reduction of the ecological footprint in BRICS countries. Therefore, this study further suggests an effective climate mitigation policy for ensuring a life-sustaining green environment if the governments of BRICS countries can stimulate greater inflows of overseas energy aid, total aid, and foreign direct investment towards making the investment in green energy plans.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100028"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S294972802300024X/pdfft?md5=627245f6f6f8168e5c048a485bd0002d&pid=1-s2.0-S294972802300024X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92047443","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

Impact of transient shocks to productivity on long-term social discounting 生产率的短暂冲击对长期社会折扣的影响

Journal of Climate Finance Pub Date : 2023-10-20 DOI: 10.1016/j.jclimf.2023.100027

Victor E. Gluzberg , Yuri A. Katz

{"title":"Impact of transient shocks to productivity on long-term social discounting","authors":"Victor E. Gluzberg , Yuri A. Katz","doi":"10.1016/j.jclimf.2023.100027","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100027","url":null,"abstract":"<div><p>The cost-benefit analysis of long-run climate mitigation projects and valuations of a social cost of carbon critically depend on the long-term social discount factor. Here, we consider the problem of the socially optimal risk-adjusted ‘Gamma discounting’ in the presence of strong exogeneous shocks to productivity of capital. We establish that the declining schedule of the long-term forward discount rates over time is very sensitive to the average frequency of shocks, <span><math><mi>λ</mi></math></span>, and the difference between the key model parameters: the intergenerational inequality aversion of a social planner <span><math><mi>η</mi></math></span> and the shape parameter <span><math><mi>a</mi></math></span> of the assumed Gamma distribution of productivity rates. We establish that for a relatively small intergenerational inequality aversion, <span><math><mrow><mi>η</mi><mo>≤</mo><mi>a</mi><mo>−</mo><mn>1</mn></mrow></math></span>, the lowest possible forward discount rate is equal to <span><math><mi>λ</mi></math></span>. Qualitatively, this important conclusion can be explained by a higher sensitivity of the discount factor to technological breakthroughs bringing back high productivity rates (positive shocks) than to disasters (negative shocks). However, if <span><math><mrow><mi>η</mi><mo>></mo><mi>a</mi><mo>−</mo><mn>1</mn><mo>></mo><mn>0</mn></mrow></math></span>, the socially optimal forward discount rate can decline further down, towards zero, with a growth of the time horizon. Thus, socioeconomic projections of long-term discount rates require account of potential advances in technology.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100027"},"PeriodicalIF":0.0,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949728023000238/pdfft?md5=15c303e4df0dad9ba13594d976fb1b58&pid=1-s2.0-S2949728023000238-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92047440","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

Climate policy uncertainty and idiosyncratic volatility: Evidence from the non-financial listed hinese firms 气候政策不确定性与特殊波动:来自中国非金融类上市公司的证据

Journal of Climate Finance Pub Date : 2023-10-20 DOI: 10.1016/j.jclimf.2023.100026

Xiaohang Ren , Haoyue Yan , Giray Gozgor

引用次数: 0