Journal of Climate Finance最新文献_第4页

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

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